RENEWABLE ENERGY AND ECONOMIC DEVELOPMENT: OPPORTUNITIES FOR EMERGING ECONOMIES
Keywords:
Renewable Energy, Economic Development, Emerging Economies, Green Jobs, Sustainable Growth, Energy Access, Climate Finance, Policy FrameworksAbstract
The 21st century has ushered in a pivotal moment in global development, marked by an urgent need to shift away from fossil fuels and embrace sustainable energy alternatives. Renewable energy—sourced from solar, wind, hydro, biomass, and geothermal systems—offers a transformative opportunity for emerging economies grappling with development challenges, energy insecurity, and climate vulnerability. This paper delves into the economic development potential of renewable energy in emerging economies, highlighting key benefits such as enhanced energy access, job creation, industrial growth, and environmental sustainability. Drawing from global and regional examples, the study emphasizes how policy interventions, investment strategies, and technological advancements can drive an inclusive energy transition. However, the paper also addresses the structural and institutional barriers that may hinder progress and provides policy recommendations to harness the full potential of renewable energy as a growth engine in the Global South.
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References
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