Assoc. prof. Nicolae Mihăilescu, PhD. (n.mihailescu@yahoo.com)
„Hyperion” University of Bucharest
Professor Florinel-Marian Sgărdea, PhD. (sgardeafm@gmail.com)
The Bucharest Academy of Economic Studies
Assoc. prof. Claudia Căpățînă, PhD. (claudiacapatana@yahoo.com)
„Hyperion” University of Bucharest
Abstract
Energy is a current topic of priority importance for human activity. The political and economic decisions implemented by each state are rigorously based on complex analyzes to assess the level of pollution, the ability to respond to pollution limitation and the greenhouse effect. The development of human society, the socio-economic progress and the standard of living depend, first of all, on the ever-increasing consumption of energy.
This article presents an econometric model of the final consumption of energy used, renewable and biofuels in the 27 countries of the European Union depending on the size of the gross domestic product. The economic power of each state identified by the value of gross domestic product determines a sustainable response to finance the production and distribution of energy from renewable sources and biofuels.
The study was conducted on the basis of information provided by Eurostat and the International Monetary Fund for 2019.
Periodic review of the research on an updated statistical data system is a solution to be considered as a way of operative knowledge of the achievements related to the analyzed field.
The research presented applies a methodology that is rigorously grounded in statistics, econometrics and macroeconomics and can also be used as a support for applied information to develop econometric models with viability and practical utility for decision makers.
EViews software was used to define the econometric model.
The study concludes with conclusions on the viability of the econometric model of the correlation of the final consumption of renewable energy and biofuels in the European Union-27 with gross domestic product, with an indisputable utility for substantiating government decisions aimed at economic policy of monitoring and limiting pollutants.
The general trend at European level is the annual increase in the final consumption of renewable energy and biofuels as a result of the concerns and measures applied in the countries of the Union, both political and especially economic, organizational, scientific and technological.
Keywords: renewable energy and biofuels, econometric model.
JEL classification: C13
