The Economic Impact of Increasing International Dependence on Renewable Energy in Generating Energy on OPEC

Mosaad Mohamed Ismail Elgayish

doi:doi:10.11648/j.ijeee.20200503.12

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The Economic Impact of Increasing International Dependence on Renewable Energy in Generating Energy on OPEC

Mosaad Mohamed Ismail Elgayish

Published in International Journal of Economy, Energy and Environment (Volume 5, Issue 3)

Received: 30 April 2020 Accepted: 11 June 2020 Published: 28 June 2020

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Abstract

The international dependence on renewable energy in the generation of energy has increased significantly, which stopped the researcher in studying the impact of this on OPEC countries that rely heavily on oil to form their revenues and economic capabilities. The researcher has noted that the demand for renewable energy to generate energy increased, especially during the period from 1990 to 2018, as the proportion of the contribution of renewable energy to power generation ranged between 15% in 1990 until it reached 23% in 2018, and at the same time it was observed that the rate of generation Energy from oil for the same period shrank from 13% in 1990 until it reached 3% in 2018 (according to data from the International Energy Agency) . The research assumed that increasing international dependence on renewable energy sources will negatively affect oil revenues for OPEC countries and limit global demand for Petroleum to generate energy in exchange for increased dependence on renewable energy, which reduces the oil revenues of OPEC countries have been relied on data of the World Bank and the International Energy Agency, and the multiple regression model was used to reach the variable most influencing the revenues of OPEC countries and reach the ratio of the impact of the use of renewable energy in generating energy on the revenues of OPEC countries. Until 52% of the changes that occurred in oil revenues in OPEC countries are caused by the price of a global barrel in dollars, while the impact of renewable energy on OPEC revenues was 30%. Accordingly, the research recommends that OPEC countries should strive not to rely entirely on oil as a main source of income - especially with the availability of an alternative from renewable energy in most of the OPEC countries - and that there has become a need to diversify the sources of income for OPEC countries and not rely entirely on one source of income.

Published in	International Journal of Economy, Energy and Environment (Volume 5, Issue 3)
DOI	10.11648/j.ijeee.20200503.12
Page(s)	32-40
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2020. Published by Science Publishing Group

Keywords

Renewable Energy, OPEC, Extension, the Economic Impact

References

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[2]	IPCC (2012), Renewable Energy Sources and Climate Change Mitigation, Policy Makers Summary and Technical Summary, Reprinted with corrections in 2012, ISBN 978-92-9169-131-9 IPCC Special Report, p. 9.
[3]	Ismail, Ehab (2013), wind energy policies in thirty years have developed lessons learned from twelve wind energy markets,, www.energyandeconomy.com, Egypt New and Renewable Energy Authority.
[4]	Al Khayyat, M. Mohamed (2009),. New and Renewable Energy Authority, the financing of renewable energy projects, the development of mechanisms in Egypt, Ministry of Electricity, Egypt, p. 4.
[5]	The official website of the International Energy Agency, https://www.iea.org/data-and statistics.
[6]	Geoffrey Heal and Karoline Hallmeyer, 2015, how lower oil Prices impact the competitiveness of oil with renewable fuels, Columbia, SIAP, center on global energy policy, P. 12.
[7]	Labiba Islam Anika & others (2018), Do renewables affect the strategic behavior of OPEC?, School of economic Science, Washington University, Washington State University, pp. 1-4.
[8]	Troster, Victor and others, (2018), Renewable energy, Oil Prices, and Economic activity,: A Granger- causality in Quintiles analysis, universitate de les illes P. 5.
[9]	Pinar Deniz, (2019), oil price and renewable energy: oil dependent countries Marmara University, department of economics, Istanbul, - Turkey, pp. 1-3.
[10]	World Bank https://data.albankaldawli.org/indicator/NY.GDP.PETR.RT.ZS.
[11]	https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960.
[12]	Andexer Thomas (2008), A hypothetical Enhanced Renewable Energy Utilization EREU M odle for Electricity Generation in Thailand, Der Deutschemark Bibliotheca, Norderstedt Germany, P. 10.
[13]	Zawawy Helam (2013), The Role of Renewable Energy Economics in Achieving Sustainable Economic Development in the Maghreb, A Comparative Study between Algeria - Morocco and Tunisia, CH4, OPEC and facing strategic and environmental challenges, p. 170, university of Abbas Farahaat, Algeria.
[14]	United Nations, (2001), The Possibilities and Prospects of Generating Electricity from Renewable Energy Resources in ESCWA Countries, Part Two, Solar Thermal Systems, Economic and Social Commission for Western Asia – ESCWA, p. 10.
[15]	http://www.windpower-monthly.com, (2006), /wpm: WINDICATOR: 412853, accessed Dec, 2006.
[16]	Hammond Alan et al (1973)., “Energy and the Future,” Arab Awareness Library,, p. 12.
[17]	Mustafa Kamal Sabry (2005), "Glimpses of Electrical Energy", the Egyptian General Book Authority, p. 11.
[18]	CQ Researchers, (2005), "Alternative Fuels", CQ Series, Vol. 15, No. 8.
[19]	Obaid Hani, (2010) Energy Problems in Developing Countries Nuclear Energy is it the Alternative? Applied Science University, Jordan p. 2-5.
[20]	REN21 Steering Committee (2013), sultan Ahmed Aljaber, Tesumari Lida, Pradeep Monga, Athena Ronquillo Ballesteros, and others, p 20.

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APA Style

Mosaad Mohamed Ismail Elgayish. (2020). The Economic Impact of Increasing International Dependence on Renewable Energy in Generating Energy on OPEC. International Journal of Economy, Energy and Environment, 5(3), 32-40. https://doi.org/10.11648/j.ijeee.20200503.12

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Mosaad Mohamed Ismail Elgayish. The Economic Impact of Increasing International Dependence on Renewable Energy in Generating Energy on OPEC. Int. J. Econ. Energy Environ. 2020, 5(3), 32-40. doi: 10.11648/j.ijeee.20200503.12

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AMA Style

Mosaad Mohamed Ismail Elgayish. The Economic Impact of Increasing International Dependence on Renewable Energy in Generating Energy on OPEC. Int J Econ Energy Environ. 2020;5(3):32-40. doi: 10.11648/j.ijeee.20200503.12

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@article{10.11648/j.ijeee.20200503.12,
  author = {Mosaad Mohamed Ismail Elgayish},
  title = {The Economic Impact of Increasing International Dependence on Renewable Energy in Generating Energy on OPEC},
  journal = {International Journal of Economy, Energy and Environment},
  volume = {5},
  number = {3},
  pages = {32-40},
  doi = {10.11648/j.ijeee.20200503.12},
  url = {https://doi.org/10.11648/j.ijeee.20200503.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijeee.20200503.12},
  abstract = {The international dependence on renewable energy in the generation of energy has increased significantly, which stopped the researcher in studying the impact of this on OPEC countries that rely heavily on oil to form their revenues and economic capabilities. The researcher has noted that the demand for renewable energy to generate energy increased, especially during the period from 1990 to 2018, as the proportion of the contribution of renewable energy to power generation ranged between 15% in 1990 until it reached 23% in 2018, and at the same time it was observed that the rate of generation Energy from oil for the same period shrank from 13% in 1990 until it reached 3% in 2018 (according to data from the International Energy Agency) . The research assumed that increasing international dependence on renewable energy sources will negatively affect oil revenues for OPEC countries and limit global demand for Petroleum to generate energy in exchange for increased dependence on renewable energy, which reduces the oil revenues of OPEC countries have been relied on data of the World Bank and the International Energy Agency, and the multiple regression model was used to reach the variable most influencing the revenues of OPEC countries and reach the ratio of the impact of the use of renewable energy in generating energy on the revenues of OPEC countries. Until 52% of the changes that occurred in oil revenues in OPEC countries are caused by the price of a global barrel in dollars, while the impact of renewable energy on OPEC revenues was 30%. Accordingly, the research recommends that OPEC countries should strive not to rely entirely on oil as a main source of income - especially with the availability of an alternative from renewable energy in most of the OPEC countries - and that there has become a need to diversify the sources of income for OPEC countries and not rely entirely on one source of income.},
 year = {2020}
}

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TY  - JOUR
T1  - The Economic Impact of Increasing International Dependence on Renewable Energy in Generating Energy on OPEC
AU  - Mosaad Mohamed Ismail Elgayish
Y1  - 2020/06/28
PY  - 2020
N1  - https://doi.org/10.11648/j.ijeee.20200503.12
DO  - 10.11648/j.ijeee.20200503.12
T2  - International Journal of Economy, Energy and Environment
JF  - International Journal of Economy, Energy and Environment
JO  - International Journal of Economy, Energy and Environment
SP  - 32
EP  - 40
PB  - Science Publishing Group
SN  - 2575-5021
UR  - https://doi.org/10.11648/j.ijeee.20200503.12
AB  - The international dependence on renewable energy in the generation of energy has increased significantly, which stopped the researcher in studying the impact of this on OPEC countries that rely heavily on oil to form their revenues and economic capabilities. The researcher has noted that the demand for renewable energy to generate energy increased, especially during the period from 1990 to 2018, as the proportion of the contribution of renewable energy to power generation ranged between 15% in 1990 until it reached 23% in 2018, and at the same time it was observed that the rate of generation Energy from oil for the same period shrank from 13% in 1990 until it reached 3% in 2018 (according to data from the International Energy Agency) . The research assumed that increasing international dependence on renewable energy sources will negatively affect oil revenues for OPEC countries and limit global demand for Petroleum to generate energy in exchange for increased dependence on renewable energy, which reduces the oil revenues of OPEC countries have been relied on data of the World Bank and the International Energy Agency, and the multiple regression model was used to reach the variable most influencing the revenues of OPEC countries and reach the ratio of the impact of the use of renewable energy in generating energy on the revenues of OPEC countries. Until 52% of the changes that occurred in oil revenues in OPEC countries are caused by the price of a global barrel in dollars, while the impact of renewable energy on OPEC revenues was 30%. Accordingly, the research recommends that OPEC countries should strive not to rely entirely on oil as a main source of income - especially with the availability of an alternative from renewable energy in most of the OPEC countries - and that there has become a need to diversify the sources of income for OPEC countries and not rely entirely on one source of income.
VL  - 5
IS  - 3
ER  -

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Author Information

Mosaad Mohamed Ismail Elgayish

Economics Department, Faculty of Politics & Economics, Beni-Suef University, Beni-Suef, Egypt

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APA Style

Mosaad Mohamed Ismail Elgayish. (2020). The Economic Impact of Increasing International Dependence on Renewable Energy in Generating Energy on OPEC. International Journal of Economy, Energy and Environment, 5(3), 32-40. https://doi.org/10.11648/j.ijeee.20200503.12

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ACS Style

Mosaad Mohamed Ismail Elgayish. The Economic Impact of Increasing International Dependence on Renewable Energy in Generating Energy on OPEC. Int. J. Econ. Energy Environ. 2020, 5(3), 32-40. doi: 10.11648/j.ijeee.20200503.12

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AMA Style

Mosaad Mohamed Ismail Elgayish. The Economic Impact of Increasing International Dependence on Renewable Energy in Generating Energy on OPEC. Int J Econ Energy Environ. 2020;5(3):32-40. doi: 10.11648/j.ijeee.20200503.12

Copy | Download

@article{10.11648/j.ijeee.20200503.12,
  author = {Mosaad Mohamed Ismail Elgayish},
  title = {The Economic Impact of Increasing International Dependence on Renewable Energy in Generating Energy on OPEC},
  journal = {International Journal of Economy, Energy and Environment},
  volume = {5},
  number = {3},
  pages = {32-40},
  doi = {10.11648/j.ijeee.20200503.12},
  url = {https://doi.org/10.11648/j.ijeee.20200503.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijeee.20200503.12},
  abstract = {The international dependence on renewable energy in the generation of energy has increased significantly, which stopped the researcher in studying the impact of this on OPEC countries that rely heavily on oil to form their revenues and economic capabilities. The researcher has noted that the demand for renewable energy to generate energy increased, especially during the period from 1990 to 2018, as the proportion of the contribution of renewable energy to power generation ranged between 15% in 1990 until it reached 23% in 2018, and at the same time it was observed that the rate of generation Energy from oil for the same period shrank from 13% in 1990 until it reached 3% in 2018 (according to data from the International Energy Agency) . The research assumed that increasing international dependence on renewable energy sources will negatively affect oil revenues for OPEC countries and limit global demand for Petroleum to generate energy in exchange for increased dependence on renewable energy, which reduces the oil revenues of OPEC countries have been relied on data of the World Bank and the International Energy Agency, and the multiple regression model was used to reach the variable most influencing the revenues of OPEC countries and reach the ratio of the impact of the use of renewable energy in generating energy on the revenues of OPEC countries. Until 52% of the changes that occurred in oil revenues in OPEC countries are caused by the price of a global barrel in dollars, while the impact of renewable energy on OPEC revenues was 30%. Accordingly, the research recommends that OPEC countries should strive not to rely entirely on oil as a main source of income - especially with the availability of an alternative from renewable energy in most of the OPEC countries - and that there has become a need to diversify the sources of income for OPEC countries and not rely entirely on one source of income.},
 year = {2020}
}

Copy | Download

TY  - JOUR
T1  - The Economic Impact of Increasing International Dependence on Renewable Energy in Generating Energy on OPEC
AU  - Mosaad Mohamed Ismail Elgayish
Y1  - 2020/06/28
PY  - 2020
N1  - https://doi.org/10.11648/j.ijeee.20200503.12
DO  - 10.11648/j.ijeee.20200503.12
T2  - International Journal of Economy, Energy and Environment
JF  - International Journal of Economy, Energy and Environment
JO  - International Journal of Economy, Energy and Environment
SP  - 32
EP  - 40
PB  - Science Publishing Group
SN  - 2575-5021
UR  - https://doi.org/10.11648/j.ijeee.20200503.12
AB  - The international dependence on renewable energy in the generation of energy has increased significantly, which stopped the researcher in studying the impact of this on OPEC countries that rely heavily on oil to form their revenues and economic capabilities. The researcher has noted that the demand for renewable energy to generate energy increased, especially during the period from 1990 to 2018, as the proportion of the contribution of renewable energy to power generation ranged between 15% in 1990 until it reached 23% in 2018, and at the same time it was observed that the rate of generation Energy from oil for the same period shrank from 13% in 1990 until it reached 3% in 2018 (according to data from the International Energy Agency) . The research assumed that increasing international dependence on renewable energy sources will negatively affect oil revenues for OPEC countries and limit global demand for Petroleum to generate energy in exchange for increased dependence on renewable energy, which reduces the oil revenues of OPEC countries have been relied on data of the World Bank and the International Energy Agency, and the multiple regression model was used to reach the variable most influencing the revenues of OPEC countries and reach the ratio of the impact of the use of renewable energy in generating energy on the revenues of OPEC countries. Until 52% of the changes that occurred in oil revenues in OPEC countries are caused by the price of a global barrel in dollars, while the impact of renewable energy on OPEC revenues was 30%. Accordingly, the research recommends that OPEC countries should strive not to rely entirely on oil as a main source of income - especially with the availability of an alternative from renewable energy in most of the OPEC countries - and that there has become a need to diversify the sources of income for OPEC countries and not rely entirely on one source of income.
VL  - 5
IS  - 3
ER  -

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