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The increasing demand for renewable energy sources has led to the development of HRES that combine multiple sources of renewable energy to provide a reliable and efficient energy supply. However, renewable energy sources typically come with higher costs than conventional energy production methods. Hence, the optimal sizing of HRES is essential to prevent the oversizing of the system while ensuring a reliable supply of load demand, accommodating variations in meteorological conditions and changes in power demand. Numerous research papers addressing the optimal sizing problem are available in the literature. However, none of the mentioned studies take into account the power degradation of all renewable sources. The degradation of renewable sources, such as PV and WT, can have a significant impact on the performance of HRES. The degradation of PV panels can result in reduced efficiency and output, leading to a decrease in the overall energy production of the HRES. Similarly, WT may experience wear and tear over time, leading to reduced performance and output. The reduction in the output of renewables in the standalone system causes an increase in the loss of power supply probability (LPSP). This paper analyzes the optimal sizing of the HRES, considering the degradation of the sources. Further, analysis has also been carried out based on the number of BESS to be added to HRES to meet the derived constraints and their impact on the cost of energy as well. [Display omitted] [ABSTRACT FROM AUTHOR]

The increasing demand for renewable energy sources has led to the development of HRES that combine multiple sources of renewable energy to provide a reliable and efficient energy supply. However, renewable energy sources typically come with higher costs than conventional energy production methods. Hence, the optimal sizing of HRES is essential to prevent the oversizing of the system while ensuring a reliable supply of load demand, accommodating variations in meteorological conditions and changes in power demand. Numerous research papers addressing the optimal sizing problem are available in the literature. However, none of the mentioned studies take into account the power degradation of all renewable sources. The degradation of renewable sources, such as PV and WT, can have a significant impact on the performance of HRES. The degradation of PV panels can result in reduced efficiency and output, leading to a decrease in the overall energy production of the HRES. Similarly, WT may experience wear and tear over time, leading to reduced performance and output. The reduction in the output of renewables in the standalone system causes an increase in the loss of power supply probability (LPSP). This paper analyzes the optimal sizing of the HRES, considering the degradation of the sources. Further, analysis has also been carried out based on the number of BESS to be added to HRES to meet the derived constraints and their impact on the cost of energy as well. [Display omitted] [ABSTRACT FROM AUTHOR]

Innovation and adaptation of renewable energy technologies significantly reduce carbon dioxide (CO2) emissions and increase energy efficiency. Understanding the convergence patterns in renewable energy innovation will enable policymakers to design policies to increase energy efficiency and renewable energy consumption and reduce CO2 emissions. This paper applies the convergence algorithm proposed by Philips and Sul to assess the convergence in renewable energy innovation for 90 countries covering the period between 1993 and 2018. This paper also examines the determinants/factors driving the convergence clubs of the countries using Probit and Logit regression. The convergence analyses suggest that there is no global convergence in renewable energy innovation. Findings highlight two convergence clubs: i) a club comprising more innovative countries and ii) another club that includes less innovative countries. We find that countries with higher income per capita, CO2 emissions per capita, research and development (R&D) investment, better environmental regulations and stronger institutional settings are more likely to be part of the innovative club. Countries should increase their R&D investment and environmental regulations and improve their institutional quality to increase their likelihood of belonging to a more innovative club. Furthermore, less innovative countries could promote policies to transfer renewable energy technologies from innovative countries. [ABSTRACT FROM AUTHOR]

This paper utilizes data from 26 countries to document the relationship between renewable energy consumption, shadow banking, traditional banking, and economic growth covering 2010–2021. Employing panel quantile approaches, the results indicate a negative and significant impact of renewable energy consumption on economic growth, highlighting the initial high costs inherent in transitioning to renewable energy sources. Moreover, the findings reveal that shadow banking, along with traditional banking, tends to weaken the negative impacts of renewable energy consumption on economic growth, particularly in countries with medium and high levels of economic development. Finally, panel causality tests confirm bidirectional causality between economic growth and renewable energy consumption, economic growth and shadow banking, and renewable energy consumption and shadow banking. These insights underscore the need for policymakers to consider the role of alternative financing mechanisms in the transition to renewable energy. [ABSTRACT FROM AUTHOR]

This paper addresses the critical challenge of sizing hybrid renewable energy systems over their lifespan while accounting for uncertainties in energy sources and load demands. By leveraging stochastic programming, we introduce a novel modeling technique that ensures robust optimization without compromising numerical tractability. Unlike conventional methods, which determine system parameters for the entire project duration upfront, our approach enables annual adjustments to the renewable components' sizing. This dynamic strategy alleviates early-stage under-utilization, aligning system capacity with evolving demand patterns. Central to our approach is the reformulation of the two-stage stochastic program as a quasi-optimal control. This reduces the number of optimization variables significantly, simplifying the solution process. Moreover, thousands of constraints are replaced with a system of differential equations, enhancing computational efficiency. By minimizing capital costs and dynamic operating expenses, we achieve an optimal system size. Through a real-world application in a rural area of South Africa, we demonstrate the effectiveness of our approach. The results showed a remarkable improvement in problem-solving efficiency, reduced under-utilization, and heightened adaptability to unpredictable weather conditions. This innovative framework represents a substantial leap forward in hybrid renewable energy systems design, offering a more agile and efficient solution for sustainable energy generation. [ABSTRACT FROM AUTHOR]

With the growing share of the climate-sensitive renewable energy market supply in China, estimating future energy drought risk (ED) is essential. In this paper, based on CMIP6, energy demand and power generation are estimated from 2023 to 2100 under SSP2-4.5 and SSP5-8.5 climate scenarios, and ED is defined from high demand (HD), low wind-solar generation (LWS), and residual load (RL). The results show that the ED exacerbation is relatively high under the SSP5-8.5. Between 2023 and 2100, the duration and severity of HD and RL notably increase, while LWS changes are relatively weak. We find that HD and RL exhibit high summer risks in the south and high winter risk in the north. The return periods vary significantly and extends over time in most regions. Moreover, there are few ED when the installed power generation capacity (IPGC) is increased. When the IPGC increases by 2%–5%, the LWS will decrease at least 20%–72%. With a 10% increase, the LWS will be mitigated by at least 80%, whereas the mitigation for RL is limited, approximately 3–17% at different rates. This work performs the first evaluation of future ED and provides the useful references for risk mitigation in China based on CMIP6. [ABSTRACT FROM AUTHOR]

In this era of global warming the importance of climate risk cannot be understated, and finding ways to reduce climate risk is a topic worthy of study. In this paper, we innovatively examine the role of renewable energy technology innovation on climate risk in China. In addition to their linear relationship, we also investigate the asymmetric and heterogeneous impact, detect the impact channels, and find that (1) increased renewable energy technology innovation can effectively alleviate the climate risk situation. Accordingly, the development of renewable energy technology innovation can make a significant contribution to CR abatement. (2) Pronounced impacts of renewable energy technology innovation on climate risk can be observed in the higher quantiles (75th and 90th) of climate risk. (3) Renewable energy technology innovation is a powerful weapon for eradicating climate risk in provinces with a higher level of government fiscal expenditure. And (4) renewable energy technology innovation has an impact on climate risk by facilitating energy consumption efficiency, which is a necessary mediator. These conclusions inspire us to put forward several corresponding policy implications for better climate risk governance and renewable energy technology innovation development. [ABSTRACT FROM AUTHOR]

To achieve the goal of "carbon peaking and carbon neutrality", China is vigorously developing renewable energy. This paper aims to examine the major contributors to regional inequality in renewable energy consumption by analyzing the 30 provinces in China. We have analyzed the inequality of China's renewable energy consumption with Dagum Gini coefficient, and then use the Generalized Divisia Index Model (GDIM) to decompose the influencing factors contributing to the inequality of renewable energy consumption. The main conclusions are summarized as follows: First, renewable energy consumption was higher in the western region than in the central and eastern regions, and the regional inequality in renewable energy consumption have increased over time. Second, the study reveals that inter-group disparity is the primary source of regional inequality in renewable energy consumption in China. Third, at the national level, the results of the GDIM decomposition show that economic development continues to rely on fossil energy consumption, which negatively impacts the low-carbon transition of energy. Given China's complex geographical conditions, it is crucial for different provinces to develop their own strategies for renewable energy development, taking into account unique resources and challenges. [ABSTRACT FROM AUTHOR]

Data analysis is one of the most important tools that can contribute to unveiling critical relationships. Econometric approaches are evolving continuously, while older methods although are not completely abandoned, they may be used vis-à-vis the new ones for comparison purposed. This special issue has called for papers that have used novel research methods in a panel data framework for the studying and modelling renewable energy use and management. This special issue is useful for readers because it provides them an overview of the those novel methodologies employed in the field of renewable energy economics and econometrics. [ABSTRACT FROM AUTHOR]

Sustainable development has many dimensions, such as clean energy, green growth, and sustainable industry. Green finance has a key role in realizing these targets. The core focus of the existing paper is to demystify the influences of green finance, green energy on environmental dynamics in Malaysia covering the timeframe from 1990 to 2018. To this end, we employ the QARDL technique to peruse the effect of green finance, renewable energy, and economic growth on CO 2 emissions and ecological footprint separately. By doing so, we crosscheck the empirical outcomes and inspect the consistency of the analysis. Firstly, empirical results show that the ecological footprint model yields similar results to the CO 2 emissions model in terms of statistically significant quantile ranges and the magnitude of the coefficients. According to the overall results, GDP increases environmental degradation while green finance and renewable energy have a mitigating role. Finally, we confirm a significant EKC hypothesis for Malaysia. Based on these findings, we recommend Malaysian policymakers focus on energy efficiency, realize financial reforms and promote green energy through the financial system to achieve the 2050 net-zero emission target. [Display omitted] [ABSTRACT FROM AUTHOR]

Green financing is essential because it guarantees that initiatives that seek to reduce the world's reliance on fossil fuels receive the necessary funding to be successful. Green financial metrics can be simultaneously made possible by specialized technological innovation and natural resource rent, thereby encouraging the adoption of sustainable energy. In this paper, we investigate the mediating mechanisms underlying the relationship between green financial indicators and renewable energy consumption RNEC and we contribute to the ongoing discussion surrounding this relationship. Our observational example is derived from data collected for 66 countries between 2004 and 2019 using a panel threshold regression model defined with the difference generalized method of moments (GMM). We find that green funding initiatives have accelerated the adoption of renewable energy sources by encouraging increases in the proportion of renewable energy in the fuel supply. Multiple analyses of reliability corroborate the existence of this link. Green funding has been shown to have an encouraging effect on the transition to renewable energy, and our findings indicate that technological advancement and natural resource leasing serve to mitigate this effect. To assist policymakers in reducing the world's reliance on polluting energy, our study demonstrates how green financial markets can be established through improved technological innovation and natural resource management. [ABSTRACT FROM AUTHOR]

Identifying the research topics of China's energy transition policy and predicting future research trends are crucial for policymakers to make informed decisions and advance the energy transition. This study applied the Latent Dirichlet Allocation (LDA) to extract 26 major research topics from the 13,976 abstracts of Chinese policy research papers in web of science (WOS), conceptualized the five most popular topics and used the ARIMA model to predict trends over the next 36 months. The results show that except for Economic and Environmental Impact of Renewable Energy Consumption (Topic13), which will first experience unanticipated fluctuations and then show strong growth capacity, all other topics will continue to remain positive growth trend. Research and Development (Topic3) is driven by the urgency of China's energy transformation. Economic and Environmental Impact of Renewable Energy Consumption (Topic13) is driven by the potential for the development of renewable energy. Economic Impact of Climate Change (Topic26) is driven by the climate change debate. Economic Growth, Urbanization, and Energy Consumption (Topic7) is driven by a discussion of their relationship and the mechanisms influencing them. Regional Efficiency and Productivity Analysis (Topic19) is driven by regional differences in China's energy policies. [ABSTRACT FROM AUTHOR]

This paper presents a model for optimizing the life cycle economic and environmental impacts of a hybrid renewable energy and battery storage system – as energy supply technologies (EST) for off-grid farms. Micro-hydropower and photovoltaics represent the primary renewable energy (RE) sources, with batteries and a diesel generator considered as possible back-up systems. A modified Non-dominated Sorting Genetic Algorithm II (NSGA-II) was developed and applied to a case study farm in Southern Spain and provided different EST solutions to optimize a design based on economic (life cycle costing or LCC) and environmental (life cycle assessment or LCA) constraints. The results highlighted that cases with a strong dependence on batteries could achieve minimum costs and lower impacts for climate change and energy resources (non-renewable fuels). In contrast, the optimal system for minimizing the consumption of material resources (metals/minerals) resulted in higher fuel use, which was up to 25% more expensive. The optimal EST solutions used up to 37% of the total energy generated; however, the results were sensitive to energy production-demand distributions. This methodology can help identify the most cost-effective solutions with the lower environmental impacts for decarbonizing the agricultural sector. [Display omitted] [ABSTRACT FROM AUTHOR]