The impact of renewable energy consumption on economic growth in the countries of the Commonwealth of Independent States

The modern development of the global economy is accompanied by a growing importance of renewable energy sources, driven by the objectives of enhancing energy security, reducing the carbon intensity of production, and ensuring sustainable economic development. For the countries of the Commonwealth of Independent States (CIS), renewable energy has acquired particular significance in the context of structural economic transformation and the need to diversify the energy mix.

The purpose of this study is to provide an empirical assessment of the relationship between the share of renewable energy in total final energy consumption and economic growth in CIS countries over the period 1997–2021. The empirical analysis is based on panel data for six CIS countries and employs a fixed effects regression model, which makes it possible to account for cross-country heterogeneity as well as time-invariant institutional and structural characteristics of the region’s economies.

The results indicate a statistically significant positive relationship between an increase in the share of renewable energy sources and the level of GDP per capita. In addition, the findings confirm the key role of investment activity and demographic factors in shaping economic growth, while external trade did not serve as a stable source of growth for CIS countries during the period under consideration.

The scientific significance of the study lies in obtaining empirical estimates that reveal the relationship between renewable energy consumption and economic growth in CIS countries. The practical importance of the research lies in providing analytical guidelines for the development of long-term energy and economic development strategies. The interpretation of the results is limited to identifying stable relationships and does not imply strict causal conclusions.

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