The Impact of Adopting Renewable Energy Technologies on The Economic Growth in The Developing Countries

Khan Amin

Bachelor's thesis

Abstract:

This thesis examines the impact of renewable energy on economic development in the Russian Federation, focusing on the relationship between the share of renewables in total energy consumption and key economic indicators such as real GDP per capita and the Human Development Index (HDI). Contrary to common expectations, the empirical analysis reveals significant negative correlations between renewable energy adoption and both economic indicators, challenging the prevailing assumption that renewable energy inherently fosters economic growth and development. These findings suggest that the transition to renewable energy in Russia is shaped by complex economic and structural factors, including policy effectiveness, technological integration challenges, and socio-economic implications. The study underscores the necessity for a nuanced, context-specific approach to renewable energy policies that balances environmental sustainability with economic and social development. A more comprehensive policy framework is essential to addressing infrastructure limitations, workforce transitions, and the economic viability of renewable technologies. Given the unexpected results, further research is needed to explore the intricate relationship between renewable energy and economic development in Russia. Future studies should consider additional factors such as institutional quality, technological advancements, and international cooperation to provide a more detailed understanding of the transition’s economic impact. Longitudinal analyses and comparative studies with other nations could offer valuable insights for policymakers, helping to refine strategies for a sustainable and economically viable renewable energy transition.

Keywords

renewable energy, industry, Russia

Language used: English

Date on which the thesis was submitted / produced: 26. 3. 2025

Thesis defence

• Date of defence: 27. 5. 2026
• Supervisor: Ing. Ghaeth Fandi, Ph.D.
• Reader: Alaa Ayoub

Czech University of Life Sciences Prague

Faculty of Economics and Management

Bachelor programme:
Business Administration