Grid Resilience and Green Transformation: Investigating the Synergy of Economic, Technical, and Policy Factors in Renewable Integration in South Asia
DOI:
https://doi.org/10.55737/qjss.vi-i.25328Keywords:
Renewable Energy (RE), Renewable Energy Capacity (REC), Non-Renewable Energy (NRE), Fully-Modified Ordinary Least Square (FMOLS), Dynamic Ordinary Least Square (DOLS)Abstract
Electricity is known as the engine of economic progress and development, but the source of energy use has a profound impact on environmental degradation. Indeed, clean energy significantly reduces greenhouse gas emissions and pollution, whereas traditional energy has numerous costs, such as environmental degradation, health issues, and depletion of energy sources. The study examines the impact of technical, economic, and policy factors on grid resilience in South Asian economies from 2000-2023, revealing a significant correlation between these factors. The Kao cointegration test verifies a long-run association among variables and underscores the interdependence of technical, economic, and policy magnitude. In fact, the outcomes of FMOLS and DOLS reveal that increased investment in renewable energy and improved renewable energy capacity considerably decrease electricity distribution losses and strengthen grid resilience. Conversely, higher CO2 emissions negatively influence grid efficiency and sustainability. Policy factors, deliberate through the Country Policy and Institutional Assessment (CPIA), reveal the vital role of robust environmental policies and institutional frameworks in falling vulnerabilities and improving grid consistency. The study suggests targeted interventions, including planned investments in renewable energy infrastructure, embracing advanced technical solutions, and policy and institutional restructuring, to strengthen grid resilience and ensure sustainable electricity distribution in the region. These are essential for authorities, stakeholders, policymakers, and stakeholders determined for long-term energy reliability and sustainability.
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