신재생에너지 성장의 영향요인 연구: FIT와 RPS의 효과성 검증을 중심으로 = Determinants of New Renewable Energy Growth: Empirical Testing of the Effectiveness of Feed-In Tariff and Renewable Portfolio Standard Policy

다국어 초록 (Multilingual Abstract)

A previous study has shown that the difference in growth of new renewable energy across countries has resulted from differences in the selection of policy instruments. However, in explaining differences in the growth of new renewable energy sectors, these studies are limited to incorporating differences between countries which have used the same policy tools. It is also disadvantageous to insufficiently consider various factors affecting the growth; and there is a problem in estimating the level of growth. Hence, the present study investigates how selected policy tools influence the level of new renewable energy growth. This study conducts empirical analysis using panel data of multiple countries. Firstly, the research findings show that policies such as the Feed-In Tariff (FIT) and the Renewable Portfolio Standard (RPS), as variables of policy instruments selected for new renewable energy policy in each country, do not have significant associations with the growth level. This implies that the selection and implementation of policy instruments can only partially explain the reason for the increase in the proportion of new renewable energy in power generation. Secondly, the statistical results show that the type of energy policy governance (e.g., the presence of the Green party; the proportion of nuclear energy in power generation) of each country, the national income level, the business environment, and the level of international pressure have statistically significant coefficients in explaining the level of growth. These significant factors can explain the differences between countries in the increase in the proportion of new renewable energy used in power generation. It also provides an understanding of why there is a difference between countries using the same policy instruments. These results present a theoretical implication that provides empirical support to the effectiveness of policy instruments. It also identifies the significance of selecting specific policy instruments as an independent variable for testing the importance of causality of policy instruments in discussing their effectiveness. The results of this study present more practical policy directions beyond the engineering-based approach for increasing the use of new renewable energies.