The Adoption of Renewable Energy Technologies by Oil-Producing Countries: An Inevitable Outcome at a Time of Global Challenges and Demand for Sustainable Development

Abstract

This paper addresses the necessity of adopting renewable energy technologies in order to achieve sustainable development goals in light of increasing global challenges, with a particular focus on the current generation’s well-being. It addresses the potential impacts of global crises, such as energy and food crises, on the transition to renewable energy. Using a descriptive and analytical approach, this paper examines the environmental and economic costs and benefits of renewable energy as well as the commitment of oil-producing countries to international environmental treaties. The research utilises an econometric model to analyse the relationship between sustainable development goals and global challenges. Data from the United Nations Conference on Trade and Development and the International Renewable Energy Agency are used to inform the analysis. The findings showed that the rights and well-being of current generations are currently maintained by the persistent use of fossil fuels in oil-producing nations. Fossil fuels continue to be, and may likely remain, the primary energy source in various sectors of development, despite their significant contribution to environmental and climate issues. The paper offers insights and recommendations for policymakers seeking to determine when government spending should best be allocated to renewable energy technologies, balancing national economic interests with international agreements.