ORALS

Addressing the emerging global challenge of Climate Change, the global energy transition to renewable energy sources is imperative. It brings forth the genesis of the energy transition driven by renewable energy sources. It has been clearly understood that energy transition over the years has taken place in a variety of forms. Some are considered under the framework of time-line, long-term or short-term energy transition, while others focus on the shift of market fuel, and fuel source, some are driven by end-use devices or prime movers, technology change, and other socio-technical factors. Certain specific factors influence and finally determine the process of the energy transition. All countries worldwide demand energy for economic growth, and therefore energy security is critical for all nations. The objectives of the paper are firstly to examine various types of energy transition. Secondly, to investigate the role of renewables in the global energy transition, examining the parameters such as a share in the primary energy demand, installed capacity, etc. Thirdly, identify the factors that affect determine the deployment of renewable energy such as energy imports, R&D funds, energy prices etc. [1]. Fourthly, to examine the role of renewables in contributing to energy security by computing a Renewable Energy Security Index (RESI) by deploying the methodology of the Principal Component Analysis (PCA) method [2]. The renewable energy security index has been improving over the period 2000-2018 and is significantly correlated with all four aspects of energy security availability, accessibility, acceptability, and affordability [3]. Consequently, the economies across all nations should adopt appropriate pathways of the energy transition towards renewable energy sources not only to achieve energy security but also energy efficiency.     

References:
[1] Hache, E. (2018). Do renewable energies improve energy security in the long run? International economics, 156, 127-135.
[2] Hotelling, H. (1933). Analysis of a complex of statistical variables into principal components. Journal of Educational Psychology, 24, 417–441, and 498–520.
[3] Jung, Y. (2005). APERC-energy outlook up to 2030.