Abstract:
Renewable energy (RE) has a strong synergy with some of the sustainable development goals (SDGs), thus
its successful deployment can potentially result in an impact on these SDGs. In this study, we examine
the synergy effect of renewable electricity on selected SDGs via the electricity prices for the European
Union (EU) countries. Using panel data and a two-step estimation approach, our findings indicate a strong
synergy effect between renewable electricity prices, SDG 7 (affordable and clean energy) and SDG 8
(decent work and economic growth). The results further reveal that SDG 12 (responsible production
and consumption) accounts for most of the future renewable electricity price variation (excluding selfeffect),
whereas future variation in SDG 7 (affordable and clean energy) and SDG 13 (climate action)
are explained mostly by SDG 8 and SDG 12, respectively
