Abstract
Renewable energy (RE) has a strong synergy with some of the sustainable development goals (SDG5), thus its successful deployment can potentially result in an impact on these SDG5. In this study, we examine the synergy effect of renewable electricity on selected SDG5 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 self-effect), 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.
