MODELING THE NEXUS BETWEEN SUSTAINABLE DEVELOPMENT AND RENEWABLE ENERGY: THE AFRICAN PERSPECTIVES

Motivated by the gained momentum of the sustainable development goals (SDGs) under the umbrella of the United Nations organization, in the light of the SDG-7, which stipulates the access to affordable, sustainable, and modern energy, this paper explores the dynamic relationship between renewable energy and the pillars of sustainable development. Its insights are driven using a simultaneous equation model based on a panel of 25 African economies covering the period 1990-2014. The results show that renewable energy is important for sustainable development and that higher levels of renewable energy can increase sustainability. The findings also confirm the positive influence of renewable energy on the economic, environmental, social, and institutional dimensions. These positive effects stem from investment in clean energy in the whole of Africa, combined with structural changes promoting the use of clean energy and the achievement of the millennium development goals. The findings should be useful for policymakers in Africa. Aggressive renewable energy policies will be crucial for achieving energy-policy goals and the "multiple benefits" of renewable energy, such as reducing climate change and air pollution, improving energy security, and increasing access to energy.