Driving Norway’s Renewable Energy Transition: Untangling the Roles of Energy Intensity, Climate Technology, Financial Development, and Energy Efficiency

Abstract

Significant structural changes and social implication for the complete replacement of fossil fuels by RE, through the employment, migration, and individual spending habits, are necessary. Possible causes for the widening energy gap include rising energy prices brought on by the economic recovery and the scarcity of natural gas. Concurrently, increasing energy use has negative effects on the environment, worsens pollution, and endangers national energy independence. The relationship between the EI, CT, FD, EE, environmentally friendly practices, energy sector company value, and the environmental concerns hasn't been studied. Declining environmental quality, contributed to the global clean RE transition (RET) due to the rising demand and limited availability that have been negatively impacted by oil price variations condemning the limited availability and unequal regional distribution of fuels in nature. Norway is at a tipping point in its RE transition. The study provided with annual statistics from 2000 to 2022 by the OECD and WDI. An analysis is conducted to determine the long-term co-integration of the variables using fixed and random effects modelling. The research suggests that the transition to RE is positively impacted by all the independent indicators. Assessment of RE policies and interventions' effect and efficiency can assist policymakers optimize resource allocation, prioritize investments, and refine policy instruments. Emerging technologies, commercial models, regulatory frameworks, and collaborative networks that help scale up and integrate RE solutions into energy systems.

Keywords: Transition, Energy, Efficiency, Environmental and Technology