Energy

5Energy Development as a Driver of Economic Growth: Evidence from Developing Nations

Md Rashid Farooqi¹, Akhlaqur Rahman², Md Faiz Ahmad³, and Supriya⁴

¹ Department of Commerce and Management, Maulana Azad National Urdu University, Hyderabad, Telangana, India

² District Institute of Education and Training, Bihar Education Service, Patna, Bihar, India

³ School of Management, Malla Reddy University, Hyderabad, Telangana, India

⁴ Disaster Management Professional, Sitamarhi, Bihar, India

5.1 Introduction

The need for renewable energy in developing nations is increasing significantly as population and per capita income increase (Wang et al. 2020a). This chapter attempts to show how renewable energy contributes to economic growth and why energy supplies need to be replenished to fulfil the rising demands. To enhance living standards, progressive nations should attain growth and development. Energy requirement in developed nations is increasing as a result of continuous increase in efficiency and output with which energy can be generated and consumed simultaneously (World Bank 2017). In developed nations, both financial and energy resources are available to meet market requirements. The importance of energy has been increasing every day since past few decades as well as change in climate (Bulkeley 2013; Schuur et al. 2015). In developing nations, the energy sector is poorly developed and energy consumption is relatively very less compared to that of developed nations (Wang et al. ...