Economic Impacts of Large-Scale Renewable Energy Adoption in Developing Economies

Abstract

Opportunities for emerging economies abound in the worldwide movement towards renewable energy sources, which could lead to sustainability, economic development, and energy independence. Adopting renewable energy sources on a large scale can offer developing countries a long-term solution to the problem of polluting and expensive electricity generation from fossil fuels. But such changes have far-reaching and complex economic consequences that affect industry, jobs, energy prices, and economic growth in the short and long term. considers the possible advantages, disadvantages, dangers, and consequences of transitioning to renewable energy on a broad scale in developing economies. Renewable energy sources, including solar, wind, and hydropower, have the potential to lower energy prices, generate employment opportunities, and boost local economies through investments in infrastructure and technology advancement. High initial investment costs, funding hurdles, and the necessity for enabling legislative frameworks and policies are some of the potential economic difficulties addressed in the article. renewable energy's larger monetary effect through lowering consumption of foreign fuels, expanding access to electricity, and spawning new economic sectors. Developing nations can learn how to adopt renewable energy sources and experience sustainable economic growth by looking at case studies and doing economic modelling. The research shows that emerging economies must invest in large-scale renewable energy adoption because, despite some difficulties, the long-term economic advantages surpass the short-term costs.