Effectiveness of Renewable Energy Policies in Promoting Renewable Energy Development: The case of Feed-in-Tariff (FiT) and Renewable Portfolio Standard (RPS)
With the renewed global motivation to develop cleaner infrastructure technologies,
particularly on energy production, and to strengthen response to the threat
of climate change, several countries have adopted various policies such as feedin-
tariff (FiT) and renewable portfolio standard (RPS) to promote the development
of renewable energy. This paper therefore examines the effectiveness of
FiT and RPS in promoting global renewable energy capacities using a panel data
of 183 countries worldwide. Results suggest that, in general, FiT and RPS helps
increase renewable installed capacities, both in cumulative and additional capacities,
in various magnitude across different types of renewable energy sources
(solar, wind, and geothermal). These findings were utilized to provide insights
on potential implications in dealing with policy decisions towards a sustainable
and progressive energy sector