An empirical assessment to establish the role of renewable energy sector in the Greek economy under the aspect of economic recession

Abstract

The challenging economic environment that affects most European countries has driven the Greek economy through a volatile transition period. The economic crisis is considered in some cases as an opportunity for economic development in several sectors. The energy sector is one of them, and it is expected to play a key role in the recovery of the economy. The current research will inspect whether the renewable energy sector could play a vital role in boosting the Greek economy, but mainly why it has not been done as it was expected. In addition, this paper will demonstrate in detail the renewable energy sources that represented the core investment targets in the country, along with the current status of completion. Furthermore, the idea that renewable energy sources could help the improvement of country’s economy will be elaborated, along with the reasons that show why this idea has failed. The data analysis is based on an empirical assessment on energy projects that have been developed around the country. The presentation of the obstacles that an investor faces prior and after the completion of the projects will justify the reasons that investments in renewable energy sources could not ameliorate the economic crisis of Greece.