Impact of Policy Incentives on Adoption Rates of Renewable Energy Technologies: Global Perspectives
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Abstract
This paper examines the impact of policy incentives on the adoption rates of renewable energy technologies (RETs) from a global perspective. The study reviews existing literature and empirical evidence to analyse how various policy mechanisms, such as feed-in tariffs, tax incentives, renewable portfolio standards, and subsidies, influence the adoption and diffusion of RETs across different countries and regions. By synthesizing qualitative and quantitative data, the research identifies key factors that contribute to the effectiveness of policy incentives in promoting renewable energy adoption. Findings suggest that the design, implementation, and stability of policy frameworks play crucial roles in shaping adoption rates, with notable variations observed based on economic, social, and political contexts. The paper concludes with implications for policymakers, highlighting strategies to optimize policy incentives to accelerate the transition towards sustainable energy systems on a global scale.
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