Author(s) :

Justin Yeh.

Volume/Issue :

Abstract :

This paper aims to explore the correlation between the development of renewable energy and economic growth in Taiwan along with the correlation between the development of non-renewable energy and economic growth. I analyzed Taiwan’s current energy situation and understand the energy problems that Taiwan faces, and discussed policies that impact Taiwan’s economy, energy production, and consumption. I found that Taiwan could achieve stronger GDP growth through increased employment, investments, consumer spending, and technological advancements of renewable energy production rather than non-renewable energy production. I found a correlation of 0.902 between Taiwan’s GDP and renewable energy production, as opposed to a correlation of -0.0655 between nonrenewable energy production and Taiwan’s GDP. This high correlation between the production of renewable energy and GDP growth in Taiwan confirms that the nation should increase its investment in renewable energy production rather than non-renewable energy production. By comprehending the current situations and current policies, this paper attempts to provide an explanation of Taiwan’s energy issues, assist future energy policymakers, bring awareness to Taiwan’s energy development, promote sustainability goals, and provide a general background of Taiwan’s energy development. This paper also aims to provide well-rounded research to help investors make informed decisions about renewable energy.