The Renewable Energy Performances of Black Sea and Balkan Countries: An Application of Grey Principal Component Analysis

Renewable energy, accepted as a solution to global energy needs, is an environmentally benign energy source that contributes to the economic development of countries, protects natural resources, and reduces pollution. Dependency on non-renewable energy sources raises serious concerns such as environmental degradation, energy security problems, and supply shortages. This study aims to evaluate the renewable energy performances of 14 Balkan and Black Sea countries with similar historical, cultural, and structural characteristics. For this purpose, the data on countries’ renewable energy indicators in 2020 is used in the grey principal component analysis that integrates grey system theory and principal component analysis. Thanks to the grey principal component analysis, it is possible to measure the countries’ existing state in renewable energy and evaluate the performance of countries comparatively. Results indicate that countries such as Russia and Türkiye, which stem from their potential in renewable energy indicators, or European Union member countries such as Greece and Romania, which are expected to fulfill certain obligations on renewable energy, rank first in the reference year. On the other hand, countries such as Bosnia–Herzegovina and Serbia, which have critical shortcomings in renewable energy applications, are in last place in the performance evaluation.