Energy Consumption and Sustainable Economic Welfare: New Evidence of Organization of Petroleum Exporting Countries

Azami, Somayeh; Almasi, Shabnam

doi:10.32479/ijeep.9435

Cited by 5 publications

(1 citation statement)

References 51 publications

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“…e gap between sustainable welfare and GDP has been confirmed. In their study, Azami and Almasi [18] look at the connection between energy consumption and sustainable economic welfare in oil-producing countries. ey look at the ISEW first and then connect energy consumption and sustainable economic welfare in these countries [19].…”

Section: Literature Reviewmentioning

confidence: 99%

DCNN-GCM: A Deep CNN and Granger Causality Models for Forecasting Welfare Level of Energy-Producing Countries and Evaluating the Relationship between Energy Consumption and Sustainable Economic Welfare

Hoseinbor

Mousavi

Aminifard

2022

Mathematical Problems in Engineering

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From the beginning of creation, human beings have realized the importance of energy for survival. They have always devoted a significant part of their energy to provide the required energy. Moreover, it can be said that energy resources have an essential role in the life and evolvement of societies. On the contrary, with the depletion of energy resources, severe environmental pollution caused by the consumption of petroleum products, and high cost of energy in the production cycle, allocating these resources must be carried out carefully. This paper aims to look at the connection between energy consumption and sustainable economic welfare in OPEC countries (Iran, Kuwait, Saudi Arabia, UAE, Ecuador, and Venezuela) during 2019–2009, utilizing the panel data method. Finally, we presented a CNN architecture for forecasting welfare levels in the case study countries. As a result, the relationship between energy consumption and economic growth among selected countries from energy-producing countries was compared in this analysis, which used the standard Granger causality test and the Granger causality test in several domains. The findings suggest that economic growth and inflation positively impact energy consumption in the countries studied. In addition, energy consumption positively impacts these countries’ sustainable economic welfare, while inflation has a negative effect. In addition, the findings of the standard Granger causality test indicate a one-way causal association between energy consumption and economic development in Iran and Venezuela, as well as one-way causality from GDP to energy consumption in Ecuador, the United Arab Emirates, Saudi Arabia, and Kuwait. Also, based on the results of the CNN method, the RMSE are 1.75, 3.81, 1.39, 0.52, 0.69, and 1.72 for Ecuador, Emirates, Iran, Saudi Arabia, Kuwait, and Venezuela, respectively.

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Section: Literature Reviewmentioning

confidence: 99%

DCNN-GCM: A Deep CNN and Granger Causality Models for Forecasting Welfare Level of Energy-Producing Countries and Evaluating the Relationship between Energy Consumption and Sustainable Economic Welfare

Hoseinbor

Mousavi

Aminifard

2022

Mathematical Problems in Engineering

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Effect of energy consumption on economic growth and sustainability: Panel evidence from PCSE and FGLS

Da,

Chakraborty

2024

Economics and Policy of Energy and the Environment

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Energy-growth nexus studies use measures of income to assess the impact of energy consumption on economic growth. However, exclusion of externalities and environmental costs has made these studies a partial one. The recent Energy-Sustainability nexus studies deploy measures of sustainability to assess the impact of energy consumption on sustainable economic welfare rather than just economic growth. The primary objective of the study is to compare the Energy-Growth nexus with Energy-Sustainability nexus for developed countries, developing countries, and transition economies. The time period of the study is from 2000 to 2014. The methodologies used in the study are Feasible Generalized Least Square (FGLS) and Panel Corrected Standard Error (PCSE). The results suggest that renewable energy consumption helps (hurts) economic growth and sustainable development of developed (developing) nations but non-renewable energy consumption hurts (helps) economic growth and sustainable development of developed (developing) nations. However, both renewable and non-renewable energy consumption support economic growth and sustainable development for transition economies. Energy policy recommendations are in favor of strengthening carbon pricing policies, encouraging investment in clean energy technologies, stimulating research and development to overcome challenges of complete energy transition and successful decoupling of economic growth from fossil fuel energy. Moreover, sustainability policies must ensure that economic benefits and welfare arising from renewable energy sources must complement economic growth and sustainable development substantially enough to outweigh the economic costs.

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Models and Indices of Sustainability Assessment in the Energy Context

Ziemba

Becker

2022

Energies

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Today, the energy sector is characterized by a high degree of unsustainability in terms of sources and supply systems, infrastructure, and policies, including climate policy. Therefore, it is necessary to strengthen the functions of planning and to implement new energy strategies, which should lead to the sector’s sustainability in the environmental, social, and economic dimensions. In this context, the aim of the article is to develop a model for the sustainability assessment process and to use it as a benchmarking framework for sustainability assessment indices used in energy problems. The study included 14 indices to assess various aspects of sustainable development. The indices were tested in terms of their sustainability dimensions, data sources, data normalization methods, index aggregation methods, and other elements of the sustainability assessment process. As a result of the research, it was found that none of the analyzed indices meet all the requirements for indices that are to be used for the assessment of sustainability. Therefore, the use of these indices in research problems related to energy sustainability requires a conscious analysis of their features and adaptation to specific research problems related to energy sustainability.

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Energy Consumption and Sustainable Economic Welfare: New Evidence of Organization of Petroleum Exporting Countries

Cited by 5 publications

References 51 publications

DCNN-GCM: A Deep CNN and Granger Causality Models for Forecasting Welfare Level of Energy-Producing Countries and Evaluating the Relationship between Energy Consumption and Sustainable Economic Welfare

DCNN-GCM: A Deep CNN and Granger Causality Models for Forecasting Welfare Level of Energy-Producing Countries and Evaluating the Relationship between Energy Consumption and Sustainable Economic Welfare

Effect of energy consumption on economic growth and sustainability: Panel evidence from PCSE and FGLS

Models and Indices of Sustainability Assessment in the Energy Context

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