The Influence of Energy Trends on the Global Economy

Abstract

Energy stimulates global economic activity, which is also a key input for almost all goods and services of the modern world. Given the expansion of the population, the improve­ment of living standards and the increase in consumption, the total demand for energy is grow­ing year by year. At the same time, there is great concern about climate change, which encour­ages countries around the world to find solutions for energy supply while reducing greenhouse gas emissions and other pollutants that threaten the environment. Energy trends, such as re­newable energy, gas, decarbonization, decentralization, flexibility and blockchain technolo­gy, enable faster and simpler energy transformation, reduce the negative impacts of climate change, enhance energy security and provide wider access to energy. For this reason, the pa­per analyzes the impact of energy trends on the superpowers, i.e. the USA, China and the Euro­pean Union (EU), and on the countries of the MENA region (Middle East and North Africa), which are one of the world’s largest energy producers. The paper also reviews the COVID-19 pandem­ic, which has led to an unprecedented decline in energy demand and slowed the development of the global energy sector.