The Influence of Fiscal Progress on Energy Consumption in Kazakhstan

Abstract

Among the strategic goals of the European Union (EU) is to upsurge the consumption of green energy in its member states, bringing together financing, technological, and innovations around customer engagement. Most researchers have been conducted around the green economy in Kazakhstan, but petite examination has been done on the influence of the fiscal sector on renewable consumption of energy. This research paper centers on the link between energy usage, economic progress, fiscal expansion, and energy prices in Kazakhstan using the Vector Error Correction Model Technique. The valuation results revealed a positive and substantial influence on economic and financial development on the consumption of energy. Prices of energy represented by the Consumer Price Index had an indirect influence on the consumption of energy. These two analyses are in tandem with theoretical findings and expectations. Further, the findings depict that a percentage increase in fiscal and economic growth leads to increased energy usage by 0.11% and 0.39%, respectively.

Renewable Energy, Economic Growth and Economic Development Nexus: A Bibliometric Analysis

“…Belt Road countries were investigated by [110,111], SAARC and ASEAN countries [112], as well as, South Korea [113], Bangladesh [114], Malaysia [115][116][117][118], Indonesia [119][120][121][122][123], Vietnam [124], Taiwan [125], Pakistan [126][127][128][129][130], Kazakhstan [131,132], and Thailand [133]. Not many studies dealing with the African continent [134] investigate the continent, [135] sub-Saharan Africa, [136] Rwanda, [137] Cameron, Nigeria [138], [139] Ethiopia and [140] Tunisia.…”

Enhancing the Green Energy Revolution: Analyzing the Impact of Financial and Investment Processes on Renewable Energy Projects in Kazakhstan

“…Kazakhstan, the eleventh-largest oil producer and 54th-largest landmass has the second-highest oil reserves in the world (Zhanseitov et al, 2020). The Kazakhstani economy relies on energy and mining, which account for 33% of GDP and 82% of exports (Zhanseitov et al, 2020).…”

“…Kazakhstan, the eleventh-largest oil producer and 54th-largest landmass has the second-highest oil reserves in the world (Zhanseitov et al, 2020). The Kazakhstani economy relies on energy and mining, which account for 33% of GDP and 82% of exports (Zhanseitov et al, 2020). As governments have become more aware of renewable energy's economic potential, they have created rules to regulate energy companies in Kazakhstan (Orazgaliyev, 2018).…”

The Impact Analysis of Electricity Prices on the Energy Intensity of the Kazakhstani Economy and Sustainable Development

“…At the same time, the levels of energy intensity of production of the most important domestic industrial products are 1.2-2 times higher than the world average, and in relation to the best world practices by 1.5-4 times (Kazenergy, 2020;Syzdykova et al, 2020). The State Report on the Energy Saving and Increasing Energy Efficiency for 2020 notes that the most significant factors in reducing the energy intensity of GDP for 2010-2020 became environmental and technological factors (Zhanseitov et al, 2020). At the same time, not only the level of energy intensity affect economic growth, but economic growth itself is a factor in reducing or increasing energy efficiency.…”