Publication:
NEXUS BETWEEN ENERGY EFFICIENCY, ENERGY SECURITY AND ECONOMIC DEVELOPMENT: EMPIRICAL EVIDENCE FROM BRICS ECONOMIES
NEXUS BETWEEN ENERGY EFFICIENCY, ENERGY SECURITY AND ECONOMIC DEVELOPMENT: EMPIRICAL EVIDENCE FROM BRICS ECONOMIES
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Date
2021
Authors
CHING-CHI HSU
FENGSHENG CHIEN
QUANG-THANH NGO
TIEN-DUNG NGUYEN
HIEU MINH VU
CRISPTOPHER HUGO
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Abstract
The objective of this study is to measure the energy efficiency and energy security by using Data Envelopment Analysis (DEA) and an econometric estimation such as ordinary least square method (OLS) to measure the relationship between energy efficiency, energy security and economic development with macro-economic indicators such as energy consumption, economic growth, and environmental degradation factors by using the data from 1976 to 2016 while the energy efficiency has been measured during the period of 2010 to 2018. Results show that Brazil and Russia are countries with less energy for these consecutive years. This work contributes to the existing literature on eco-friendly and sustainable policy design in BRICS countries based on multiple indicators. The analysis also indicates that the quality of a country’s laws and regulations are essential for expanding research on renewable energy because the right policy tools serve as the basis for the transition. It is also found that Brazil, Russia, and South Africa have the best score in terms of energy and economic development while China and India are among the lowest performing countries in clean energy. Energy efficiency results show that china has the highest score of 1 while India and South Africa energy score is about 0.623 and 0.64 respectively. This serves as a panacea to study the country’s energy insecurity and bridge the gap in the literature. As the renewable energy industry is considered a high-risk area, it is necessary to develop essential aversion tools for financial policy risks to attract private capital.
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Keywords
"renewable energy,
medium- and high-tech export,
economic growth,
employment,
inflation,
ASEAN"