首页|Dynamic prognostic interaction between social development and energy consumption optimization: Evidence from european union member countries
Dynamic prognostic interaction between social development and energy consumption optimization: Evidence from european union member countries
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NETL
NSTL
Elsevier
Analyzing optimization of energy use becomes only possible when their interactions with the indicators of socialdevelopment are properly estimated. The study employed the panel VAR and impulse response functions toinvestigate this causal interaction by analyzing panel data from 27 EU countries. The results reveal that a 1%increase in renewable energy consumption contributes to raising life expectancy, fertility and education by2.20%, 1.27% and 2.11% respectively. However, a 1% surge in fossil fuel utilization contributes to lower lifeexpectancy and fertility by 0.66% and 2.76% and gives rise to education by 0.33%. Reciprocally, fertility, educationand research and development contribute to renewable energy utilization by 1.75%, 2.82% and 3.34%respectively whereas research and development contribute to decreasing fossil fuel combustion by 3.57%. Lastly,urbanization and internet subscriptions were found to have no statistically significant interaction with energyuse, inferring that these social factors do not contribute to energy use. Therefore, this study urges policymakers toinvest in the education sector and research and development to achieve sustainable socio-economic developmentby simultaneously optimizing energy consumption and increasing the overall share of renewable energy bydiversifying its production from green energy sources (solar, wind and hydro) in the EU countries.
Energy consumption optimizationUrbanizationEducationICTR&D health
NETL
NSTL
Elsevier
