Abstract
The Sustainable Development Goals (SDGs) represent a bridging point between the old, neoclassical, growth-based model of the economy and newer, emerging paradigms, such as the well-being economy. The importance of growth in Gross Domestic Product (GDP) is recognized within the SDGs, however, in addition, Target 19 of Goal 17 advocates the adoption of alternative measures of economic well-being. The Genuine Progress Indicator (GPI) has been found to be the indicator of alternative economic well-being most aligned with the SDGs. On the basis that increased, high-quality energy use leads to expanded macro-economic activity, as measured by GDP, this study conducts a conceptual exploration of the extent to which the pursuit of sustainable energy development (SED) can enhance GPI outcomes. Based on a recent Icelandic GPI study, a total of 46 SED themes were found to be linkable to 16 of its 39 sub-indicators, including 8 cost deductions and 7 benefit additions. The frequency of these was as follows: sustainable energy production (10), sustainable energy consumption (10), energy security (8), nature conservation (8), social benefits (7) and economically efficient energy system (3). The main implication of the study outcomes is that the pursuit of SED is likely to have considerable benefits in terms of fulfilling energy and climate policy, but also co-benefits with regard to the promulgation of economic and societal well-being, as reflected in the GPI. These outcomes, although applicable to Iceland, have ramifications for all nations who are simultaneously striving for greater economic prosperity, whilst tackling climate change and striving to deliver equitable, environmentally sound and resilient energy systems.
Highlights
The links between energy usage and sustainable human development have been widely discussed over the years [1–3], with the relationship reflected in the outcomes of wellbeing metrics such as the Human Development Index [4–7]
On the basis that increased, high-quality energy use leads to expanded macro-economic activity, as measured by Gross Domestic Product (GDP), this study conducts a conceptual exploration of the extent to which the pursuit of sustainable energy development (SED) can enhance Genuine Progress Indicator (GPI) outcomes
This paper conducted a conceptual exploration of the extent to which the SED concept can be linked to the calculation components in the GPI, a widely used alternative measure of national economic well-being to GDP
Summary
The links between energy usage and sustainable human development have been widely discussed over the years [1–3], with the relationship reflected in the outcomes of wellbeing metrics such as the Human Development Index [4–7]. Increases in aggregate energy consumption and macro-economic growth, as measured by Gross Domestic Product (GDP), have frequently been found to occur in tandem over the years [8–12]. There are flaws, in using GDP as a measure of well-being, and energy consumption may be a driver of its expansion, this does not necessarily occur sustainably [13,14]. Very few studies have explored potential relationships between pursuing sustainable energy development and impacts on alternative measures of economic well-being that seek to correct for GDP’s deficiencies. Sustainable energy development is “the provision of adequate energy services at affordable cost in a secure and environmentally friendly manner, in conformity with social and economic development needs” [18], p
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