AN IMPROVED ENVIRONMENTAL MANAGEMENT MODEL FOR ASSURING ENERGY AND ECONOMIC PROSPERITY

Abstract

Energy efficiency contributes almost 40% of the potential for lowering greenhouse gas emissions. Addressing climate change while sustaining economic development is a crucial and complex task. The research examined energy efficiency's influence on economic growth and environmental sustainability in the top 10 nations with the highest energy efficiency levels between 1990 and 2019. The analysis used energy availability, security, and depletion as moderating factors. A comprehensive empirical investigation, including sophisticated econometric approaches, was conducted to achieve this objective. The findings of the Westerlund panel co-integration test imply long-term linkages among the variables under consideration. The research indicates a positive correlation between energy intensity, availability, and safety, as well as the levels of carbon dioxide emissions, ecological impact, and economic development. The decrease in energy availability was shown to have a detrimental effect on economic growth while positively correlated with both carbon dioxide emissions and the environmental impact. The results indicate that energy magnitude, availability, and security have an excellent effect on economic development but affect the surroundings. The empirical data suggests that economies must attempt to meet economic and ecological goals by separating energy use from economic growth. This task is performed via enhancements in energy utilization.