Assessing the impact of climate policy on energy security in developed economies

Abstract

Within the framework of urgent worldwide apprehensions surrounding climate change and the safeguarding of energy supplies, decision-makers face the complex challenge of harmonizing climate policies to ensure energy security. This study presents a new methodology investigating the temporal relationship between climate policy measures and energy security indicators in developed economies. Therefore, this study looks into the role of time connectivity in the relationship between climate policy and energy security in developed economies understanding how energy security and climate policy interact is essential for developing policies in these two crucial areas of sustainable development. We suggest a novel framework for evaluating the connection between energy security and climate policy that considers time connectivity. We use a VAR (Vector Autoregression) model to examine the dynamic interactions between climate policy measures and energy security indicators using data from developed economies. Our findings highlight the significance of considering temporal factors by revealing the significant effects of climate policy on energy security. Furthermore, we find variations in these impacts' magnitude and trajectory over time, pointing to the necessity of adaptive policy frameworks. The results underline the importance of time connectivity in comprehending the complex and dynamic relationship between climate, energy, and security. The study adds to the body of knowledge by offering policymakers in developed economies empirical data and insights to improve energy security through efficient climate policy measures.