Energy security and energy management: The role of extreme natural events

Abstract

Humans remain exposed to ongoing security risks. Energy security is closely associated with human life and productive activity and is strongly related to the increasing number of natural extreme events over the past few decades. Therefore, finding the exact relationship between two factors will contribute to uncovering solutions to achieve the sustainability of human production and life. This study built a fixed-effect model that revealed an inverted U-shaped correlation between natural extreme events and energy security based on a sample of 66 of the top 75 energy-consuming economies between 2000 and 2018 at the macro-level. The results show that trade openness and urbanization had a negative influence on energy security but positive effects on GDP per capita and industrialization. The findings of this study can help to mitigate the effects of natural extreme events and provide a reference for establishing national or regional cooperative organizations to promote energy management.