Abstract
This study investigates global energy production and consumption trends amid the backdrop of rising global temperatures. Utilizing data from the World Bank, we analyze renewable energy (RE) production and consumption in 51 countries, encompassing 38 OECD nations, 18 non-OECD countries, and 31 IEA member states. Employing dynamic hierarchical clustering analysis (HCA) with various linkage methods, including single-linkage, combined-linkage, and Ward linkage, we identify patterns in RE source growth. Our findings offer valuable insights for green finance and private investors, enabling them to develop essential infrastructure to bolster economic sustainability. Furthermore, our results underscore the significance of exploring RE growth and its associated clusters to inform energy policies and investment opportunities. We emphasize the necessity of adopting green and sustainable energy policies, fostering RE sharing, and making informed decisions to maximize natural resource utilization. Additionally, we stress the importance of structuring both short- and long-term global corporate green financing strategies and policies to facilitate the transition toward sustainable energy solutions.
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