«Problems of economics and management of oil and gas complex»

Growing energy consumption as a factor of the global economy transformation at the current stage

UDC: 339.9
DOI: 10.33285/1999-6942-2022-4(208)-64-71

Authors:

¹ National University of Oil and Gas "Gubkin University", Moscow, Russian Federation

Keywords: world economy, transformation of the global economy, economic growth rates, energy consumption growth rates, energy supply for the economy transformation, coefficient of the advancing economy growth over energy consumption, sustainable development

Annotation:

When considering the prospects for the global economy development and planning an energy transformation strategy, it is necessary to take into account the fact that the global economy transformation at the present stage is associated with constantly growing energy needs. The author of the article analyzes the dynamics of changes in the economy and energy consumption in the world and the G-20 countries during the period of 2000–2020 and proves that the economic growth significantly outpaces the energy consumption growth, which will be the most important trend in the world economy development. To quantitatively assess this trend, the coefficient of the advancing economy growth over energy consumption is introduced, and its value shows the compliance of the conditions for the transformation of the country's economy with the modern conditions of ESG transformation. The results of the analysis of the energy supply for the development of the economies of the largest regions of the world, such as North America, Europe and the countries of the Asia-Pacific region, show that the economy growth of the countries of the Organization for Economic Co-operation and Development is associated with energy consumption limitation, and the economic development of most developing countries requires more and more energy. At the same time, the share of developing countries in the world economy is currently decisive and is constantly growing.

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