An Analysis of Total Final Energy Consumption of Economies
Sustainable development has been rapidly progressing in importance due to increased carbon emissions, which have been suggested to contribute to global warming (IPCC, 2007). Mitigation strategies include switching to cleaner energy, increasing energy efficiency or conservation of energy, and carbon capture & storage. To achieve this, coordinated efforts of all governments to implement effective policies is necessary to trigger a significant impact. A well designed policy aimed at tackling energy consumption requires good understanding on the consumption patterns. To understand this, this paper tries to investigate and understand the drivers of total final energy consumption. The analysis looks at the different final energy consumption profiles of different economies, and understands how this profile has changes over time. Using this analysis, some trends and drivers on energy consumption changes can be identified, and can be used as a basis to drive future conservation or efficiency policies related to final energy consumption.
The analysis is done across two dimensions to understand and identify some key drivers that might affect energy consumption. Key trends, drivers and insights will be derived across these dimensions, which include time and income per capita. To conduct the analysis, 8 economies were considered and data of energy consumption was obtained over the past 6 years. The selection of the economies for comparison are set up such that the entire set of economies include i) various income levels, ii) various sizes of economies and iii) at least 1 country from each major region. To achieve this, economies are ranked by GDP and GDP per capita data is taken from the World Bank, and the selected economies should represent a good range of ranks across both indicators. The selection was carried out to ensure that at least 1 economy was picked from each of the...
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