Affiliations 

  • 1 School of International Economics and Management, Beijing Technology and Business University, Beijing, China
  • 2 Department of Economic and Financial Analysis, University of Economics in Katowice, 40-287 Katowice, Poland
  • 3 Department of Management and Marketing, School of Business and Economics, Universiti Putra Malaysia, Seri Kembangan, Malaysia
  • 4 Department of Business Administration, Sukkur IBA University, Airport Road, Sukkur, Sindh Pakistan
  • 5 School of Management, Air University Islamabad, Islamabad, Pakistan
Energy Effic, 2022;15(1):2.
PMID: 34980948 DOI: 10.1007/s12053-021-10010-z

Abstract

Policies on reducing energy demand should incorporate the newly formed economic models, digitalization, and consumer awareness trends. Therefore, this study analyzes the interaction of the three trends with SDG7 under energy efficiency vision 2050, measuring the energy efficiency of OECD from 2005 to 2017 to enable this inclusion. In this context, four new trends expected to shape future energy demand are identified through extensive consultation with experts from South Asian countries by developing future power demand for the year of 2050. Consequently, the results show a crucial impact of such trends on a future power demand that exceeds the economic potential of techno. Hence, the best-case scenario, "New Trends Efficient," reduces final energy demand by 78% compared to the South Asian "Baseline" scenario in 2050, whereas the "Worst Case" scenario increases final energy demand by 35%. Therefore, Austria and Korea have the highest energy efficiency score of 0.76 and 0.75, whereas Canada and Chile have the lowest energy efficiency score of 0.41 and 0.42. This paper discusses the ability of digitalization and energy consumer awareness trends in shaping the future energy demand based on SDG 7, emphasizing the importance of energy efficiency vision 2050 in policymaking for effective acquisition.

* Title and MeSH Headings from MEDLINE®/PubMed®, a database of the U.S. National Library of Medicine.