Link between Energy Efficiency and Sustainable Economic and Financial Development in OECD Countries

Magdalena Ziolo, Sandra Jednak, Gordana Savić and Dragana Kragulj
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Magdalena Ziolo: Faculty of Economics, Finance and Management, University of Szczecin, 71-101 Szczecin, Poland
Sandra Jednak: Faculty of Organizational Sciences, University of Belgrade, 11040 Belgrade, Serbia
Gordana Savić: Faculty of Organizational Sciences, University of Belgrade, 11040 Belgrade, Serbia
Dragana Kragulj: Faculty of Organizational Sciences, University of Belgrade, 11040 Belgrade, Serbia

Energies, 2020, vol. 13, issue 22, 1-28

Abstract: The growing risk of climate change caused by the emission of greenhouse gases poses new challenges to contemporary countries. The development of economies is usually related to increasing levels of greenhouse gas emissions. Therefore, the question arises whether it is possible to achieve sustainable economic and financial development and simultaneously reduce greenhouse gas emissions. This paper assumes it is possible if energy efficiency is increased. The aim of the paper is to show the link between energy efficiency and sustainable economic and financial development in Organisation for Economic Co-operation and Development (OECD) countries for the period 2000–2018 by using data envelopment analysis (DEA) and regression analysis. The results show a slight upward trend of total factor energy efficiency (TFEE) in OECD countries for the analysed period; however, there is a difference in TFEE levels. Developed OECD countries have higher TFEE levels than developing OECD countries. The links between total factor energy efficiency and sustainable economic and financial development reveal different impacts depending on the variables taken into consideration.

Keywords: energy efficiency; sustainable economic development; sustainable financial development; DEA; regression (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (30)

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