The Influence of the Global Energy Crisis on Energy Efficiency: A Comprehensive Analysis

Bożena Gajdzik, Radosław Wolniak (), Rafał Nagaj, Brigita Žuromskaitė-Nagaj and Wieslaw Wes Grebski
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Bożena Gajdzik: Department of Industrial Informatics, Silesian University of Technology, 44-100 Gliwice, Poland
Radosław Wolniak: Faculty of Organization and Management, Silesian University of Technology, 44-100 Gliwice, Poland
Rafał Nagaj: Institute of Economics and Finance, University of Szczecin, 71-101 Szczecin, Poland
Brigita Žuromskaitė-Nagaj: Institute of Management, University of Szczecin, 71-004 Szczecin, Poland
Wieslaw Wes Grebski: Penn State Hazleton, Pennsylvania State University, 76 University Drive, Hazleton, PA 18202-8025, USA

Energies, 2024, vol. 17, issue 4, 1-51

Abstract: The global energy crisis, which began in 2021 due to the extraordinary economic recovery after the pandemic and intensified after Russia’s invasion of Ukraine in February 2022, has changed the conditions of energy management, paying more attention to energy efficiency. Natural gas prices have reached record levels and, consequently, so have electricity prices in some markets. Oil prices have reached their highest level since 2008. Higher energy prices have contributed to sharply increased inflation. Households are again becoming interested in buying coal as a source of heat. High energy and gas prices have pushed many families into poverty and forced some factories to cut production or even close. They have also slowed economic growth to the point where some countries are heading for a serious recession. Paradoxically, the negative effects of the energy crisis may accelerate the introduction of cleaner, sustainable, renewable energy such as wind and solar energy. The energy crisis is comparable to the oil crisis of the 1970s, when it contributed to significant advances in energy efficiency. The current crisis has highlighted the importance of investments in renewable energy resources and initiated the process of integrating regional markets, developing energy efficiency and promoting renewable energies. The aim of this article is to comprehensively explore the complex relationship between energy awareness, consumption patterns, and energy efficiency, with a focus on both individual consumers and industries, during the global energy crisis. This paper is based on a literature review, overarching policy documents, energy reports, and other secondary documents. The primary research method was the systematic literature review method, based on which the impact of the global energy crisis on energy efficiency was evaluated. This study emphasizes the diverse influences on energy awareness, ranging from economic factors to consumer preferences and environmental consciousness. The findings of the paper underscore the significant responsibility of industries in contributing to energy-saving efforts and the active role of consumers in the energy market. The responsibility of industries in contributing to energy efficiency is highlighted, with a call for a comprehensive approach that integrates energy-saving criteria into product development and corporate social responsibility.

Keywords: trends; energy market; RES; energy crisis; energy efficiency; consumer awareness; climate policy (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: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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