Project description
Abstract
This project aims to apprehend the drivers of energy intensity in emerging countries. İn order to accomplish this objective, three studies are designed in the context of the emerging world. The first study aims at probing the technique, composition, and scale effects of economic growth on energy intensity. The possible effect of energy prices and trade is considered in the nexus for avoiding omitted bias. This study will aid policymakers to suggest appropriate energy policies for a sustainable energy future in emerging countries. Across the global world, energy efficiency-related issues have become a center of discussion and attention for policymakers and researchers for the last 30 years. The economic interests of all countries are being affected by the efficient use of energy because it unleashes inevitable and incredible effects on energy, economic, social and environmental, and national security. Among the global energy preferences, energy consumption reduction and energy efficiency improvement gained much importance in present times where the green economy and sustainable development have become a common slogan across the economic world. Energy intensity is a measure that is often used to assess the energy efficiency of a particular economy. In conclusion, this research study will examine the impact of economic growth, globalization, financial inclusion, and energy prices on energy intensity. For this purpose, three different models will be investigated. This study will use emerging countries’ data for empirical analysis.
Keywords
Globalization; Financial inclusion; Energy intensity; Emerging economies
Globalization
Globalization is the process of increasing interconnectedness and integration of economies, societies, and cultures around the world. It is driven by advances in technology, transportation, and communication, as well as policies and agreements that promote international trade and investment.
Globalization has led to increased cross-border flows of goods, services, capital, and people, as well as the spread of ideas, values, and culture. It has also facilitated the growth of multinational corporations and the creation of global supply chains. While globalization has brought many benefits, such as increased economic growth and job creation, it has also been criticized for contributing to income inequality, environmental degradation, and the loss of cultural diversity. The debate over globalization and its impact continues to be an important topic in international affairs.
Financial Inclusion
Financial inclusion is the process of making sure that people and groups have access to affordable financial services that meet their needs, like savings accounts, credit, insurance, and payment services. Its goal is to help the economy grow and get people out of poverty by giving them access to money and letting them take part in the official financial system.
In developing countries, where a lot of people don’t have access to basic banking services, financial inclusion is very important. This can make it harder to get a job, make it easier to lose money, and keep people in poverty.
In order to help people get access to money, policies and programmes are often made to deal with problems like high trade costs, a lack of financial knowledge, and bad infrastructure. These could include things like making more financial services available in rural places, coming up with new ways to pay online, and promoting programmes that teach people about money.
Energy Intensity
Energy intensity is a way to measure how well an economy or industry uses energy. It is generally defined as the amount of energy needed to make one dollar of GDP or one unit of industrial production. It is often used as a measure of how efficient a country or industry is at using energy. It can also be used to compare how efficient different countries or industries are.
Energy intensity is usually measured in units of energy per unit of output, such as BTU per dollar of GDP or joules per unit of industrial production. A lower energy intensity means that a country or business can make the same amount of output while using less energy. This can help cut down on greenhouse gas emissions and make sure there is enough energy for everyone.
Emerging Economies
Emerging economies are countries that are rapidly industrialising, modernising, and growing their economies. These countries often have high rates of economic growth and are becoming more developed. Most of the time, these economies are changing from one that is based on agriculture or natural resources to one that is based on industry or services. They also often go through major political, social, and population changes.
Most of the time, the word “emerging economies” refers to countries that aren’t fully developed yet, but are making steps towards more economic stability and prosperity. China, India, Brazil, Russia, and South Africa are just some examples of growing economies. People think that emerging economies have a lot of room for growth and investment, but they are also seen as having more danger and volatility than more developed economies. So, investing in emerging markets requires a careful look at political and economic factors, as well as an understanding of the local business environment and cultural standards.