Exploring the interconnected dynamics of energy efficiency and socioeconomic factors in European economic development using SOM

Sonja Brlečić Valčić, Ana Markuz

Article ID: 6682
Vol 8, Issue 9, 2024

VIEWS - 95 (Abstract) 32 (PDF)

Abstract


Purpose: Today’s challenges underscore the importance of energy across all segments of life. This scientific paper investigates the multifaceted relationship between energy efficiency, energy import reliance, population heating access, renewable energy integration, electricity production capacities, internet utilization, structural EU funds, and education/training within the framework of economic development. Methodology: Using data from selected European countries and employing self-organizing neural networks (SOM) and linear regression, this research explores how these interconnected factors influence the journey toward a sustainable and prosperous economic future. Results: The analysis revealed a strong connection between energy efficiency and numerous socioeconomic factors of modern times, with most of these connections being non-linear in nature. Conclusion: As countries work toward sustainable development goals, prioritizing energy efficiency can contribute to improved quality of life, economic growth, and environmental sustainability.


Keywords


energy efficiency; energy imports; renewable energy sources; economic development; structural EU funds

Full Text:

PDF


References


Beale, M. H., Hagan, M. T., Demuth, H. B. (2010). Neural network toolbox. User’s Guide, MathWorks, 2, 77-81.

Brlečić Valčić, S. (2014). A modern approach to the valuation of companies in the oil and gas industry based on computer intelligence [PhD thesis]. University of Rijeka.

Brlečić Valčić, S., Dimitrić, M., & Dalsaso, M. (2016). Effective Project Management Tools for Modern Organizational Structures. Journal of Maritime & Transportation Science, 51(1), 131–145. Internet Archive. https://doi.org/10.18048/2016.51.09

Cappelen, A., Castellacci, F., Fagerberg, J., et al. (2003). The Impact of EU Regional Support on Growth and Convergence in the European Union. JCMS: Journal of Common Market Studies, 41(4), 621–644. Portico. https://doi.org/10.1111/1468-5965.00438

Chang, C.-P., Wen, J., Zheng, M., et al. (2018). Is higher government efficiency conducive to improving energy use efficiency? Evidence from OECD countries. Economic Modelling, 72, 65–77. https://doi.org/10.1016/j.econmod.2018.01.006

Dincer, I., & Acar, C. (2017). Innovation in hydrogen production. International Journal of Hydrogen Energy, 42(22), 14843–14864. https://doi.org/10.1016/j.ijhydene.2017.04.107

Duspara, L., Knežević, S., Šošić, R. (2018). Impact of technological innovation on Enterprise., In: Lalić, B., Tasić, N., Gračanin, D. (editors), Proceedings of the 9th International Scientific and Expert Conference TEAM; 2018. pp. 338-342.

EUR-Lex. (2019). European Green Deal. Available online: https://eur-lex.europa.eu/EN/legal-content/summary/european-green-deal.html (accessed on 2 March 2024).

European Commission. (n.d.). Eurostat. Available online: https://ec.europa.eu/eurostat (accessed on 2 March 2024).

European Commission. Directorate General for Energy., & Kantar. (2019). Europeans’ attitudes on EU energy policy. Publications Office. https://doi.org/10.2833/500568

Fizaine, F., & Court, V. (2016). Energy expenditure, economic growth, and the minimum EROI of society. Energy Policy, 95, 172–186. https://doi.org/10.1016/j.enpol.2016.04.039

Gruenbichler, R. (2023). Implementation Barriers of Artificial Intelligence in Companies. In: Proceedings of FEB Zagreb International Odyssey Conference on Economics and Business, 5(1). https://doi.org/10.22598/odyssey/2023.5

Haas, R., Resch, G., Panzer, C., et al. (2011). Efficiency and effectiveness of promotion systems for electricity generation from renewable energy sources – Lessons from EU countries. Energy, 36(4), 2186–2193. https://doi.org/10.1016/j.energy.2010.06.028

Hassan, S. T., Batool, B., Zhu, B., et al. (2022). Environmental complexity of globalization, education, and income inequalities: New insights of energy poverty. Journal of Cleaner Production, 340, 130735. https://doi.org/10.1016/j.jclepro.2022.130735

Hinrichs-Rahlwes, B. (2013). Sustainable Energy Policies for Europe, 1st ed. CRC Press. pp. 163–170. https://doi.org/10.1201/b15934-22

Iarmenco, M., Donos, E., Plotnic, O. (2020). Promotion of renewable energy in the European Union. In: Tofan, M., Bilan, I., Cigu, E. (editors). Proceedings of the EUFIRE 2020 International Conference on European Finance, Business and Regulation. pp. 709-716.

Işık, C., Ongan, S., Ozdemir, D., et al. (2024). Renewable energy, climate policy uncertainty, industrial production, domestic exports/re-exports, and CO2 emissions in the USA: A SVAR approach. Gondwana Research, 127, 156–164. https://doi.org/10.1016/j.gr.2023.08.019

Jaksic, S., Erjavec, N., & Cota, B. (2020). Export and total factor productivity of EU new member states. Croatian Operational Research Review, 11(2), 263–273. https://doi.org/10.17535/crorr.2020.0021

Kadocsa, G., Borbás, L. (2010). Possible ways for improving the competitiveness of SMEs. A Central-European approach. In: Fehér-Polgár, P. (editors). Proceedings of the 8th International Conference on Management, Enterprise and Benchmarking MEB 2010. pp. 103-121.

Kersan-Škabić, I., & Tijanić, L. (2017). Regional absorption capacity of EU funds. Economic Research-Ekonomska Istraživanja, 30(1), 1191–1208. https://doi.org/10.1080/1331677x.2017.1340174

Khan, I., Zakari, A., Dagar, V., et al. (2022). World energy trilemma and transformative energy developments as determinants of economic growth amid environmental sustainability. Energy Economics, 108, 105884. https://doi.org/10.1016/j.eneco.2022.105884

Khan, I., Zakari, A., Zhang, J., et al. (2022). A study of trilemma energy balance, clean energy transitions, and economic expansion in the midst of environmental sustainability: New insights from three trilemma leadership. Energy, 248, 123619. https://doi.org/10.1016/j.energy.2022.123619

Kiang, M. Y., & Fisher, D. M. (2008). Selecting the right MBA schools – An application of self-organizing map networks. Expert Systems with Applications, 35(3), 946–955. https://doi.org/10.1016/j.eswa.2007.08.053

Markuz, A., Mustajbegović, S., & Hrvatin, S. (2022). Obnovljivi izvori energije u kontekstu dobre prakse projekta FIRESPOL. Zbornik Sveučilišta Libertas, 7(8), 39–49. https://doi.org/10.46672/zsl.7.8.3

Papież, M., Śmiech, S., & Frodyma, K. (2018). Determinants of renewable energy development in the EU countries. A 20-year perspective. Renewable and Sustainable Energy Reviews, 91, 918–934. https://doi.org/10.1016/j.rser.2018.04.075

Peša, A., Bosna, J., Perović, E. (2017). Economic indicators of the Croatian integration in the European Union. In: Mašek Tonković, A. (editor). Proceedings of the 6th International Scientific Symposium Economy of Eastern Europe - Vision and Growth. pp. 918-926.

Ringel, M., & Knodt, M. (2018). The governance of the European Energy Union: Efficiency, effectiveness and acceptance of the Winter Package 2016. Energy Policy, 112, 209–220. https://doi.org/10.1016/j.enpol.2017.09.047

Strunz, S., Lehmann, P., & Gawel, E. (2021). Analyzing the ambitions of renewable energy policy in the EU and its Member States. Energy Policy, 156, 112447. https://doi.org/10.1016/j.enpol.2021.112447

Taghizadeh-Hesary, F., Zakari, A., Yoshino, N., et al. (2022). Leveraging on energy security to alleviate poverty in asian economies. The Singapore Economic Review, 68(04), 1063–1090. https://doi.org/10.1142/s0217590822440015

Tian, J., & Liu, Y. (2021). Research on Total Factor Productivity Measurement and Influencing Factors of Digital Economy Enterprises. Procedia Computer Science, 187, 390–395. https://doi.org/10.1016/j.procs.2021.04.077

Wyns, T., Khatchadourian, A., Oberthur, S. (2014). EU Governance of Renewable Energy post 2020 - Risks and Options. Available online: https://eu.boell.org/sites/default/files/eu_renewable_energy_governance_post_2020.pdf (accessed on 2 March 2024).

Xu, H. (2016). Linear and nonlinear causality between renewable energy consumption and economic growth in the USA. Zbornik Radova Ekonomskog Fakulteta u Rijeci: Časopis Za Ekonomsku Teoriju i Praksu, 34(2), 309–332. https://doi.org/10.18045/zbefri.2016.2.309

Yu, Z., Kamran, H. W., Amin, A., et al. (2023). Sustainable synergy via clean energy technologies and efficiency dynamics. Renewable and Sustainable Energy Reviews, 187, 113744. https://doi.org/10.1016/j.rser.2023.113744

Zhang, C., Khan, I., Dagar, V., et al. (2022). Environmental impact of information and communication technology: Unveiling the role of education in developing countries. Technological Forecasting and Social Change, 178, 121570. https://doi.org/10.1016/j.techfore.2022.121570




DOI: https://doi.org/10.24294/jipd.v8i9.6682

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Sonja Brlečić Valčić, Ana Markuz

License URL: https://creativecommons.org/licenses/by/4.0/

This site is licensed under a Creative Commons Attribution 4.0 International License.