Securing energy while mitigating climate change

Abstract

Mainstream energy policy emphasizes the exploitation of domestic sources to secure energy. Since readily available, many nations focus on fossil fuels, so they lack investment in the alternatives. The result is increasing atmospheric partial pressure of carbon dioxide, and energy security is still an issue. This study analyzes the impact of different variables on securing energy and reducing carbon emissions and attains this aim by econometrics. Energy-related data for 47 countries have been compiled from the IEA webpage, WDI, and BP databases, covering the period between 1990 and 2017. The results indicate that electricity generation by solar and wind globally helps both securing energy and climate change mitigation as anticipated. The dataset confirms that coal- and gas-based power generation does not contribute to global energy security. The dataset does not cast any distinct role on energy efficiency in terms of energy intensity. Increasing energy intensity, i.e., decreasing energy efficiency releases more carbon as anticipated. However, increasing energy intensity, i.e., decreasing energy efficiency, contributes to the energy security of the countries with wind power in the energy mix. One interesting result is that having a large population promotes energy security, but increasing urban population brings risks.