Global energy consumption

Global energy consumption has been a major contributor to greenhouse gas (GHG) emissions. Further,
global energy consumption is projected to increase by 30 to 50% in the next twenty-five years [1]. the
availability of cheap labor maintains the tendency of lack of need for technological improvement,
intellectualization of personnel, and production of energy-saving and environmentally friendly
products[2]. To achieve environmental goals such as limiting global warming to well below 2 °C by 2030,
necessary actions must be considered in all sectors, including an increase in industrial energy efficiency.
The efficient use of energy has become a lever for transforming industrial processes, and this will ensure
increasing demand for new energy-efficient products. For this reason, products with a reduced energy
footprint and energy-management services are needed to enhance the energy efficiency of industrial
processes[3]. It is also worth noting that the energy sector requires new approaches to its arrangement
due to increased requirements for environmental protection[4]. applying quantile regression methods
on data from 2004 to 2019 for EU-26 countries, reported higher energy intensity as the main cause of
environmental degradation in Europe, with financial inclusion in higher quantiles, and natural
resources rent leading to observed reduction in carbon emissions [5].

References:

[1]: Dumindu Soorige, Gayani Karunasena, Udayangani Kulatunga, Muhammad Nateque Mahmood, Lalith De Silva - An
Energy Culture Maturity Conceptual Framework on Adopting Energy-Efficient Technology Innovations
in Buildings,( Journal of Open Innovation: Technology, Market, and Complexity vol8, June 2022,)

[2]: Aleksandra Kuzior, Olena Arefieva, Olha Vovk, Paulina Brozek - Innovative Development of Circular Systems
While Ensuring Economic Security in the Industry, (Journal of Open Innovation: Technology, Market,
and Complexity Vol8, September 2022)

[3]: Giacomo Di Foggia - Energy-Efficient Products and Competitiveness in the Manufacturing Sector,
(Journal of Open Innovation: Technology, Market, and Complexity Vol7, March 2021)

[4]: Yulia Valeeva, Marina Kalinina, Lilia Sargu, Anastasia Kulachinskaya, Svetlana Ilyashenko - Energy Sector
Enterprises in Digitalization Program: Its Implication for Open Innovation, (Journal of Open
Innovation: Technology, Market, and Complexity Vol8, June 2022)

[5]: Ibrahim Niankara, Abu Reza M. Islam - The impact of B2P electronic payroll and G2P digital welfare on
formal financial inclusion in the global open economy, (Journal of Open Innovation: Technology,
Market, and Complexity Vol9, June 2023)