Factors Enabling Access to Affordable, Reliable, Sustainable and Modern Energy in the European Union

Abstract

By 2050, Europe will become the first climate-neutral continent according to the vision of the European Union (EU). To tackle this challenge, the EU has scheduled the accomplishment of the 17 goals of the United Nations’s 2030 Agenda, with Goal 7 addressing the energy sector. The role of public policies is fundamental in this case; however, it is insufficient in some areas, e.g., when adopting green energy technologies. The purpose of this article is to identify the economic factors that are necessary to achieve Goal 7 of Agenda 2030. To realize the aim of this study and identify economic factors that are significant for implementing the targets of Goal 7 of the 2030 Agenda, two statistical methods were used: the Pearson linear correlation coefficient and linear regression modeling with a scatter plot to present the relationships. The results of this study confirm that in the EU, the possibility of achieving Goal 7 is dependent on the three economic determinants analyzed, i.e., GDP per capita, unemployment rate, and gross domestic spending on research and development. The analysis revealed that the impact of single economic factors on the realization of all SDG 7 targets is small because no economic factor correlates with even half of SDG 7 indicators.

Keywords

• Sustainable Development Goals
• 2030 Agenda
• SDG 7
• energy industry
• energy transformation
• energy crisis