<abstract xmlns="http://www.w3.org/1999/xhtml"><p>Energy is a globally important factor of production - the growth of population and income increase energy consumption, so there is an urge to decrease it. However, there are different ways to reduce energy consumption, and one of them is energy efficiency. The aim of the paper is to give a theoretical review of energy efficiency and its benefits. The purpose of the paper is the analysis of economic and environmental indicators and energy efficiency in EU27 (after 2020) and Serbia. The trends of energy efficiency, GDP per capita and GHG emission are shown for the observed countries. The European and Serbian policies and targets for energy efficiency are presented and also the level these countries have reached the set targets. In order to see the relationship between energy efficiency, GDP per capita and GHG emission, the correlation among all variables is applied. The results show that energy efficiency is higher in EU27 than in Serbia. Even though Serbia had energy efficiency increase during the observed period (1995-2018), it lags behind the EU27. However, there is a positive correlation between energy efficiency and GDP and GHG emission in both EU27 and Serbia.</p></abstract>

Energy is a globally important factor of production - the growth of population and income increase energy consumption, so there is an urge to decrease it. However, there are different ways to reduce energy consumption, and one of them is energy efficiency. The aim of the paper is to give a theoretical review of energy efficiency and its benefits. The purpose of the paper is the analysis of economic and environmental indicators and energy efficiency in EU27 (after 2020) and Serbia. The trends of energy efficiency, GDP per capita and GHG emission are shown for the observed countries. The European and Serbian policies and targets for energy efficiency are presented and also the level these countries have reached the set targets. In order to see the relationship between energy efficiency, GDP per capita and GHG emission, the correlation among all variables is applied. The results show that energy efficiency is higher in EU27 than in Serbia. Even though Serbia had energy efficiency increase during the observed period (1995-2018), it lags behind the EU27. However, there is a positive correlation between energy efficiency and GDP and GHG emission in both EU27 and Serbia.

A Review of Economic and Environment Indicators and Energy Efficiency: Evidence from the EU and Serbia

Economic Themes

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Energy is a globally important factor of production - the growth of population and income increase energy consumption, so there is an urge to decrease it....

A Review of Economic and Environment Indicators and Energy Efficiency: Evidence from the EU and Serbia

Published Online: Dec 31, 2020

Page range: 459 - 477

Received: May 31, 2020

Accepted: Sep 29, 2020

DOI: https://doi.org/10.2478/ethemes-2020-0026

Keywords
energy efficiency, GDP, energy, CO2 emission, European Union, Serbia

© 2020 Sandra Jednak et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

A Review of Economic and Environment Indicators and Energy Efficiency: Evidence from the EU and Serbia

Published Online: Dec 31, 2020

Page range: 459 - 477

Received: May 31, 2020

Accepted: Sep 29, 2020

DOI: https://doi.org/10.2478/ethemes-2020-0026

Keywordsenergy efficiency, GDP, energy, CO2 emission, European Union, Serbia

© 2020 Sandra Jednak et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Keywords
energy efficiency, GDP, energy, CO2 emission, European Union, Serbia