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Energy Efficiency and Economic Policy: Comprehensive Theoretical, Empirical, and Policy Review

Author

Listed:
  • Muhammad Mushafiq

    (Faculty of Management and Economics, Gdansk University of Technology, Narutowicza 11/12, 80-233 Gdansk, Poland)

  • Muzammil Muhammad Khan Arisar

    (School of Economics and Management, Beijing University of Posts and Telecommunications, Beijing 100876, China)

  • Hanan Tariq

    (Faculty of Electrical and Control Engineering, Gdansk University of Technology, Narutowicza 11/12, 80-233 Gdansk, Poland)

  • Stanislaw Czapp

    (Faculty of Electrical and Control Engineering, Gdansk University of Technology, Narutowicza 11/12, 80-233 Gdansk, Poland)

Abstract

In this paper, we analyze the role of economic policy in prompting energy efficiency. This study reviews three aspects, theoretical, empirical, and existing policies to evaluate the relationship of energy efficiency and economic policy. This study furthermore identifies the existing issues from a policy perspective in energy efficiency. Although not all public policies may be justified, it suggests that these types of financial incentives, particularly those based on economic instruments, can play a crucial role in advancing energy efficiency. Additionally, this study identifies existing issues in energy efficiency target achievement and proposes solutions based on the literature review. Finally, it provides possible future research pathways from the aspect of economic policy tools in energy efficiency.

Suggested Citation

  • Muhammad Mushafiq & Muzammil Muhammad Khan Arisar & Hanan Tariq & Stanislaw Czapp, 2023. "Energy Efficiency and Economic Policy: Comprehensive Theoretical, Empirical, and Policy Review," Energies, MDPI, vol. 16(5), pages 1-22, March.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:5:p:2381-:d:1085328
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