Financial Consideration of Energy and Environmental Nexus with Energy Poverty: Promoting Financial Development in G7 Economies

Abstract

Energy and environmental concepts have been extensively studied in the past. However, these studies often lacked integrated analysis of energy, monetary, public, and ecological aspects to assess energy and environmental issues. This article provides analyzation of the G7 nations’ qualitative, social, cultural, and health achievement in the energy poverty indexes. These include the energy economics and climate change of energy poverty, by using DEA like a composite indicator. The G7 countries’ combined energy consumption is equal to 34% of the world’s total, whereas the GDP is 50% of the global total. As a result, this article develops a comprehensive series of energy, financial, societal, and environmental indicators that are up to date. Such indicators are utilized to assess energy financial, societal, and EPI using a mathematical composite indicator. Canada has the greatest EPII score, indicating that it can deal better than the other G7 countries with energy independence, productivity expansion, and social impact, and France’s and Italy’s the second tier. While Japan has a 0.50 EPI grade and the United States will have the lowest, the G7 countries are growing faster. Finally, we propose a policy framework for enhancing the research area. The energy, societal, and EPI were created by combining these elements. In terms of energy independence, economic growth, and sustainability practices, Canada beats the other G7 countries according to the data. France and Italy are in the 2nd and 3rd places, respectively. Despite having a higher level of economic development than the G7 countries, Japan has a 0.50 Environmental Performance Index rating, whereas the United States has a minimum average Environmental Performance Index rating. Finally, in order to improve the study’s subject, we propose a policy framework.