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Global overview for energy use of the world economy: Household-consumption-based accounting based on the world input-output database (WIOD)

Chen, GQ; Wu, XD; Guo, J; Meng, J; Li, C; (2019) Global overview for energy use of the world economy: Household-consumption-based accounting based on the world input-output database (WIOD). Energy Economics , 81 pp. 835-847. 10.1016/j.eneco.2019.05.019. Green open access

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Abstract

Globalization has integrated nations into a world economy. Based on the world input-output database (WIOD), this paper explored the energy use of the world economy under a household-consumption-based MRIO (multi-region input-output) accounting scheme. Pertaining to normative economics, the household-consumption-based MRIO accounting scheme corresponds to the value judgement of household consumption being the ultimate driver of the economy, which complements existing accounting methods based on different viewpoints. The energy use associated with the internationally traded products is calculated to be around one-fifth of the global total energy consumption. For China as the largest exporter and also the biggest deficit economy in terms of energy use, its trade imbalance is nearly the summation of that of the United States, the United Kingdom, Japan and Germany. Energy self-sufficiency rates by supply and by demand are respectively proposed. While the United States economy as the largest importer maintains the majority of the energy welfare denoted by the onsite energy use at home, China exports large quantities of energy use abroad. For economies like Germany, South Korea and Taiwan, they could be regarded as hubs that export a considerable amount of energy use abroad and absorb massive energy use from outside simultaneously. For sustainable use of energy resources, economies are suggested to carefully identify their roles in the global trading network of energy use.

Type: Article
Title: Global overview for energy use of the world economy: Household-consumption-based accounting based on the world input-output database (WIOD)
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.eneco.2019.05.019
Publisher version: https://doi.org/10.1016/j.eneco.2019.05.019
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: World economy, Household-consumption-based MRIO accounting, Energy use, Trade imbalance, Hubs
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
URI: https://discovery.ucl.ac.uk/id/eprint/10077242
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