The Impact of Digital Business on Energy Efficiency in EU Countries

Анотація

Digital business plays a crucial role in driving energy efficiency and sustainability by enabling innovative solutions such as smart grid technologies, data analytics for energy optimization, and remote monitoring and control systems. Through digitalization, businesses can streamline processes, minimize energy waste, and make informed decisions that lead to more efficient resource utilization and reduced environmental impact. This paper aims at analyzing the character of digital business’ impact on energy efficiency to outline the relevant instruments to unleash EU countries’ potential for attaining sustainable development. The study applies the panel-corrected standard errors technique to check the effect of digital business on energy efficiency for the EU countries in 2011–2020. The findings show that digital business has a significant negative effect on energy intensity, implying that increased digital business leads to decreased energy intensity. Additionally, digital business practices positively contribute to reducing CO2 emissions and promoting renewable energy, although the impact on final energy consumption varies across different indicators. The findings underscore the significance of integrating digital business practices to improve energy efficiency, lower energy intensity, and advance the adoption of renewable energy sources within the EU. Policymakers and businesses should prioritize the adoption of digital technologies and e-commerce strategies to facilitate sustainable energy transitions and accomplish environmental objectives.

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