Economic Globalization and Energy Demand

The world has been focusing more on a globalized economy through social integration, political
integration, economic integration, technology development, international finance
and multinational operation of transactional corporations and international trade.
With the development of advanced technology, R and D spillover, international trade and social,
political and economic integrations, the process of economic globalization has been changing
rapidly and worldwide . The rising dependence on globalization impacts economic
conditions and influences human life and welfare's social and political aspects. According to
Gozgor and Ranjan , rapid economic globalization improves the country's welfare
through the channels of better international relations via trade and capital flows.
High dependence on globalization enhances the better economic performance of developed and
developing economies in the long run . However, the current globalization
process and structural transactions have been necessary for a better linkage between
globalization and the country's economic condition. Still, it also makes a natural
relationship between economic globalization and energy consumption demand.

Moreover, in the last few decades, the role of globalization and the environment has
been debated issues due to significant environmental consciousness, unfavourable climate change and
serious attention on industrialization, the transport sector and building. The share of
carbon emissions (CO¿) proxy for environmental quality has been increasing in our
planet and contributing to greenhouse gas emissions. According to Intergovernmental Panel on Climate Change, CO¿ emissions contribution to air pollution was increasing day-by-days and reported as the main component for reducing environmental quality.