Trend Assessment and Comparison of Primary Renewable Energy Consumption in the European Union and India: Possibilities after Covid-19 and War

Abstract

This paper is an attempt to bring attention to the ways in which global renewable energy consumption has been transforming, by the recent shocks in the energy markets caused by the covid-19 pandemic and the war in Ukraine. Evaluating global trends would require a much more extensive study, yet this article attempts to make empirical conclusions, by observing the trend in percentage changes in unconventional energy consumption time series data, collected over the span of 10 years from the European Union and India. A trend analysis of these characteristics can be useful in making informed predictions for formulating renewable energy policies, to reduce interdependency on other countries, supply chains and political instabilities. The comparison between the European Union and India is justified on the grounds of size and their similar dependency on neighboring superpowers for fulfilling domestic energy needs. In conclusion, this study proposes to focus on the untapped potential of the EU-India relationship and to mutually strengthen their position in Europe and Asia. India has an abundance of non-renewables and the potential for generating renewable energy, which the EU can tap into, via new energy trade agreements. In exchange, the EU has the expertise and technical resources to provide backing to the energy initiatives of India.