Utilization of energy sources by G20 countries: A TOPSIS-BASED approach

ABSTRACT

The global international trend for energy policies is leading toward placing major efforts in utilizing alternative sources of energy. Collectively, the G20 economies account for around 85% of the gross world product (GWP), 80% of the world trade, and two-thirds of the world population. Without doubt, G20’s future energy policies will formulate the economy of the future all around the word. In this paper, The Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) as a tool to rank the G20 countries is employed with respect to the electricity produced from various energy sources. This study provides a clearer insight on what direction to consider in formulating a future energy policy. Generally, it can be concluded that the energy policies of the G20 countries have a great potential for improvement toward a more efficient, contingent, and balanced sustainable economic growth improvement when placing the German energy policy as a benchmark.

KEYWORDS:

• Energy sources
• G20 countries
• multiple-criteria decision making
• TOPSIS
• utilization