n CPEEL Monograph Series - Introduction and overview
|Article Title||Introduction and overview|
|© Publisher:||Centre for Petroleum, Energy Economics & Law (CPEEL)|
|Journal||CPEEL Monograph Series|
|Author||Akin Iwayemi, Chuks Diji, Bola Awotide, Adeola Adenikinju and Peter Obute|
|Publication Date||Jan 2014|
|Pages||1 - 9|
Two key developments have pushed energy higher up the global sustainable development agenda in recent decades. First is the established relationship between expanded access to adequate, reliable and affordable modern energy services, including the dramatic increase in world economic growth and significant reduction in poverty in the last century. The large increase in productivity, sustained economic growth, and significant socioeconomic progress in the world economy was largely fuelled by low and stable energy prices until the early 1970s. Despite the fact that a precise causal link may be difficult to state, the strong correlation between higher level of consumption of modern energy services per capita and higher income per capita suggests the important role of expanded energy access in achieving rapid economic growth, poverty reduction and sustainable development (UNDP, 2005; World Bank, 2002). The link between energy and the Millennium Development Goals (MDGs) provides further evidence of the important role of energy in achieving significant reduction in income and energy poverty as well as overall sustainable development. Access of poor people to reliable and adequate modern energy services, especially electricity, is basic in meeting virtually all the MDGs.
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