Economic development of European Union countries and implementation of the climate and energy package

Abstract

Economic development, being the primary objective of most nations, undoubtedly favours industrial production over environmental concerns. In an effort to balance the gains and losses resulting from industrial growth across the EU, regulations were imposed with regard to renewable energy sources, greenhouse gas emissions (GHG) and energy efficiency. The paper seeks to determine
whether, and to what extent, economic growth is accompanied by commitment towards environment and climate protection on the part of the EU countries. To answer this question basic indicators were analyzed with the use of statistical measures and trend analysis. Diagnostic variables were standardized by the zero unitarization method. Finally, a classification of EU member states was constructed. It revealed that in both study years Austria, Denmark, Luxemburg and Sweden were the most economically and ecologically sustainable countries, joined by Ireland in 2016. Bulgaria, Estonia and Slovakia fell at the other end of the spectrum.