Forecasting Global Energy Consumption Trends: A Statistical Analysis of Low-Carbon Transition Using ARIMA

This study uses statistical approaches to investigate worldwide energy usage patterns. It assesses 116 countries and eight energy sources using data from Our World in Data, which spans 1965 to 2022. The report examines global energy trends since 1965, highlighting a significant decrease in fossil fuel consumption for the next 10 years. We have used ARIMA (Autoregressive Integrated Moving Average) time series model, forecasting low-carbon energy use over the next decade. This comprehensive approach provides policymakers, industry, and stakeholders with vital insights, allowing them to make more informed decisions in pursuit of a sustainable energy future. Furthermore, improved analytical approaches provide a credible means of forecasting global energy consumption trends, which is critical for developing successful plans to promote renewable energy and reduce carbon emissions. With the growing need to battle climate change and safeguard our energy supply, it is critical to quickly transition to renewable energy sources. This change can be made with confidence if we use cutting-edge analytical techniques. This will result in a more resilient and ecologically enduring energy system for future generations at work.