Consumer’s skepticism: how personal characteristics influence the acceptance of the energy transition

Abstract

The current economic models have been developed on realities of prosperity and abundance of resources, but today they are no longer acceptable. Environmental degradation or resource depletion are becoming growing problems in our society and it is because of this need to shift towards a more sustainable economy and a greener use of resources, that the energy transition comes into the picture. The transition requires a shift from fossil fuels based systems of energy production to other renewable sources, as well as a change in consumer’s behavior towards a more sustainable form of consumption. The Oil and Gas industry, considered one of the most impacted and influencing sectors in the energy provision, is taken as an example to explain the challenges and benefits of the transition. As consumers play a big role in the transformation, it is worth analyzing how their behavior and their responses to new products and services can affect its acceptability. Uncertainties about the efficiency of new technologies introduced, the unpredictable outcome of the transformation and the effectiveness of new strategies adopted by the companies, can be examples of the psychological barriers preventing a full engagement in the change. Through a survey and the subsequent analysis of the answers, some of these concerns are evaluated and shaped around personal characteristics of the person, such as age, sex or educational level, to understand the factors influencing people’s point of view on the energy transition.