A majority of consumers worldwide expect their overall spending power to be significantly impacted by rising energy prices, while India tops the list where climate change policies have been cited as the main cause of the recent price rises, a global survey showed on Wednesday.
The World Economic Forum-Ipsos survey also showed that an average of eight in ten want their country to shift away from fossil fuels in the next five years, while the ratio was above-average at almost 90 percent in the case of Indian respondents.
The 30-country survey was conducted between February 18 and March 4 this year among 22,534 adults. "A majority of consumers worldwide expect their overall spending power to be significantly impacted by further energy price increases, yet only 13 percent of those surveyed globally blamed climate policies for rising prices, while 84 percent of respondents stressed the importance of their own country's shift to sustainable energy sources," the WEF said.
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Survey respondents were asked to consider the energy they use for daily expenses -- such as transportation, heating or cooling homes, cooking, powering appliances, etc -- and assess how much energy price increases would affect their overall spending power.
On average, more than half of consumers (55 percent) across the 30 countries surveyed expect their overall spending power to be significantly impacted by energy price increases.
However, expectations varied widely across countries. More than two-thirds of respondents in South Africa (77 percent), Japan (69 percent), and Turkey (69 percent) said that price rises would affect them "a great deal or fair amount", as opposed to just over one-third in Switzerland (37 percent) and the Netherlands (37 percent). Among Indian respondents, 63 percent said they expect to feel the bite of the ongoing energy price spike.
The most cited reasons on average were "volatility in the oil and gas markets" and "geopolitical tensions" (by 28 percent and 25 percent of respondents globally).
Another 18 percent cited insufficient supply to meet increased demand, 16 percent said they were not sure, and only 13 percent blamed climate change policies the least cited reason on average.
The countries most likely to cite climate change policies as the cause of the recent price rises were India (24 percent), Germany (20 percent) and Poland (19 percent).
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However, climate policies were not the top-most reason for any country. For Indian respondents, insufficient supply was the biggest reason, followed by climate change policies, oil and gas market volatility and geopolitical tensions.
Respondents were also asked how important it was to them that their country shifts away from fossil fuels to more climate-friendly and sustainable energy sources in the next five years.
On average, more than four in five of those surveyed globally (84 percent) said it was important to them. Vast majorities said so in every country surveyed -- from 72 percent in Russia (the lowest globally) and 75 percent in the United States to 89 percent in India and 93 percent in South Africa and Peru.
Citizens of emerging countries were especially adamant about it. Globally, the level of importance granted to shifting away from fossil fuels was also very high across all demographic groups surveyed.
Although support was strong among all demographic groups, slightly more women (87 percent) thought it was important to move away from fossil fuels than men (81 percent).
(Edited by : Jomy Jos Pullokaran)
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