Alternative energy sources as an integral part of the green economy concept

Abstract

In Russia, the issue of renewable energy sources is far from unambiguous. On the one hand, Russian government has demonstrated strong political will to support the development of renewable energy by setting a target of 4.5 percent of total renewable electricity production and consumption by 2020. The national energy legislation was amended to achieve this goal. These steps sent positive signals to potential investors and the international community. On the other hand, support measures have been slowly implemented. There are still no federal laws that would make renewable energy investments profitable. Energy decarbonization and the desire to meet the criteria of the Paris climate agreement are dominant motives for this development. Climate and energy policies, new technologies, changing prices for gas, coal and carbon, and the growing consumption of renewable energy continue to challenge operators, developers and utilities in the energy system. The article examines opportunities for green energy that can boost the national economic growth, contribute to the development of the green economy and the implementation of environmental policies. The prerequisites for the development of a renewable energy market in Russia were identified; conditions and factors that affect the development of the environmentally friendly goods and services market were described. Legislative initiatives for the development of the alternative energy market, taking into account Russia’s participation in the Paris Climate Agreement, were analyzed. Examples of regional experience in implementing projects aimed to install wind and solar generators were provided. Trends in the development of the green economy in Russia were described. Conclusions about the need to expand the energy strategy of Russia were drawn. The need for the digitalization of the industry was emphasized.