Abstract
The energy transition is now treated in most countries as a necessary condition for their long-term development. The process of energy transformation assumes the simultaneous implementation of the Sustainable Development Goals, which are a major challenge for modern economies and introduce significant restrictions in their functioning. Our study aims to group EU member states according to their ability to achieve energy transition over time. The novelty of our approach is the assessment of energy transformation in the European Union through two aspects. The first one, “smart and efficient energy systems”, assess the current, widely understood energy consumption in economy, and the second one, “macroeconomic heterogeneity”, refers to the economic potential of a country. In our analysis, we included indicators from the 7th, 8th, 10th, 11th, and 12th Sustainable Development Goals. Using taxonomic methods, we created clusters of countries according to the emissivity of their economies and the socio-economic potential for the energy transition. The analysis results revealed that countries vary more due to their emissivity than economic potential.
Highlights
The paper focuses on the process of energy transition in the European Union and the new approach to its assessment
We focus on the institutional framework of the energy transition process and its measurement in the European Union (EU) using the approach based on the Sustainable Development Goals
The subject of the analysis consisted of 24 European Union countries in 2019
Summary
The paper focuses on the process of energy transition in the European Union and the new approach to its assessment. In subsequent stages of the development of economies, there has been a significant increase in investment, innovation, economic development of countries, an increase in the level of wealth of the society, and changes in consumption patterns in the world and on the labor market [10,11,12,13,14,15,16,17,18,19,20] All this contributed to the fact that the goals of sustainable development found ground for implementation. A significant reduction in the costs of technologies for producing energy from renewable sources and the commercialization of green energy for individuals and business entities made the step towards energy transformation consistent with the goals of sustainable growth possible
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
