Abstract
The Eurasian Economic Union (EAEU) countries have actively taken a direction to promote political initiatives to strengthen energy security. Major policy initiatives are programmes to increase domestic renewable energy production, improve energy efficiency and reduce CO2 emissions from fossil fuel combustion. This paper aims to show how energy security indicators namely primary energy intensity of GDP (EI), primary energy dependence (PE), net import dependence (ID), supplier dependency (SD) vary in a range of energy security policies - Renewable Energy Development (REN), Energy Efficiency Reduction (EFF), and Greenhouse Gas Reduction (GHG). Furthermore, factors preventing the development of non-traditional and renewable sources of energy in countries of Eurasian Economic Union are considered. Mechanisms of solving existing contradictions are proposed. Particular attention is paid to the need to include environmental costs and pollution losses in economic analysis, which will improve the competitiveness of alternative energy sources. The necessity of accelerated development of alternative energy to increase energy supply, energy saving, energy and environmental security is shown.Keywords: renewable energy, energy security, sustainable developmentJEL Classifications: 0130, Q400, Q430DOI: https://doi.org/10.32479/ijeep.9127
Highlights
In the global structure of energy reserves, the share of countries of the Eurasian Economic Union (EAEU) is 8% for oil, 18% for gas, 20% for coal, and 21% for uranium (IEA, 2018)
This is mainly due to the fact that, while nuclear energy consumption remains at the established upper end of the base year, renewable energy consumption increases through fossil primary energy consumption, which in turn implies a reduction in primary energy imports and a more equal share of energy supply
The analysis shows that, despite the challenges, the trend towards increased use of local and renewable energy sources (RES) is positive in the EAEU countries and relies on both public, private and foreign investments from a number of international projects
Summary
In the global structure of energy reserves, the share of countries of the Eurasian Economic Union (EAEU) is 8% for oil, 18% for gas, 20% for coal, and 21% for uranium (IEA, 2018). The incoming part of the EAEU energy balance exceeds the outcoming part by about 700 million tons of oil equivalent This allows to supply the largest volume of primary fossil fuel resources in the world to international and regional markets. The process of increasing renewable energy production capacities has been launched in all EAEU countries. RES and hydropower plants account for about a third of the energy balance, another 32.5% for nuclear power plants and thermal power plants (TPPs), that is, about a third for each of the sources of electricity generation (OECD, 2018). RES has not been properly distributed in EAEU’s countries, and it is strategically necessary to develop RES-generating capacity, the following part of paper review and analyze the basic factors that impede the development of RES in EAEU’ members
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