Engagement of resource-based economies in the fight against rising carbon emissions

Abstract

Countering the growing carbon emissions of the global economy is one of the cornerstones of the modern concept of sustainable development. While developed countries have been actively and willingly engaged in this struggle over the past decades, the question of how countries with substantial reserves of primary energy resources should be involved in these processes is still debatable. At the same time, the role of these countries in shaping the global carbon emissions is so visible that without adequate measures to stimulate industry in these countries, the efforts made by developed countries will have only a fragmented and insufficient effect. This article provides an overview of the key tools used to intensify the development of renewable energy as the main driver of reducing the carbon intensity of the energy sector, as well as an analysis of their significance from the perspective of countries with a resource-based economy. It shows the differences in the perception of the ongoing global processes of greening the energy sector and proposes key vectors that will generate interest in resource-economy countries. It was found that: (1) renewable energy is a promising solution to reduce carbon emissions, but only for countries that do not possess vast reserves of fuel raw materials; (2) focusing on a limited list of climate policies has devastating long-term consequences for the fossil energy industries, as seen in the decline in investment in exploration, which is a threat for global energy security; (3) engagement of countries with resource-based economy in the fight against the growth of carbon dioxide emissions should be based on the realization of their resource potential through the development of circular economy technologies, like carbon capture, utilization, and storage.