European Union Renewable Energy Strategy

Abstract

The renewable energy sector is becoming increasingly important in the global energy balance. This process can be explained by the depletion of fossil resources and the global environmental concern. Economies need more energy-efficient technologies to meet the growing volume of energy consumption. In the last quarter of the century, the European Union has seen a rapid development of renewable energy sources. Its aim is not only to diversify energy consumption, but to switch to renewable sources in order to reduce its dependence on traditional energy imports. The article examines the strategy of the European Union in the field of renewable energy technologies and their prospects. In the European Union, the renewable energy sector is regulated both at the organizational and national levels. The current regulatory framework is being improved; it establishes uniform requirements for all member states. However, each country has adopted its own national plans for renewable energy development. The European Union countries can independently determine the measures of state stimulation and support of renewable energy development. The most effective of them are: tax incentives, green tariffs, grants and loans. Despite certain difficulties, including those associated with the current level of technology development, renewable energy has a very high potential for further development, and the share of energy generated from renewable sources is increasing every year.