FEATURES OF THE GLOBAL FUEL AND ENERGY SECTOR DEVELOPMENT UNDER GLOBAL STRUCTURAL TRANSFORMATION

Abstract

The article studies the features of the global fuel and energy sector’s development under structural transformational changes from 1971 to the present day. In the materials, the author analyzes the fuel structure of global generated electricity, compares the structure of global natural gas consumption, calculates and evaluates the dynamics of global consumption of various energy sources per capita, and analyzes the dynamics of global indicators of energy content of various energy sources to gross domestic product at purchasing power parity. Furthermore, an empirical analysis of indicators of the structure of change in renewable energy sources’ share of global gross production of electric power energy is conducted, as is the analysis of the structure of investments into the development of the renewable electric power industry in some countries, as well as global CO2 emissions since 1990. Firstly, the study reveals environmentally friendly and cost-effective energy sources such as natural gas and renewable energy sources technology, which strengthen their position in the global energy balance in the fuel structure of electric power generation while displace non-environmental petroleum and coal. Secondly, it has been proven that the indicators of the global energy efficiency level, calculated based on the energy content of all major energy sources consumed globally over the last century, are constantly dropping. The article describes the structure of a significant growth in renewable energy sources share of global gross production of electrical power. This trend is possible due to the accessibility of the technology for the production of renewable energy sources, the rise in the cost of crude hydrocarbons on global markets, “green” energy support at the state policy level in most countries, and massive investment in renewable energy sources. As a result of the study, it was concluded that the policy of managing the development of the global fuel and energy sector has a significant impact both on its future and on the development of the global economies of the world’s countries, primarily the Russian Federation.