Abstract
The actualization of global environmental problems necessitates transformational changes in the global energy sector. The intensification of global trends toward decarbonization leads to alteration in the energy sector. The sustainable development of the renewable energy sector is driven by the greening of global development and will be long-term in nature due to a progressive reduction in its cost and the achievement of stable energy efficiency indicators. The intensive growth of the renewable energy sector is primarily supported by government financial support as part of sustainable development strategies. Various forms of state support for projects for the development of alternative energy sources are used in achieving targets for the potential of renewable energy sources at the national level. Its role gradually decreases as the degree of maturity of alternative energy is reached. Further development of energy policies at the national level will take place in the increased use of market support instruments.Keywords: Global Energy; Sustainable Development; Renewable Energy Sources; Green Economy; Decarbonization; Energy PolicyJEL Classifications: O13; P28; Q42; Q56DOI: https://doi.org/10.32479/ijeep.11094
Highlights
Since 2019, there has been a reduction in the expected growth in primary energy production (+1.5%) due to the global economy’s slowdown
The intensification of global trends toward decarbonization leads to alteration in the energy sector
Sustainable development of the renewable energy sector is driven by the green trend of global development and will be long-term
Summary
Climate change issues act as one of the main trends predetermining global economic development for the coming decade (Brechet et al, 2016; Carattini et al, 2019; Chan et al, 2018; Barrett, 2020; Chen et al, 2018). The need to implement these targets is due to the need to reduce inequality in the global economy and transition to socio-economic development, taking into account environmental constraints (Mochalova, 2020; Anderson et al, 2017; Boehringer et al, 2014; Du et al, 2020; Ivanitsky and Petrenko, 2020) Sustainable development goals that reflect its economic dimensions include: (7) “Ensuring access to affordable, reliable, sustainable and modern energy sources for all,” (8) “Promoting sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all,” (9) “Building strong infrastructure, promoting inclusive and sustainable industrialization and innovation,” (12) “Ensuring sustainable consumption and production patterns.” The need to implement these targets is due to the need to reduce inequality in the global economy and transition to socio-economic development, taking into account environmental constraints (Mochalova, 2020; Anderson et al, 2017; Boehringer et al, 2014; Du et al, 2020; Ivanitsky and Petrenko, 2020)
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