Prospects for Sustainable Development of the Green Energy Sector in the New Economic Environment

Abstract

AbstractRecently, the goal of combating climate change has come to the forefront of the sustainable development agenda, which means that decarbonization and energy efficiency are becoming more relevant for all national and regional economies. Green energy plays a key role in achieving this goal. This research aims to investigate the prospects for introducing “green” technologies in the energy sector and the possibility of a smooth energy transition. As a result of the conducted studies, the authors substantiate that the attempt of a quick and abrupt transition to alternative energy sources has no tangible environmental or economic benefits, and even more so, it risks turning into a global crisis, especially given the planned structural changes in the economies of many countries. The novelty of this research lies in the fact that it proves that many countries have unreasonably early bet on the development of renewable energy sources, and, in the case of extreme events, such sources will not be able to become reliable and affordable sources of energy in the near future.KeywordsGreen economyAlternative energyEnergy efficiencySustainable developmentJEL ClassificationQ43Q54Q57