Abstract
The paper investigates the economic ways of green energy promotion in the European Union. It is stated that environmental friendliness and economic expediency are the main drivers of renewable energy development. The paper emphasizes that the EU has significant achievements in green energy promotion. The EU encourages the use of renewables in a variety of ways, including tariff and non-tariff instruments. In the research different economic incentives are classified by certain criteria. It is outlined in the research that the feed-in tariff was the first and most widely used mechanism of support for green energy producers. At the same time, it is gradually being replaced by a feed-in premium (a system of allowances for additional generation). The paper also highlights the importance of non-tariff instruments, including tax incentives, green certificate system, investment grants, and subsidies.
Highlights
The transition to sustainable development is not possible without the effective use of energy resources
The European Union's energy policy is based on sustainable development and a low-carbon economy
The authors focus on economic instruments for such support, which are widespread in the European Union (EU), including a feed-in tariff, a feed-in premium, green auctions, tax incentives, green certificate system, investment grants, a quota system
Summary
The transition to sustainable development is not possible without the effective use of energy resources. From an environmental and economic point of view, renewable sources are a high-quality alternative to traditional energy. The drivers for the introduction of green energy are, firstly, its environmental friendliness (a significant reduction in pollution and resistance to climate change) and a trend of falling the cost of solar, wind, and other alternative sources of energy. Many leading countries set certain targets in order to minimize the role of traditional energy and increase the share of renewables in the total energy mix. The European Union's energy policy is based on sustainable development and a low-carbon economy. In 2019, in the EU, the share of renewable energy in the total energy structure was 19.7%, which is significantly higher than in previous years (in 2010 this figure was 12.2%, and in 2004 - only 8.5%) (Renewable Energy Policy Network for the 21st Century, 2020)
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: Scientific Conference on Economics and Entrepreneurship Proceedings
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
