SUSTAINABLE DEVELOPMENT OF THE ECONOMY AND INCREASING ENERGY SECURITY BASED ON THE USE OF RES: PROBLEMS AND PROSPECTS

Authors

DOI:

https://doi.org/10.18371/fcaptp.v2i37.230338

Keywords:

sustainable development goals, economic growth, energy security, renewable energy sources, hydrocarbon fuel, decarbonization

Abstract

Abstract. It is substantiated that the factor of economic growth, increase of economic and energy security, preservation of the environment from the detrimental impact of the consequences of consumption of hydrocarbon energy sources is the sustainable development of renewable energy. The state and prospects of using renewable energy sources in the world are considered (RES). The rating of countries by the share of electricity produced from renewable sources as a percentage of primary sources during 2015—2019 is presented, which shows that the largest share of RES is in countries such as: Iceland, Kenya and Latvia; Currently, the largest growth in renewable energy is observed in Ukraine, Great Britain, Turkey, Denmark, Japan, France, the USA and Germany. The generalized factors of growth of demand for renewable energy sources are: parity of the price and productivity owing to decrease in the price of RES; increasing the efficiency of energy production due to technological progress and the introduction of innovative technologies in foreign trade; integration of power grids and balancing the load on them; stimulating the demand for RES by large cities — the implementation of the strategy of «smart city» includes «smart» energy; development of public ownership of networks and sources of renewable energy; active participation of developing countries in the dissemination of renewable energy; growing participation of the corporate sector in the development of renewable energy.

The relationship between the goals of energy development in terms of its accessibility, reliability, sustainability and goals in the field of sustainable development is determined. Thus, poverty reduction (goal 1) involves expanding access to basic resources and services and the availability of modern infrastructure, an element of which is RES; the use of clean renewable energy will help reduce health risks (disease prevention and pandemic control) (objective 3); creation of sustainable infrastructure, promotion of innovations (goal 9) involves the use of clean and environmentally friendly technologies and sustainable energy development; the use of RES activity has a synergistic connection with the implementation of goal 13 — urgent measures to combat climate change and its consequences.

Keywords: sustainable development goals, economic growth, energy security, renewable energy sources, hydrocarbon fuel, decarbonization.

JEL Classification F29, F43, L94, O10

Formulas: 0; fig.: 0; tabl.: 2; bibl.: 17.

Published

2021-04-30

How to Cite

Karbovska, L., Yakushik, I., Feshchenko, E., Kalina, I., & Kozlova, A. (2021). SUSTAINABLE DEVELOPMENT OF THE ECONOMY AND INCREASING ENERGY SECURITY BASED ON THE USE OF RES: PROBLEMS AND PROSPECTS. Financial and Credit Activity: Problems of Theory and Practice, 2(37), 438–446. https://doi.org/10.18371/fcaptp.v2i37.230338

Issue

Section

The social-humanitarian context of transformational finance-economical processes