FORMATION OF THE MODEL OF SUSTAINABLE ECONOMIC DEVELOPMENT OF RENEWABLE ENERGY
Keywords:renewable energy sources, model, sustainable development, investment, technology, ecology, energy efficiency, energy market
The article considers the use of sustainable energy as a potentially effective alternative energy source capable of replacing traditional natural fuels. The aim of the research is to develop a complex model of sustainable economic development able to promote introducing and expanding sustainable power engineering as potential alternative energy source, providing sustainable economic development, energy efficiency and reducing damages to the environment. The hypothesis lies in introduction of a model for sustainable economic development due to expansion of renewable energy which will result in economic growth, rise in energy efficacy and reducing hazards to the environment. A comparative analysis of costs and revenues of various types for using energy sources was carried out to estimate the economic efficiency and feasibility of renewable energy. The data analysis toolkit uses MS Power BI software, in which the data model was created. The conducted regression analysis provided valuable nu-merical and practical results on formation of the model of sustainable economic development of renewable power engineering. The research is based on the analysis of the impact “share of energy” on the level of electric energy import and CO₂ emissions. It is recommended to intensify efforts to develop renewable energy as a key direction for sustainable economic development to ensure energy security, reduce negative environmental impact and achieve global sustainable development goals.
Albertus, P., Manser, J. S., Litzelman, S. (2020). Long-Duration Electricity Storage Applications, Economics, and Technologies, Joule, 4(1), 21-32.
Armeanu, D. S., & Joldes, C. C. (2021). Understanding the multidimensional linkages among renewable energy, pollution, economic growth, and urbanization in contemporary economies: Quantitative assessments across different income countries’ groups. Renewable and Sustainable Energy Reviews, 142.
Avenston. Digitalization in energy - opportunities and technologies (2019).
Brundtland, G. (1987). Our Common Future (Report of the World Commission on En vironment and Development. United Nations General Assembly document A/42/427).
Buratynskyi, I. (2019). Analysis of the use of electric energy storage systems in power systems with a large volume of renewable energy sources. The Problems of General Energy, 4, 63-70.
Carr, D., & Thomson, M. (2022). Non-Technical Electricity Losses. Energies, 15.
Chygryn, O., Rosokhata, A., Rybina, O., Stoyanets, N. (2021). Green competitiveness: The evolution of concept formation. E3S Web of Conferences, 2, 234.
Global Energy System Transformation Forecast. International Renewable Energy Agency (2022).
International Energy Agency. World Energy Investment (2022).
Impram, S., Nese, S. V., & Oral, B. (2020). Challenges of renewable energy penetration on power system flexibility: A survey. Energy Strategy Reviews, 31.
IRENA. Global Renewables Outlook: Energy transformation 2050 (2020).
Jacobson, M. Z., Krauland, A-K., Coughlin, S. J., Palmer, F. C., Smith, M. M. (2022). Zero air pollution and zero carbon from all energy at low cost and without blackouts in variable weather throughout the U.S. with 100% wind-water-solar and storage. Renewable Energy, 184, 430-442.
Jiang, Y., Havrysh, V., Klymchuk, O., Nitsenko, V., Balezentis, T., Streimikiene, D. (2019). Utilization of Crop Residue for Power Generation: The Case of Ukraine. Sustainability, 11.
Kaletnik, G., Pryshliak, N., Khvesyk, M., Khvesyk, J. (2022). Legal regulations of biofuel production in Ukraine. Polityka Energetyczna, 25(1), 125-142.
Kaya, H. D. (2019). Government Support, Entrepreneurial Activity and Firm Growth. Socio-Economic Challenges, 3(3), 5-12.
Khadka, S. & Chandra, S. R. (2021). Renewable Energy Statistics 2021: Global Data in the Renewable Energy Sector. Greenesa.
Kozlovskyi, S., Khadzhynov, I., Vlasenko, I., Marynchak, L. (2017). Managing the sustainability of the economic system as the basis of investment development in Ukraine. Investment Management and Financial Innovations, 14(4), 50-59.
Kozlovskyi, S., Shaulska, L., Butyrskyi, A., Burkina, N., Popovskyi, Y. (2018). The marketing strategy for making optimal managerial decisions using smart analytics. Innovative Marketing, 14(4), 1-18.
Koziuk, V., Hayda, Y., Dluhopolskyi, O., Kozlovskyi, S. (2020). Ecological performance: ethnic fragmentation versus governance quality and sustainable development. Problemy ekorozwoju – Problems of sustainable development, 15(1), 53-64.
Lavrov, R., Remnova, L., Sadchykova, I., Mazur, H., Tymoshenko, M., Kozlovskyi, V., Kozlovskyi, S. (2022).
Investments in the sustainable development of the potato sector in Ukraine based on the optimal balance of production and consumption. WSEAS Transactions on Business and Economics, 19, 186-196.
Lyeonov, S., Pimonenko, T., Chygryn, O., Reznik, O., Gaynulina, R. (2021). Green brand as a marketing instrument: Principle, features and parameters. International Journal of Global Energy Issues, 43(2-3), 147-165.
Lovins, A. (2022). Vladimir Putin has just blown up the fossil fuel era. Le Monde, November, 2.
Lavrov, R., Burkina, N., Popovskyi, Y., Vitvitskyi, S., Korniichuk, O., Kozlovskyi, S. (2020). Customer Classification and Decision Making in the Digital Economy based on Scoring Models. International Journal of Management,11(6), 1463-1481.
Ministry of Energy of Ukraine. The national action plan for the development of renewable energy for the period up to 2030 will take into account indicative goals for the production of electricity and thermal energy and the development of transport (2021).
Our World in Data. Renewable energy. How much of our primary energy comes from renewables (2021).
Pavlova, O., & Pavlov, K. (2020). The current state and prospects of renewable energy development in the region. Economic Journal of Lesia Ukrainka Eastern European National University, 1, 146-154.
Rifkin, J. (2013). The Third Industrial Revolution: How Lateral Power Is Transforming Energy, the Economy, and the World. St. Martin’s
Griffin. ISBN 023034058X
Rifkin, J. (2015). The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism St. Martin’s Griffin. ISBN 9781137280114
Renewable Energy Statistics. International Renewable Energy Agency (2022).
Sajadi, A., Kenyon, R. W., Hodge, B.-M. (2022). Synchronization in electric power networks with inherent heterogeneity up to 100% inverter-based renewable generation. Nature Communications.
Shevchuk, O., Ilyash, O., Mazhara, G., Roshchyna, N., Hrynkevych, S., Lavrov, R., Kozlovskyi, S. (2023). Modeling regional sustainable development in Ukrainian crisis and war. Problemy Ekorozwoju – Problems of sustainable development, 18(1), 37-50.
Smith, J. M., & Tidwell, A. S. D. (2016). The everyday lives of energy transitions: Contested sociotechnical imaginaries in the American West. Social Studies of Science, 46(3), 327-350.
Soulaf Chikhi, M., Bouchetara, M., Zerouti, M. (2022). Factors of investment in renewable energy and energy efficiency in Algeria. Economics – innovative and economics research journal, 10(2).
Statista Global energy industry – statistics & facts (2023).
Trofymenko, O., Ilyash, O., Voitko, S., Dluhopolska, T., Kozlovskyi, S., Hrynkevych, S. (2022). Impact of energy innovations on Ukraine’s economy: strategic direction and managerial practices. Economics – innovative and economics research journal, 10(2), 99-116.
Ukrhydroenergo. The International Agency for Renewable Energy Sources and the International Hydropower Association signed a partnership agreement for the development of sustainable hydropower (2021).
World Bank. Investment in energy with private participation (2023).
World Energy Transitions Outlook 2022: 1.5C Pathway. International Renewable Energy Agency (2022).
Yousuf, A., Kozlovskyi, S., Leroux, J. M., Rauf, A., Felfoldi, J. (2022). How does strategic flexibility make a difference for companies? An example of the Hungarian food industry. Problems and Perspectives in Management, 20(3), 374-386.
How to Cite
Copyright (c) 2023 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.