THE ROLE OF RENEWABLE ENERGY MARKETS IN SOLVING GLOBAL CONTEMPORARY PROBLEMS
Abstract
The article presents the results of analyzes the global risks that are determined by the World Economic Forum. It has been determined that they have been reoriented from economic to environmental foundations, which are directly or indirectly related to the desire of mankind for economic development. A direct connection has been proved between economic growth, consumption of traditional fossil energy and an increase in harmful emissions into the environment. It has been determined that Fossil fuel technologies are characterized by a high intensity of carbon emissions during combustion, while recovery technologies are very low in intensity or without carbon emissions at all when generating electricity. It was found that in the structure of consumption the share of renewable energy increased most dynamically of all other types of energy and increased up to 4%. It has been concluded that the current global increase in energy demand in the world exceeds the growth in renewable energy production, therefore, effective decarbonization of the energy sector has not yet been successful. Wind energy predominates in the structure of renewable energy, but in the future solar energy is projected to lead in the generation of world electricity, due to its leadership in terms of growth. It has been established that Using the real potential of renewable energy development together with measures to increase energy efficiency and end-user electrification can provide about 90% reduction in CO2 emissions associated with energy sector. The peculiarity of renewable energy markets has been clarified, which consists in the practical absence of international trade in such energy. This is due to, on the one hand, the lack of infrastructure for international trade. On the other hand, the rules of trade and even the role of goods for renewable energy are not yet fully formed in the World Trade Organization. It was found that, unlike fossil energy, the gain from international trade in renewable energy is received not by countries with excess energy resources, but by countries that produce equipment for its generation. It is proved that an effective settlement of development problems by states and international organizations will allow decarbonizing the economy and slowing down anthropogenic environmental degradation.
References
Stern, N. (2007). The Economics of Climate Change: The Stern Review. Cambridge University Press, 576. Retrieved from: http://mudancasclimaticas.cptec.inpe.br/~rmclima/pdfs/destaques/sternreview_report_complete.pdf
The Paris Agreement (2015). UNFCCC, Conference of the Parties on its Twenty-first session, FCCC/CP/2015/L.9/Rev.1., Nov. 15, 32. Retrieved from: https://unfccc.int/resource/docs/2015/cop21/eng/l09r01.pdf
Aye, G.C. & Edoja, P.E. (2017). Effect of economic growth on CO2 emission in developing countries: Evidence from a dynamic panel threshold model. Cogent Economics & Finance, Vol. 5, No. 1, 24 September, 22. Retrieved from: https://tandfonline.com/doi/pdf/10.1080/23322039.2017.1379239?needAccess=true
Chen, J.-H. & Huang, Y.-F. (2014). Nonlinear environment and economic growth nexus: A panel smooth transition regression approach/ Journal of International and Global Economic Studies, 7(2), 1–16. Retrieved from: https://pdfs.semanticscholar.org/5f75/ec68b3f5555eeca695e66f8f46a6dfdedb80.pdf
Saidi, K. & Hammami, S. (2015). The impact of CO2 emissions and economic growth on energy consumption in 58 countries. Energy Reports, 1, 62–70. Retrieved from: https://doi.org/10.1016/j.egyr.2015.01.003
Jacobson, M.Z. et all. (2017). 100% Clean and Renewable Wind, Water, and Sunlight All-Sector Energy Roadmaps for 139 Countries of the World. Joule 1: September 6, 108–121. Retrieved from: https://web.stanford.edu/group/efmh/jacobson/Articles/I/CountriesWWS.pdf
Malyarenko, V.A. (2008). Enerhetyka i navkolyshnye seredovyshche [Energy and the environment]. KH.: Vidavnitstvo SAGA [X .: SAGA Publishing House], 364. Retrieved from: http://eprints.kname.edu.ua/5282/1/e-book.pdf [in Ukrainian]
(2018). Rolʹ i mistse ukrayinsʹkoyi enerhetyky u svitovykh enerhetychnykh protsesakh [The role and place of Ukrainian energy in the world energy processes]. Kyev: Tsentr Razumkova – Kyiv: The Razumkov Centre, 90. Retrieved from: http://razumkov.org.ua/uploads/article/2018_ENERGY_PRINT.pdf [in Ukrainian]
The Global Risks Report (2019). World Economic Forum, 14th Ed. Geneva, 114. Retrieved from: http://www3.weforum.org/docs/WEF_Global_Risks_Report_2019.pdf
(2019). BP 2019 Statistical Review of World Energy. London, SALTERBAXTER MSLGROUP, 64. Retrieved from: https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review- 2019-full-report.pdf
(2019). The World Bank. Retrieved from: https://data.worldbank.org/indicator/
(n.d.). Schlömer S., T. Bruckner & L. Fulton. Special Report on Renewable Energy Sources and Climate Change Mitiga¬tion. Intergovernmental Panel on Climate Change. Cambridge University Press, Cambridge, United Kingdom and New York, USA. Annex III, 1329-1356. Retrieved from: https://www.ipcc.ch/site/assets/uploads/2018/02/ipcc_wg3_ar5_annex-iii.pdf
(n.d.). International Energy Agency. Retrieved from: https://www.iea.org/data-and-statistics?country=WORLD&fuel=CO2%20emissions&indicator=CO2%20emissions%20by%20energy%20source
IRENA (2019). Climate Change and Renewable Energy: National policies and the role of communities, cities and regions (Report to the G20 Climate Sustainability Working Group (CSWG)). International Renewable Energy Agency, Abu Dhabi, 60. Retrieved from: https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2019/Jun/IRENA_G20_climate_sustainability_2019.pdf
REN21. (2019). Renewables 2019 Global Status Report, 336. Retrieved from: https://www.ren21.net/wp-content/uploads/2019/05/gsr_2019_full_report_en.pdf
Latest Tier 1 Solar Panels List 2019. Retrieved from: https://review.solar/latest-tier-1-solar-panels-list-2019/
