EU POLICY ON THE DEVELOPMENT OF RENEWABLE ENERGY SOURCES: ENERGY SECURITY ISSUES
DOI:
https://doi.org/10.35774/jee2025.02.283Keywords:
energy security, EU, green energy, renewable energy sources, subsidies.Abstract
The article examines the European Union’s policy framework concerning the advancement of renewable energy sources. The study's findings indicate that increasing the share of renewable energy sources in the structure of energy consumption contributes to the reduction of greenhouse gas emissions, promotes sustainable economic development, ensures energy security, and reduces dependence on imported fossil energy resources. The paper employs a mixed methods approach, combining qualitative and quantitative analyses of regulations, economic indicators, and statistical data. The study demonstrates that investments in renewable energy within the European Union serve as a pivotal indicator of the sector's development. The analysis reveals a substantial impact of energy efficiency subsidies, natural gas and electricity prices, and the share of renewable energy in the overall EU energy balance on the development of renewable energy sources. The study shows that the main instruments for stimulating the development of renewable energy sources in the EU are state subsidies, research and innovation funding, and the introduction of a system of auctions and guarantees of the origin of energy from renewable sources, which allows to create stable conditions for investors and expand the use of clean energy sources in the EU.
JEL: Q42; Q48; F53; O13.
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Received: February 19, 2025.
Reviewed: April 4, 2025.
Accepted: April 29, 2025.
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