International Economic Policy
ISSN 1812-0660
Greening the Energy Sector and the New Quality of Globalisation
DOI:
10.33111/iep.eng.2023.38.01
Анотація:
Abstract: The article is devoted to a comprehensive study of the processes of greening the global energy complex and its transition to a sustainable development model. The authors prove that digital and network transformation of the world economic system in the first quarter of the 21st century is the main determinant of the fundamental process of creative global economic development, including increasing investment in the innovative development of the green economy. It is stated that the “greening” of the global energy sector is a powerful driver of deep structural modernisation of national models of socioeconomic development and recovery of natural capital. It is proved that the significant intensification of international competition between key actors of the world economy for the resource sources of digital and green transformations in the last decade will radically change the competitive landscape of the global economy in the near future. It is determined that the post-industrial model of global technological development shapes a stable basis for the development of the world energy system in the dialectical unity of the energy market and energy environment. Given the current processes of re-industrialisation of national economies, which in the global environment are determined by the ability to develop an innovative ecosystem, the authors support stratification of countries into groups: the first group – those ones that are able to quickly change national energy consumption models based on energy efficient and green technologies; and the second one – those which are not ready for such changes. The authors reveal the impact of global environmental trends on the structural and qualitative dynamics of modern global economic development: active shift of national economic models from expansive growth to intensive use of production factor potential; transformation of the structure of national economic complexes towards the formation of green sectors of the economy and green jobs; dynamic reindustrialisation of traditional industry through the input of new technologies and models of economic activity; deep social transformations of capitalist society; renewal of social values and set of priorities of current and strategic activities of business structures.
The article reveals the impact of the Covid-19 pandemic on the “greening” of the global energy sector and its transition to a sustainable development model: a rapid decline in market demand for fossil fuels; imbalance in global supply chains of vital goods; a rapid decline in investment in the oil and gas sector; increased consumption of renewable energy sources of local origin; and increased flexibility in energy network management. The article specifies the essence of the EU's climate ambitions, which are to build a model of competitive development based on systemic decarbonisation of the economy. The authors identify the priority areas for the development of green hydrogen generation in the European Union, which is considered within the framework of the plan for the integration of national energy complexes of the member states of this integration grouping, as well as the implementation of its Green Deal.
Ключові слова:
Key words: green economy, smart economy, globalisation, green networking, energy sector, energy transformation, digitalisation, environmental problem, Covid-19 pandemic, EU external energy strategy, integration policy, Green Deal, REPowerEU Plan, green hydrogen
УДК: 339 : 504
UDC: 339 : 504
To cite paper
In APA style
Ilnytskyy, D., & Stoliarchuk, Y. (2023). Greening the Energy Sector and the New Quality of Globalisation. International Economic Policy, 1 (38), 7-38. http://doi.org/10.33111/iep.eng.2023.38.01
In MON style
Ільницький Д.О., Столярчук Я.М. Greening the Energy Sector and the New Quality of Globalisation. Міжнародна економічна політика. 2023. № 1(38). С. 7-38. http://doi.org/10.33111/iep.eng.2023.38.01 (дата звернення: 26.12.2024).
With transliteration
Ilnytskyy, D., Stoliarchuk, Y. (2023) Greening the Energy Sector and the New Quality of Globalisation. International Economic Policy, no. 1(38). pp. 7-38. http://doi.org/10.33111/iep.eng.2023.38.01 (accessed 26 Dec 2024).
# 1(38) / 2023
Download Paper
108
Views
26
Downloads
1
Cited by
- Antoniuk, L., Ilnytskyy, D., and Sevastiuk, A. (eds.) "Tsyfrova ekonomika: vplyv informatsiino-komunikatsiinykh tekhnolohii na liudskyi kapital ta formuvannia kompetentnostei maibutnoho." [Digital economy: the impact of information and communication technologies on human capital and the formation of competencies of the future]. Ministry of Education and Science of Ukraine, KNEU named after V. Hetman, Kyiv: KNEU, 2021. 337 p. [In Ukrainian].
- Bertrand, S. "How the Inflation Reduction Act and Bipartisan Infrastructure Law Work Together to Advance Climate Action?" Environmental and Energy Study Institute, 12 September 2022. URL: https://www.eesi.org/articles/view/howthe-inflation-reduction-act-and-bipartisan-infrastructure-law-work-together-toadvance-climate-action.
- Blanco, E., and Razzaque, J. "Natural Resources and the Green Economy: Redefining the Challenges for People." Leiden-Boston: Martinus Nijhoff Publishers, 2012. 275p.
- Blauwhof, F. B. "Overcoming accumulation: Is a capitalist steady-state economy possible?" Ecological Economics, No. 84 (2012), pp. 254-261.
- Burmaka, M. "Kreatyvizatsiia hlobalnoho investytsiinoho protsesu" [Creativity of the Global Investment Process]. International Economic Policy, vol. 2, no. 29 (2018), pp. 37-54. URL: http://iepjournal.com/journals/ 29/2018_2_Burmaka.pdf [In Ukrainian].
- Byrkovych, T., Byrkovych, V., and Kabanets, A. "Mechanisms of public administration in the field of digital transformation." Derzhavne upravlinnya: udoskonalennya ta rozvytok, vol. 9 (2019), http://www.dy.nayka.com.ua/? op=1&z=1488. DOI: 10.32702/2307-2156-2019.9.2. [In Ukrainian].
- Carayannis, E. G., and Morawska-Jancelewicz, J. "The futures of Europe: Society 5.0 and Industry 5.0 as driving forces of future universities." Journal of the Knowledge Economy, (2022), no. 13, pp. 1-27.
- Chala, V.S. "Instytutsionalna struktura zelenoho finansuvannia v rozbudovi hlobalnoi zelenoi ekonomiky." [Institutional structure of green financing in the development of the global green economy]. Ekonomika ta suspilstvo [Economy and Society], Issue No. 34 (2021). URL: https://economyandsociety.in.ua/ index.php/journal/article/view/1025/983. [In Ukrainian].
- Chuzhykov, V.I., and Fedirko, O.A. "Lokalizm proty hlobalizmu (ievropeiskyi metodolohichnyi keis)." [Localism versus globalism (a European methodological case)]. Rehionalna ekonomika [Regional Economy], No. 4 (2021), pp. 44-56. (In Ukrainian).
- Ciocoiu, C. "Integrating Digital Economy and Green Economy: Opportunities For Sustainable Development." Theoretical and Empirical Researches in Urban Management, Vol. 6 (1) (2011), pp. 33-43.
- Delivering the Green Economy through Financial Policy. Technical Paper. Frankfurt School of Finance & Management, UNEP Collaborating Centre for Climate & Sustainable Energy -Finance, March 2014. 83 p. URL: https://wedocs.unep.org/bitstream/handle/20.500.11822/26621/GreenEconomy.pdf?sequence=1&isAllowed=y.
- Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a system for greenhouse gas emission allowance trading within the Union and amending Council Directive 96/61/EC. Document 02003L0087- 20230301. 02003L0087 – EN – 01.03.2023 – 014.001. URL: https://eurlex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02003L0087-20230301.
- EC. “REPowerEU at a glance”. European Commission. 2023. URL: https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/europeangreen-deal/repowereu-affordable-secure-and-sustainable-energy-europe_en.
- EC. “REPowerEU: A plan to rapidly reduce dependence on Russian fossil fuels and fast forward the green transition”. May 2022. URL: https://ec.europa.eu/commission/presscorner/detail/en/IP_22_3131.
- European Central Bank Annual Report 2022. Eurosystem, ECB. 2023. 187 p. doi:10.2866/390483. URL: https://www.ecb.europa.eu/ pub/pdf/annrep/ecb.ar2022~8ae51d163b.en.pdf.
- European Commission. "A Hydrogen Strategy for a climate neutral Europe." 8 July 2020. 24 p. https://faolex.fao.org/docs/pdf/eur208381.pdf.
- Evans, A., Bazilian, M.D. "Susceptibilities of Solar Energy Supply Chains." Global Policy Opinion, 2020. URL: https://www.globalpolicyjournal.com/ blog/16/04/2020/susceptibilities-solar-energy-supply-chains.
- Fatica, S., Panzica, R. "Green bonds as a tool against climate change?" JRC Working Papers in Economics and Finance, 2020/10, 2020. 28 p. URL: https://publications.jrc.ec.europa.eu/repository/bitstream/JRC121894/jrc121 894_green_bonds_as_a_tool_against_climate_change_final_tr.pdf.
- Goodwin, N., Harris, J. M., Rajkarnikar, P. J., Roach, B., Thornton, T. B. "Economics of the environment." In Essentials of Economics in Context, 1st Edition, Routledge, 2020.
- Gu, X., Pan, L. "The Impact of Industrial Green Transformation on Regional Economic Development in China: An Empirical Study Based on Spatial and Threshold Effects." Sustainability, 2022, no. 14(19), 12913. https://doi.org/10.3390/su141912913
- Guidance note on Directive 2012/27/EU on energy efficiency, amending Directives 2009/125/EC and 2010/30/EC, and repealing Directives 2004/8/EC and 2006/32/EC Article 14: Promotion of efficiency in heating and cooling Accompanying the document Communication from the Commission to the European Parliament and the Council Implementing the Energy Efficiency Directive – Commission Guidance. Commission Staff Working Document. EU. URL: https://eur-lex.europa.eu/legal-content/EL/TXT/?uri=CELEX:52013SC0449.
- Hao, X., Li, Y., Ren, S., Wu, H., & Hao, Y. "The role of digitalisation on green economic growth: Does industrial structure optimization and green innovation matter?" Journal of Environmental Management, 2023, no. 325, 116504. DOI: 10.1016/j.jenvman.2022.116504.
- Hosseini, S. E., & Wahid, M. A. "Hydrogen production from renewable and sustainable energy resources: A promising green energy carrier for clean development." Renewable and Sustainable Energy Reviews, 2016, no. 57, pp. 850-866.
- Huang, S., Wang, B., Li, X., Zheng, P., Mourtzis, D., & Wang, L. "Industry 5.0 and Society 5.0-Comparison, complementation, and co-evolution." Journal of manufacturing systems, 2022, 64, pp. 424-428.
- Humenna, Yu., and Hura, O. "Tendentsii vprovadzhennia tsyfrovoi transformatsii v diialnist subiektiv hospodariuvannia." [Tendencies of implementation of digital transformation in the activities of business entities]. Visnyk SumDU. Seriia "Ekonomika" [Herald of Sumy State University. Series "Economics"], No. 2 (2021), pp. 202-210. (In Ukrainian).
- IEA. "Covid-19 impact on electricity." IEA. Paris, 2020. URL: https://www.iea.org/reports/covid-19-impact-on-electricity.
- Ilnytskyy, D. "Hlobalna konkurentsiia v naukovo-osvitnomu prostori." [Global competition in the scientific and educational space]. Kyiv: KNEU, 2016. 445 p. [In Ukrainian].
- Industry, science and resources portfolio: portfolio budget statements 2022- 23 budget related paper No. 1.11. Commonwealth of Australia. 2022. https://www.industry.gov.au/sites/default/files/2022-10/October_2022- 23_Industry%2C%20Science%20and%20Resources_PBS.pdf.
- International Renewable Energy Agency. "Global energy transformation: A roadmap to 2050 (2019 edition)." Abu Dhabi. 52 p. ISBN 978-92-9260-121-8 URL: https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2019/Apr/ IRENA_Global_Energy_Transformation_2019.pdf?rev=6ea97044a1274c6c8ffe4a116ab17b8f
- Key actions of the EU Hydrogen Strategy. European Commission. URL: https://energy.ec.europa.eu/topics/energy-systems-integration/hydrogen/keyactions-eu-hydrogen-strategy_en#an-investment-agenda-for-the-eu.
- Krasynskyi, V. "Klimat-kontrol: chomu Yevropa robyt stavku na voden i shcho proponuiut Ukraini." [Climate control: why Europe is betting on hydrogen and what is being offered to Ukraine]. RBC-Ukraine, 13.08.2021. URL: https://www.rbc.ua/ukr/news/klimat-kontrol-pochemu-evropa-delaet-stavku1628597339.html (In Ukrainian).
- Kuzemko, C., Bradshaw, M., Bridge, G., Goldthaude, A., Jewell, J., Overland, I., Scholten, D., Van de Graaf, T., Westphal, K. "Covid-19 and the politics of sustainable energy transitions." Energy Research & Social Science, 2020, Vol. 68. URL: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7330551/.
- Lafuente, E., Ács, Z. J., & Szerb, L. "Analysis of the digital platform economy around the world: A network DEA model for identifying policy priorities." Journal of Small Business Management, 2022, pp. 1-45.
- Laverón, F. "The role of the electricity sector in the energy transition after COVID-19." Forum, COVID-19 and the energy transition, 2020, No. 123, pp. 36-39.
- Lukyanenko, O., and Nyameschuk, A. "Development of the Platform Economy in the Global Digital Environment." International Economic Policy, No. 1-2 (32-33) (2020), pp. 27-49. DOI: 10.33111/iep.2020.32_33.02_eng. URL: http://iepjournal.com/ journals_eng/32-33/2020_2_Lukianenko_Niameshchuk.pdf
- Matsuk, Z. "Global Challenges and Trends in the Securities Market in Ukraine." International Economic Policy, No. 1-2 (32-33) (2020), pp. 153-173. URL: http://iepjournal.com/journals/32-33/2020_7_Matsuk_ukr.pdf. DOI: 10.33111/iep.2020.32_33.07_eng.
- Meadows, D. H., Meadows, D. L., Randers, J., & Behrens, W. W. "The limits to growth." In Green planet blues (pp. 25-29). Routledge. 2018.
- Melkonyan, A., Krumme, K., Gruchmann, T., Spinler, S., Schumacher, T., Bleischwitz, R. "Scenario and strategy planning for transformative supply chains within a sustainable economy." Journal of Cleaner Production, 2019, Vol. 231, pp. 144-160.
- Nonoyama, K., Liu, Z., Fujiwara, T., Alam, M. M., & Nishi, T. "Energyefficient robot configuration and motion planning using genetic algorithm and particle swarm optimization." Energies, 2022, no. 15(6), 2074. 20 p. URL: https://www.mdpi.com/1996-1073/15/6/2074/pdf.
- Nyangchak, N. "Emerging green industry towards net-zero economy: A systematic review." Journal of Cleaner Production, 2022, No. 378, 134622.
- OECD (2021), "Energy policy (Dimension 12)," in Competitiveness in South East Europe 2021: A Policy Outlook, OECD Publishing, Paris. DOI: https://doi.org/10.1787/0c8c0d7a-en.
- OECD (2021), Competitiveness in South East Europe 2021: A Policy Outlook, Competitiveness and Private Sector Development, OECD Publishing, Paris, https://doi.org/10.1787/dcbc2ea9-en.
- OECD (2022), "Latin American Economic Outlook 2022: Towards a Green and Just Transition," OECD Publishing, Paris, https://doi.org/10.1787/3d5554fc-en.
- Orekhova, T., Tsymbal, L., and Uninets, I. "Modern International Practices of Implementing the Ecosystem Approach at Different Levels of Management." International Economic Policy, No. 1 (36) (2022), pp. 124-140. DOI: 10.33111/iep.eng.2022.36.06.
- Orlovska, Yu., Kvaktun, O., Kakhovych, O., and Dryhola, K. "Derzhavne upravlinnia zelenymy investytsiiamy yak faktor staloho rozvytku rehioniv." [Public management of green investments as a factor of sustainable development of regions]. Investytsii: praktyka ta dosvid [Investments: practice and experience], No. 16 (2021), pp. 70-76. (In Ukrainian).
- Panagopoulos, A., & Giannika, V. "Decarbonised and circular brine management/valorisation for water and valuable resource recovery via minimal/zero liquid discharge (MLD/ZLD) strategies." Journal of Environmental Management, 2022, no. 324, 116239. DOI: 10.1016/j.jenvman.2022.116239.
- Panchenko, V., Reznikova, N., and Bulatova, O. "Regulatory Competition in the Digital Economy: New Forms of Protectionism." International Economic Policy, No. 1-2 (32-33) (2020), pp. 50-80. DOI: 10.33111/iep.2020.32_33.03_eng. URL: http://iepjournal.com/journals_eng/32-33/2020_3_Panchenko_Reznikova_Bulatova.pdf.
- Pandey, N., & Pal, A. "Impact of digital surge during Covid-19 pandemic: A viewpoint on research and practice." International journal of information management, 2020, no. 55, 102171. doi: 10.1016/j.ijinfomgt.2020.102171.
- Pustovarov, A. "Formuvannia mekhanizmu tsyfrovoi transformatsii upravlinnia rozvytkom natsionalnoi ekonomiky." [Formation of the mechanism of digital transformation of management of the national economy development]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu [Scientific Bulletin of Uzhhorod National University], Issue 34 (2020), pp. 213-218. DOI: 10.32782/2413-9971/2020-34-36. (In Ukrainian).
- SEI, IISD, ODI, E3G, UNEP. “The Production Gap Report 2021”, 2021. 104 p. URL: https://productiongap.org/wp-content/uploads/2021/11/ PGR2021_web_rev.pdf.
- Senadheera, S. S., Gregory, R., Rinklebe, J., Farrukh, M., Rhee, J. H., & Ok, Y. S. “The development of research on environmental, social, and governance (ESG): A bibliometric analysis”. Sustainable Environment, 2022, no. 8(1), 2125869. URL: DOI: 10.1080/27658511.2022.2125869
- Shymchenko, L., Miroshnychenko, D., and Kostenko, D. "Tsyfrova transformatsiia Ukrainy yak mekhanizm efektyzatsii komunikatsii vlady z narodom." [Digital transformation of Ukraine as a mechanism for improving communication between the government and the people]. Society. Document. Communication. No. 14 (2022), pp. 304-322. https://doi.org/10.31470/2518-7600-2022-14-304-322 (In Ukrainian).
- Stern, N. "The Economics of Climate Change: The Stern Review." Cambridge University Press, Cambridge, UK. Executive Summary, 2007. 712 p.
- Sulich, A., & Zema, T. "Green jobs, a new measure of public management and sustainable development." European Journal of Environmental Sciences, 2018, Vol. 8, No. 1, pp. 69-75.
- Tendencias, desafios e oportunidades da ecoinovação para a indústria no Brasil / Confederação Nacional da Indústria, Comissão Econômica para a América Latina e o Caribe (CEPAL). Brasília: CNI, 2023. 80 p. URL: https://static.portaldaindustria. com.br/media/filer_public/23/2b/232bf7fa-7ee0-4807-b32f-54a7a4ff0261/tendencias_ desafios_e_oportunidades_da_ecoinovacao_para_a_industria_no_brasil.pdf. (In Spanish)
- The Rapid Growth in Global Wealth. McKinsey. 2021. 196 p. URL: https://www.mckinsey.com/~/media/mckinsey/industries/financial%20servic es/our%20insights/the%20rise%20and%20rise%20of%20the%20global%20balance% 20sheet%20how%20productively%20are%20we%20using%20our%20wealth/mgi-therise-and-rise-of-the-global-balance-sheet-full-report-vf.pdf
- Trainer, T. "Renewable energy cannot sustain a consumer society." Springer Science & Business Media, 2007, 197 p. DOI 10.1007/978-1-4020-5549-2.
- Uninets, I. M. "Zelena ekonomika v hlobalnii ekosystemi." [Green economy in the global ecosystem]. Scientific Notes, Issue 22 (1) (2021), pp. 69-80. URL: https://vz.kneu.edu.ua/ua/arch_vz/. (In Ukrainian).
- United Nations Conference on Trade and Development. "World Investment Report 2022: International tax reforms and sustainable investment." Geneva and New York, 2022, 219 pp. ISBN: 978-9211130492.
- Zeng, M., Zheng, L., Huang, Z., Cheng, X., & Zeng, H. "Does vertical supervision promote regional green transformation? Evidence from Central Environmental Protection Inspection." Journal of Environmental Management, 2023, no. 326, 116681. https://doi.org/10.1016/j.jenvman.2022.116681.
- Zhylenko, K., and Meshko, N. "Dominants of Business Activity Globalization Processes." International Economic Policy, no. 2 (2019), pp. 43-81.