Economic Efficiency and Environmental Benefits of the Development of Renewable Energy Sources

Abstract

The study aims to determine the economic and environmental advantages of renewable energy sources compared to conventional ones. The focus is on assessing the potential of renewable energy sources to reduce carbon emissions, promote sustainable development, and support economic progress. The impact of renewable energy sources on achieving energy independence, increasing energy efficiency, and reducing dependence on fossil fuels is assessed, and attention is paid to innovative technologies for converting solar, wind, water and biomass energy, ensuring environmentally friendly production. Key mechanisms of state support for the development of renewable energy sources are considered, including investment incentives, the introduction of “green” tariffs and ensuring regulatory framework. Study methodology. The analytical approach was applied based on data collection and analysis to assess the economic and environmental benefits of introducing renewable energy sources. The system approach made it possible to consider the development of renewable energy sources as an integrated system of interactions between the economy, ecology, society, and tech-nologies. The scientific novelty of the study is the comprehensive approach to analyzing the economic and environmental efficiency of renewable energy sources. There were determined the impact of renewable energy sources on the reduction of greenhouse gas emissions and their contribution to the fight against global warming, which allows for a quantitative assessment of environmental efficiency in the context of achieving the goals of the Paris Agreement and national strategies for reducing the carbon footprint. The authors suggested recommendations for improving state policy to support and develop renewable energy sources, including analysis of current mechanisms for stimulating the production and use of renewable energy. A comparative analysis of the cost of energy production from different sources, their impact on the ecosystem and return on investment is carried out. Particular attention is paid to studying the experience of advanced countries in the implementation of renewable energy sources and adapting these practices to the current needs of the world economy. Scientific novelty lies in identifying the factors contributing to the constant growth of the share of renewable energy sources in the global energy balance. The prospects for using waste-to-energy technologies are described, as well as their role in minimizing environmental risks is analyzed and the socio-economic effect of RES integration is determined, including the creation of new jobs, increasing the level of social responsibility of business and the development of a “green” economy. The results of the study are of practical importance for the formation of strategies for state regulation of the energy sector, stimulating innovation in the field of renewable energy sources, as well as developing recomm-endations for businesses on adaptation to new environmental standards. The study contributes to the deepening of the understanding of the complex impact of renewable energy sources on the economy, ecology, and society, as well as to the expansion of the scientific base for the development of effective strategies for increasing the share of RES in the energy balance of countries.