RENEWABLE ENERGY AS A DRIVER OF GREEN ECONOMY DEVELOPMENT IN UKRAINE

Abstract

Pshybelskyi V.V. RENEWABLE ENERGY AS A DRIVER OF GREEN ECONOMY DEVELOPMENT IN UKRAINE

Purpose. The purpose of the study is to explore the role of renewable energy as a driver of Ukraine’s green economy, analyse its development dynamics, impact on energy security and economic growth, and identify the main challenges and prospects for further transformation of the energy sector.

Methodology of research. The study employs a systematic approach to analyse the interconnection between renewable energy development and the establishment of a green economy in Ukraine. A comparative analysis method was used to assess the dynamics of the share of renewable energy sources (RES) in the country’s energy balance compared to European trends. The economic and statistical method allows for the analysis of investments, regulatory changes and the impact of the war on the RES sector. The graphical method was applied to visualize key development trends, while the expert analysis method was used to evaluate the prospects of renewable energy development in the context of post-war recovery and European integration.

Findings. It has been established that renewable energy plays a crucial role in the formation of Ukraine’s green economy but faces a number of challenges. The analysis revealed a positive trend in the growth of RES share, particularly in solar, wind, and bioenergy. However, their integration into the country’s energy system requires improvements in regulatory policy and infrastructure modernization. The findings showed that the war has significantly affected the RES sector, necessitating the development of effective recovery mechanisms.

The article examined key factors stimulating the development of renewable energy, including international financial support, adaptation to the requirements of the European Green Deal, and the implementation of market-based incentive mechanisms. It has been proven that achieving Ukraine’s energy strategy goals requires expanding financing mechanisms, promoting innovative solutions, and ensuring the effective integration of RES into the country’s energy system.

Originality. The study of the dynamics of the share of renewable energy sources in Ukraine's energy balance has further developed, enabling the identification of the impact of the war on the functioning of the renewable energy sector, the assessment of the effectiveness of state policies aimed at stimulating the development of green energy and integrating the principles of the European Green Deal, as well as the determination of prospects for further growth of the share of renewables in the context of implementing Ukraine's Energy Strategy, which provides a scientific basis for the necessity of enhancing the sector's investment attractiveness and developing mechanisms for adapting the energy system to crisis conditions.

Practical value. The practical significance of the study lies in the analysis of the dynamics of renewable energy development in Ukraine, which allows for the assessment of the effectiveness of existing financing and support mechanisms for the sector, as well as the identification of ways to enhance its resilience. The obtained results can be used as a theoretical basis for developing a strategy for the advancement of renewable energy in Ukraine, particularly in the context of achieving the goals of Ukraine’s Energy Strategy and integrating into the European energy market. Furthermore, the study provides a foundation for further scientific research aimed at improving renewable energy financing mechanisms, enhancing their competitiveness, and adapting the country's energy system to crisis conditions.

Key words: green economy, renewable energy, energy security, sustainable development, investments, state regulation, European Green Deal.