RENEWABLE ENERGY AS ENVIRONMENTAL SUSTAINABILITY FACTOR UNDER GLOBAL TRADE OPENNESS

Анотація

The key to this study is to explore the relation between renewable energy and trade openness under climate change impacts on international trade. This study is based on the analyses of trade openness index and the Notre Dame-Global Adaptation Index in measures of research of the transfer of renewable energy technologies globally, promotion of the growth of renewable energy share, and the country's current vulnerability to climate disruptions. Research is focused on evaluation of low-carbon trade, analysis of renewable heat, and estimation of the impact of renewable energy on trade openness under climate disruptions. Research verified that development of renewable energy can reduce the human impact on climate change, but such technologies are not available to all countries; because of this, different countries may be affected by climate change to varying degrees. The implementation of renewable energy technologies should help countries become more resilient to climate change through the availability of appropriate means of producing renewable energy; however, this is possible subject to the country's openness to the arrival of goods and technologies from outside-increasing trade openness level. Countries with open and competitive markets are more inclusive to adopt and support the renewable energy technologies and their development. From another position, development of trade and deep integration of economy can create external dependence on imported energy sources and block the development of domestic renewable energy sectors. The economic challenges in the field of renewable energy need the focus of governments and policy makers on supporting the stability of renewable generation facilities, increasing the reliability of energy supply, protection from seasonal changes in demand for electricity, support of the energy cooperatives and private consumers of renewable energy, and transition the public transport sector for renewable energy sources. Further research in this direction has prospects, because globalization is a stable trend of recent decades, and allows for an even distribution of efforts to produce various products and provide them to the population, but decarbonization potential of renewable energy production is untapped as fossil fuels dominate in largest world markets.

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