Renewable energy and economic growth

Issue 56, 2024

Dilnara Zakirova, Anar Ospanova, Madina Abaidullayeva, Zamzagul Sultanova, Natalya Ryvkina

Received 17.12.2023, Revised 25.04.2024, Accepted 30.06.2024

https://doi.org/10.54919/physics/56.2024.269kd2

Abstract

Relevance. The relevance of the study is that energy conversion based on renewable sources can help accelerate economic growth, create millions of jobs, and improve people's living conditions.

Purpose. The aim of the research is to examine the present facets of renewable energy and its influence on economic development.

Methodology. The study employed comparative, functional, and system analysis approaches to assess the impact of renewable energy on economic growth. Comparative analysis examined varying conditions, functional analysis explored interdependencies between renewable energy elements, and system analysis modeled complex interactions between renewable energy and economic factors.

Results. The study found that renewable energy conversion can significantly accelerate economic growth by creating millions of jobs and improving living conditions. It revealed that renewable energy sources are more cost-effective compared to fossil fuels and nuclear energy, and they have the potential to reduce the incidence of air pollution-related deaths by 7 million annually. Technological advancements such as clean hydrogen and electrification in transportation and heating are pivotal in decarbonising hard-to-transition sectors.

Conclusions. Renewable energy not only addresses climate change but also serves as a catalyst for economic recovery and growth, particularly in times of crisis. The shift towards renewable sources presents a dual benefit: mitigating climate impact and providing economic stability through job creation and health improvements. The study underscores the importance of embracing renewable energy as a strategic response to both environmental and economic challenges.

Keywords: renewable energy; economic growth; crisis, climate; energy sources; jobs

Suggested citation

Zakirova D, Ospanova A, Abaidullayeva M, Sultanova Z, Ryvkina N. Renewable energy and economic growth. Sci Herald Uzhhorod Univ Ser Phys. 2024;(56):2692-2702. DOI: 10.54919/physics/56.2024.269kd2

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