Title: The system of indicators for alternative energy development in the context of the green economy

Authors: Victoria Bozhkova; Leonid Melnyk; Oleksandr Derykolenko; Yuri Yevdokimov; Iryna Dehtyarova; Oleksiy Pasyevin

Addresses: Department of Business Economics and Administration, Sumy Anton Makarenko State Pedagogical University, Ukraine ' Department of Economics, Entrepreneurship and Business Administration, Oleg Balatskyi Academic and Research Institute of Finance, Economics and Management, Sumy State University, Ukraine; Institute for Development Economics of Ministry of Education and Science and The National Academy of Science of Ukraine, Sumy State University, Ukraine ' Department of Economics, Entrepreneurship and Business Administration, Sumy State University, Ukraine ' Department of Economics, University of New Brunswick, Fredericton, Canada ' Department of Economics, Entrepreneurship and Business Administration, Oleg Balatskyi Academic and Research Institute of Finance, Economics and Management, Sumy State University, Ukraine ' Adoveo AB, Stockholm, Sweden

Abstract: The use of alternative energy is beneficial and is in high demand all over the world. However, implementation of projects associated with alternative energy or the so-called 'green' projects in emerging economies remains rather low. The goal of this paper is to analyse and identify determinants that influence development of alternative energy in Ukraine. Specifically, the impact of the country's economic growth on the use of alternative energy is analysed. Granger test was applied to prove that power supply in the country does not change dynamics of alternative energy utilisation. Influence of globalisation and international cooperation on the development of alternative energy is also reviewed. The paper shows that both significantly influence the development of the global and local energy markets to provide incentives for global and regional environmental projects. The paper also investigates the need for appropriate infrastructure to support 'green' projects. It is suggested to classify infrastructure providers to support alternative power generation into three groups: 1) financial and credit institutions; 2) technical and technological businesses; 3) information technology (IT) and consulting companies. The paper discusses the existence and role of these groups in Ukraine.

Keywords: alternative energy; green economy; indicators; sustainable development.

DOI: 10.1504/IJGENVI.2020.114866

International Journal of Global Environmental Issues, 2020 Vol.19 No.1/2/3, pp.70 - 89

Received: 14 Oct 2019
Accepted: 05 Jun 2020
Published online: 10 May 2021 *

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