Title: Environmental and economic analysis of technological innovations in the energy sector

Authors: Rui Li; Oleksandr Kubatko; Yevhen Baranchenko; Raminta Benetyte; Leonid Melnyk; Iryna Dehtyarova; Oleksandr Matsenko

Addresses: Research Center of Western Energy Economy and Regional Development, Economics Institute, Xi'an University of Finance and Economics, China ' Department of Economics, Entrepreneurship and Business Administration, Sumy State University, Ukraine ' Department of Entrepreneurship, Innovation and Strategy, Faculty of Business and Law, Northumbria University, UK ' School of Economics and Business, Kaunas University of Technology, Lithuania ' Department of Economics, Entrepreneurship and Business Administration, Sumy State University, Ukraine ' Department of Economics, Entrepreneurship and Business Administration, Sumy State University, Ukraine ' Department of Economics, Entrepreneurship and Business Administration, Sumy State University, Ukraine

Abstract: The work is related to the justification of decisions on the implementation of innovative technologies in the phase transition to a new model of economy. The purpose of the work is to present a comparative analysis of the economic and environmental efficiency of two competing technologies of energy production (fossil fuel and renewable). The comparative efficiency method was used, and it is based on the assessment levelised cost of energy (LCOE), the total present value of the energy projects implementation. The calculations showed that 2019-2021 were a milestone at which alternative energy sources in economic terms became compared with traditional energy sources (based on the combustion of fossil fuels). It is made a prognosis that by 2030, the economic advantage of using alternative energy per unit of energy production will exceed the value of traditional energy by 2.5 times.

Keywords: renewable resources; green energy; environmental damage; energy storage; digital economy.

DOI: 10.1504/IJGENVI.2022.126204

International Journal of Global Environmental Issues, 2022 Vol.21 No.2/3/4, pp.182 - 197

Received: 19 May 2021
Accepted: 25 Nov 2021
Published online: 14 Oct 2022 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article