Innovation In The Energy Sector: The Transition To Renewable Sources As A Strategic Step Towards Sustainable Development

• Published in: AFRICAN JOURNAL OF APPLIED RESEARCH Vol. 10; no. 1; pp. 43 - 56
• Main Authors: Lukashevych, Y., Evdokimov, V., Polukhin, A., Maksymova, I., Tsvilii, D.
• Format: Journal Article
• Language: English
• Published: 19.06.2024
• ISSN: 2408-7920; 2408-7920
• DOI: 10.26437/ajar.v10i1.665

Purpose: The purpose of the research is a comprehensive analysis of innovative technologies in renewable energy sources and their strategic importance for sustainable development. Design/Methodology/Approach: This study employs a qualitative research design to explore the strategic transition to renewable energy sources to achieve sustainable development. A qualitative approach is chosen to provide in-depth insights into stakeholders' experiences, perceptions, and motivations in this transition. Relevant documents such as policy reports, strategic plans, and case studies were reviewed to provide contextual background and support the findings. The analysis considers the top 10 countries with the highest Energy Transition Index (ETI) scores for 2023. Data from documents were triangulated to enhance the credibility and reliability of the findings. Findings: The results indicate the need for a paradigm shift in the energy sector by reducing dependence on imported fuels and reorienting to renewable sources. Research Limitation/Implications: Realizing Europe’s potential faces several barriers, including the need for significant investment, developing an enabling regulatory environment and overcoming technological challenges. Practical Implication: The dynamism of the energy sector is having a significant impact on the transition of developed nations to renewable energy sources, as they play a pivotal role in shaping the sustainable future of global energy. Social Implication: Innovations in renewable energy have the potential to radically transform the energy landscape, offering solutions to today’s pressing environmental and economic challenges. Originality/ Value: The novelty of the study lies in a comprehensive analysis of the energy sector and emphasising the strategic importance of renewable energy sources for sustainable development. The study highlights innovative achievements in the field of renewable energy and important challenges faced by the energy transformation process.