Economic change of the energy transition

• Published in: Theoretical and applied economics Vol. XXXI; no. Special, Summer; pp. 263 - 272
• Main Author: Alexandru TOMA
• Format: Journal Article
• Language: English
• Published: General Association of Economists from Romania 01.05.2024
• Subjects: economy; energy; renewable; sustainability; transition
• ISSN: 1841-8678; 1844-0029

The economic effects of energy progress are a subject of rising interest and worry as the world wrestles with the difficulties of environmental change and the need to move towards a more feasible energy blend. The change to sustainable power sources, for instance, sun-based and wind power, and the decrease of petroleum derivatives, are likely to achieve both positive and negative monetary effects. Energy change alludes to the shift from customary, petroleum product-based energy sources towards cleaner and more manageable waste-free solutions. This change has picked up critical speed lately because of developing issues about environmental change, ecological corruption, and the requirement for long-haul energy security. While the essential focal point of this development is on relieving an Earth-wide temperature boost and advancing maintainability, it likewise brings different financial ramifications that should be thought of. Upon the entrance of the last decade, fossil fuel sources accounted for more than 60% of utility scale electricity capacities on a global level. Ever since the Glasgow Climate Change Summit most countries have began implementing various regulations to eliminate carbon dioxide from their energy pool; in the United States, over 70% of the new energy capacities including renewables and nuclear are carbon free. Within the next 3 years of development, the additional global demand for energy shall consist of 90% from renewables and nuclear energy with additional technologies being developed and adjusted to meet the needs for each country’s infrastructure and capability to adapt it.