Environmental and economic analysis of technological innovations in the energy sector

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

doi:10.1504/ijgenvi.2022.126204

Environmental and economic analysis of technological innovations in the energy sector

Rui Li^*, Oleksandr Kubatko, Yevhen Baranchenko, Raminta Benetyte, Leonid Melnyk, Iryna Dehtyarova, Oleksandr Matsenko

^*Corresponding author for this work

Entrepreneurship, Innovation and Strategy

Research output: Contribution to journal › Article › peer-review

1 Citation (Scopus)

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.

Original language	English
Pages (from-to)	182-197
Number of pages	16
Journal	International Journal of Global Environmental Issues
Volume	21
Issue number	2-4
DOIs	https://doi.org/10.1504/ijgenvi.2022.126204
Publication status	Published - 4 Oct 2022

Keywords

digital economy
energy storage
environmental damage
green energy
renewable resources

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1504/ijgenvi.2022.126204

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title = "Environmental and economic analysis of technological innovations in the energy sector",

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.",

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author = "Rui Li and Oleksandr Kubatko and Yevhen Baranchenko and Raminta Benetyte and Leonid Melnyk and Iryna Dehtyarova and Oleksandr Matsenko",

note = "Funding Information: This research was funded by The National Research Foundation of Ukraine in the framework project {\textquoteleft}Restructuring of the national economy in the direction of digital transformations for sustainable development{\textquoteright} (2021.01/0183). The publication contains the results of research conducted within the framework of the research projects: {\textquoteleft}Sustainable development and resource security: from disruptive technologies to digital transformation of Ukrainian economy{\textquoteright} (No. 0121U100470), and {\textquoteleft}Fundamental bases of the phase transition to an additive economy: from disruptive technologies to institutional sociologization of decisions{\textquoteright} (No. 0121U109557).",

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doi = "10.1504/ijgenvi.2022.126204",

language = "English",

volume = "21",

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AU - Li, Rui

AU - Kubatko, Oleksandr

AU - Baranchenko, Yevhen

AU - Benetyte, Raminta

AU - Melnyk, Leonid

AU - Dehtyarova, Iryna

AU - Matsenko, Oleksandr

N1 - Funding Information: This research was funded by The National Research Foundation of Ukraine in the framework project ‘Restructuring of the national economy in the direction of digital transformations for sustainable development’ (2021.01/0183). The publication contains the results of research conducted within the framework of the research projects: ‘Sustainable development and resource security: from disruptive technologies to digital transformation of Ukrainian economy’ (No. 0121U100470), and ‘Fundamental bases of the phase transition to an additive economy: from disruptive technologies to institutional sociologization of decisions’ (No. 0121U109557).

PY - 2022/10/4

Y1 - 2022/10/4

N2 - 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.

AB - 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.

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KW - energy storage

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Environmental and economic analysis of technological innovations in the energy sector

Abstract

Keywords

UN SDGs

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