Review and Comparative Analysis of Renewable Energy Policies in the European Union, Russia and the United States

Abstract

The activity of the world community in the field of climate and environmental conservation is increasing every year. The Paris Agreement, signed in 2015 by the majority of governments, and the additional goals set on COP26 in 2021 set the objectives of maximum reduction of greenhouse gas emissions into the atmosphere and the transition to renewable energy sources (RES). Consequently, the energy sector, as the largest sector of the world economy and the largest environmental polluter, is undergoing the greatest change. The development and implementation of an effective policy in the field of RES, which is part of the energy development strategy, is one of the factors of renewable energy market’s rapid development and stimulating the transition to clean energy. However, despite the measures taken by the world community to reduce the environmental impact of the energy sector and the development of renewable energy, the volume of greenhouse gas emissions continues to show an upward trend: from 2000 to 2021, the volume of CO2 emissions produced by the power sector increased by 74.7%. This trend might be associated with a low level of elaboration of the current renewable energy policy, with barriers to the development of the renewable energy market or with the specifics of the energy sector. The purpose of this study is to review and analyze renewable energy policies in the European Union, Russia, and the United States in order to identify specific approaches to the development of renewable energy, key tools, and barriers. The current state of the energy sectors of the considered countries was analyzed, their features were identified, and a review as well as a comparative analysis of their renewable energy policies were conducted.