Energy transition: the future of energy on the base of smart specialization

Abstract

Purpose. To justify the prerequisites of the energy transition as a necessary condition for the implementation of changes in the energy sector and the importance of the concept of smart specialization as a potential for generating investments for the implementation of measures within the framework of the energy transition. Methodology. The method for calculating the average annual rate of growth of renewable energy capacities was used. To substantiate the growth potential of investments in the energy transition in regions, the compound interest method was used, and an investment forecast was made based on the growth rates of foreign investments in Ukraine and the growth rate of global investments in low-carbon energy. Findings. The necessity of energy transition for Ukrainian energy industry is substantiated, and it is proposed to implement the policy of smart specialization for the implementation of energy changes. An example of coal-mining regions was considered, and attention was drawn to the importance of the development of the coal industry to ensure energy security, while the priority of the development of renewable energy sources was emphasized. Originality. The relationship between the implementation of the energy transition policy and the regional policy of smart specialization is substantiated, taking into account the provisions and content of modern regulatory acts on regional development and energy transition, as well as familiarizing with the experience of foreign countries. Practical value. The expediency of considering the issue of energy transition together with the implementation of the concept of smart specializations at the regional level is substantiated. This will make it possible to focus on energy sector to explore the prerequisites for the implementation of energy changes and to attract additional investments, taking into account the world experience of investing in low-carbon energy.