Problems and prospects of green energy

Abstract

The article considers problems in green energy development focusing on wind and solar power, identifies the effects of the production and the use of electric vehicles. The authors analyze global value chains in green energy and highlight China’s dominant role in extraction and processing of raw materials, as well as production of wind turbines, solar panels and lithium-ion batteries. The green energy sector faces several challenges, including underdeveloped infrastructure for clean energy transmission, high costs and large area requirements of wind and photovoltaic power stations as well as the environmental impact of raw materials extraction and equipment disposal. The global energy transition brings losses to fossil fuel-producing countries and traditional vehicles manufacturers. Cost intensive green energy projects are not available to many developing countries. The green energy prospects depend on technological advancements in renewable energy storage and transmission, as well as recycling of lithium-ion batteries and wind turbines. The authors propose promoting blue and green hydrogen production during the transition period to create a compromise for the interests of key stakeholders in the global green energy value chain. Taking into account the identified problems, transition to green energy as the dominant energy system can take from 30 to 60 years.