Economic Benefits of Green Technologies: Ukrainian Experience
This study evaluates the economic benefits of implementing green technologies in Ukraine, focusing on their contribution to sustainable development, energy efficiency, and economic growth. The research aims to identify how renewable energy projects and energy-efficient technologies can enhance Ukra...
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| Format: | Article |
| Language: | English |
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EconJournals
2024-12-01
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| Series: | International Journal of Economics and Financial Issues |
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| Online Access: | https://econjournals.com/index.php/ijefi/article/view/17624 |
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| author | Nina Yarova Liubov Lipych Tetiana Gutsul Oleksandr Zhurba Vladyslav Novytskyi |
| author_facet | Nina Yarova Liubov Lipych Tetiana Gutsul Oleksandr Zhurba Vladyslav Novytskyi |
| author_sort | Nina Yarova |
| collection | DOAJ |
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This study evaluates the economic benefits of implementing green technologies in Ukraine, focusing on their contribution to sustainable development, energy efficiency, and economic growth. The research aims to identify how renewable energy projects and energy-efficient technologies can enhance Ukraine’s energy security, reduce dependency on fossil fuels, and foster innovation-driven economic modernization. A multi-method approach was employed, combining a systematic literature review, statistical data analysis, and a comparative evaluation of solar and wind energy projects. The study draws on secondary data from governmental and international agencies, spanning the period 2014-2023, and utilizes descriptive statistics to assess trends in job creation, investment, and reductions in natural gas imports. The results indicate significant progress in solar and wind energy development, with total installed capacities reaching 7.6 GW and 2.4 GW respectively by 2023. Employment in green sectors exceeded 50.000 jobs, with solar energy accounting for 40% of this workforce. Investments in green technologies totaled approximately €12 billion between 2014 and 2022, stimulating economic growth and reducing Ukraine’s natural gas imports by 15%. Despite these achievements, challenges remain, including financial barriers, regulatory instability, and outdated infrastructure. However, the study highlights opportunities for further progress through policy reforms, infrastructure modernization, and international cooperation. The research concludes that green technologies are essential for Ukraine’s transition to a sustainable economy, offering both environmental preservation and economic growth potential. These findings underscore the need for policy consistency, expanded financing options, and increased public awareness to maximize the economic benefits of green technologies in Ukraine. By leveraging these innovations, Ukraine can enhance its energy independence, competitiveness, and resilience in the global market.
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| format | Article |
| id | doaj-art-93cc07078db441908770778d74ca4e83 |
| institution | Kabale University |
| issn | 2146-4138 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | EconJournals |
| record_format | Article |
| series | International Journal of Economics and Financial Issues |
| spelling | doaj-art-93cc07078db441908770778d74ca4e832025-01-16T01:04:37ZengEconJournalsInternational Journal of Economics and Financial Issues2146-41382024-12-0115110.32479/ijefi.17624Economic Benefits of Green Technologies: Ukrainian ExperienceNina Yarova0Liubov Lipych1Tetiana Gutsul2Oleksandr Zhurba3Vladyslav Novytskyi4Department of Economics and Finance, Institute of Marine Business, Odesa National Maritime University, Ukraine,Department of Entrepreneurship, Trade and Logistics, Lutsk National Technical University, Ukraine,Department of Economy, Faculty of Economics, National University of Life and Environmental Sciences of Ukraine, Ukraine,Department of Economics and Competition Policy, State University of Trade and Economics, Ukraine,Department of Economics, Finance, and Accounting, Faculty of Economics and Management, Private Higher Educational Institution “European University,” Ukraine. This study evaluates the economic benefits of implementing green technologies in Ukraine, focusing on their contribution to sustainable development, energy efficiency, and economic growth. The research aims to identify how renewable energy projects and energy-efficient technologies can enhance Ukraine’s energy security, reduce dependency on fossil fuels, and foster innovation-driven economic modernization. A multi-method approach was employed, combining a systematic literature review, statistical data analysis, and a comparative evaluation of solar and wind energy projects. The study draws on secondary data from governmental and international agencies, spanning the period 2014-2023, and utilizes descriptive statistics to assess trends in job creation, investment, and reductions in natural gas imports. The results indicate significant progress in solar and wind energy development, with total installed capacities reaching 7.6 GW and 2.4 GW respectively by 2023. Employment in green sectors exceeded 50.000 jobs, with solar energy accounting for 40% of this workforce. Investments in green technologies totaled approximately €12 billion between 2014 and 2022, stimulating economic growth and reducing Ukraine’s natural gas imports by 15%. Despite these achievements, challenges remain, including financial barriers, regulatory instability, and outdated infrastructure. However, the study highlights opportunities for further progress through policy reforms, infrastructure modernization, and international cooperation. The research concludes that green technologies are essential for Ukraine’s transition to a sustainable economy, offering both environmental preservation and economic growth potential. These findings underscore the need for policy consistency, expanded financing options, and increased public awareness to maximize the economic benefits of green technologies in Ukraine. By leveraging these innovations, Ukraine can enhance its energy independence, competitiveness, and resilience in the global market. https://econjournals.com/index.php/ijefi/article/view/17624sustainable development, environmental efficiency, energy conservation, renewable resources, economic growth |
| spellingShingle | Nina Yarova Liubov Lipych Tetiana Gutsul Oleksandr Zhurba Vladyslav Novytskyi Economic Benefits of Green Technologies: Ukrainian Experience International Journal of Economics and Financial Issues sustainable development, environmental efficiency, energy conservation, renewable resources, economic growth |
| title | Economic Benefits of Green Technologies: Ukrainian Experience |
| title_full | Economic Benefits of Green Technologies: Ukrainian Experience |
| title_fullStr | Economic Benefits of Green Technologies: Ukrainian Experience |
| title_full_unstemmed | Economic Benefits of Green Technologies: Ukrainian Experience |
| title_short | Economic Benefits of Green Technologies: Ukrainian Experience |
| title_sort | economic benefits of green technologies ukrainian experience |
| topic | sustainable development, environmental efficiency, energy conservation, renewable resources, economic growth |
| url | https://econjournals.com/index.php/ijefi/article/view/17624 |
| work_keys_str_mv | AT ninayarova economicbenefitsofgreentechnologiesukrainianexperience AT liubovlipych economicbenefitsofgreentechnologiesukrainianexperience AT tetianagutsul economicbenefitsofgreentechnologiesukrainianexperience AT oleksandrzhurba economicbenefitsofgreentechnologiesukrainianexperience AT vladyslavnovytskyi economicbenefitsofgreentechnologiesukrainianexperience |