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Energy Transition in the United States, Europe and China: Latest Trends

Author

Listed:
  • S. V. Zhukov

    (Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences)

  • O. B. Reznikova

    (Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences)

Abstract

— The article analyzes the energy transformation trends in the three largest economic centers that set the dynamics of the global energy transition. It is concluded that the structure and speed of the energy transition are determined by the specific conditions of development and the individual characteristics of countries and integration associations. The United States has set a course for the accelerated development of “green energy,” which has taken a central place in industrial policy. Particular attention is paid to the development of natural solutions for the purposes of decarbonization. In Europe, the energy crisis that began in the second half of 2021 is far from over. The European Commission and industry regulators believe that the fundamental cause of the crisis lies in the insufficient speed of the energy transition and are trying to force it through the advancing development of wind and solar generation and mechanisms such as greenhouse gas emissions trading and cross-border carbon regulation. Faced with the problem of maintaining sufficiently high economic growth rates, China, on the one hand, continues to rely on coal energy, on the other hand, it is rapidly building generating capacities on new renewable energy sources. The PRC is also experimenting with climate policy mechanisms such as carbon trading and natural solutions. The modern energy transition is developing in the expectation that large-scale and diverse state support will allow, by the end of this decade, to create effective market solutions in key technologies that support the transition. The United States and China are taking a more pragmatic course and relying more on market solutions. In Europe, ideological attitudes have a strong influence on the energy transition.

Suggested Citation

  • S. V. Zhukov & O. B. Reznikova, 2023. "Energy Transition in the United States, Europe and China: Latest Trends," Studies on Russian Economic Development, Springer, vol. 34(4), pages 439-449, August.
    • Handle: RePEc:spr:sorede:v:34:y:2023:i:4:d:10.1134_s1075700723040160
    DOI: 10.1134/S1075700723040160
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    References listed on IDEAS

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