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Technological Innovations in Russian Renewable Energy Projects

In: Circular Economy and the Energy Market

Author

Listed:
  • Miraj Ahmed Bhuiyan

    (Guangdong University of Finance and Economics)

  • Nora Hegedusne Baranyai

    (University of Pannonia)

Abstract

Since 2011, 34 technology platforms have been created within the framework of Russia’s industrial policy in key areas: medicine and biotechnology, information and communication technologies, photonics, aerospace, nuclear technologies, energy, transport, new materials and metallurgy, natural resource extraction, production technologies, and ecology. Despite the fact that they were initiated during the difficult post-crisis period, they represent roadmaps for accelerated development in the context of the Russian economy until 2030. In this article, we discuss ideas for global technological innovations in the following areas: bioenergy, hydropower, geothermal energy, wind energy, solar energy, and marine energy. According to the Organization for Economic Cooperation and Development, global research and development expenditures amount to $1200 billion annually. National figures vary greatly, for example, the amount of R&D in Russia is 1% of GDP, and in the Republic of Korea—2.7% of GDP. About $10 billion. US $0.8% of the total amount is allocated to research and development in the field of renewable energy sources. In order to effectively channel these funds both for commercial purposes and through the state budget, it is necessary to identify technological priorities in the field of renewable energy sources. Renewable energy sources (RES) are a modern high-tech innovative sector with double-digit annual growth rates with significant potential for improvement and the emergence of new technologies, attracting domestic and international investment. In the potentially vast Russian market, this is a window of opportunity. The main question is whether Russian technology platforms correspond to global trends in promoting renewable energy. Since 2011, 34 technology platforms have been created as part of Russia’s industrial policy. Despite the fact that they were initiated during a difficult post-crisis period, they represent a significant number of challenges.

Suggested Citation

  • Miraj Ahmed Bhuiyan & Nora Hegedusne Baranyai, 2022. "Technological Innovations in Russian Renewable Energy Projects," Contributions to Economics, in: Hasan Dinçer & Serhat Yüksel (ed.), Circular Economy and the Energy Market, chapter 0, pages 117-129, Springer.
    • Handle: RePEc:spr:conchp:978-3-031-13146-2_10
    DOI: 10.1007/978-3-031-13146-2_10
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