ENERGY TRANSITION POLICIES: A GLOBAL REVIEW OF SHIFTS TOWARDS RENEWABLE SOURCES

ENERGY TRANSITION POLICIES: A GLOBAL REVIEW OF SHIFTS TOWARDS RENEWABLE SOURCES

02-02-24 | Odunayo Adewunmi Adelekan, Bamidele Segun Ilugbusi, Olawale Adisa, Ogugua Chimezie Obi, Kehinde Feranmi Awonuga, Onyeka Franca Asuzu, & Ndubuisi Leonard Ndbuisi
The global energy landscape is undergoing a significant transformation as nations strive to address climate change, enhance energy security, and promote sustainable development. This paper provides a comprehensive review of energy transition policies, focusing on the global shift towards renewable energy sources. It examines the motivations, mechanisms, and consequences of transitioning from conventional fossil fuel-based systems to cleaner, more sustainable alternatives. The analysis explores the diverse policy frameworks adopted by countries worldwide, highlighting the regulatory mechanisms, financial incentives, and technological advancements that shape energy transition initiatives. The study also investigates the socio-economic implications of renewable energy integration, including job creation, technological innovation, and the role of international collaborations in fostering sustainable energy practices. The global shift towards renewable energy is driven by environmental concerns, economic competitiveness, and energy security. Countries are implementing various policies to promote renewable energy adoption, including renewable energy targets, feed-in tariffs, and carbon pricing mechanisms. The paper discusses the role of international cooperation in advancing clean energy technologies and sharing best practices. It also highlights the importance of inclusive policies that address the social and economic impacts of the energy transition, ensuring that no community is left behind. The paper emphasizes the need for integrated policies that address climate, economic, and security considerations simultaneously. It explores the challenges and opportunities associated with the transition, including the integration of renewable technologies into existing energy infrastructures, the economic viability of renewable technologies, and the environmental impact of renewable energy systems. The study concludes that the energy transition is a complex and multifaceted endeavor that requires global cooperation, policy harmonization, and long-term commitments to achieve a sustainable and resilient energy future.The global energy landscape is undergoing a significant transformation as nations strive to address climate change, enhance energy security, and promote sustainable development. This paper provides a comprehensive review of energy transition policies, focusing on the global shift towards renewable energy sources. It examines the motivations, mechanisms, and consequences of transitioning from conventional fossil fuel-based systems to cleaner, more sustainable alternatives. The analysis explores the diverse policy frameworks adopted by countries worldwide, highlighting the regulatory mechanisms, financial incentives, and technological advancements that shape energy transition initiatives. The study also investigates the socio-economic implications of renewable energy integration, including job creation, technological innovation, and the role of international collaborations in fostering sustainable energy practices. The global shift towards renewable energy is driven by environmental concerns, economic competitiveness, and energy security. Countries are implementing various policies to promote renewable energy adoption, including renewable energy targets, feed-in tariffs, and carbon pricing mechanisms. The paper discusses the role of international cooperation in advancing clean energy technologies and sharing best practices. It also highlights the importance of inclusive policies that address the social and economic impacts of the energy transition, ensuring that no community is left behind. The paper emphasizes the need for integrated policies that address climate, economic, and security considerations simultaneously. It explores the challenges and opportunities associated with the transition, including the integration of renewable technologies into existing energy infrastructures, the economic viability of renewable technologies, and the environmental impact of renewable energy systems. The study concludes that the energy transition is a complex and multifaceted endeavor that requires global cooperation, policy harmonization, and long-term commitments to achieve a sustainable and resilient energy future.
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