УДК 330.322:620.91:504.05
DOI: https://doi.org/10.36887/2415-8453-2024-4-37
JEL classification: Q42, Q01, G31
The article examines effective investment management in the sustainable development of green energy, which is a key direction for ensuring energy independence, reducing greenhouse gas emissions, and fulfilling Ukraine’s international climate commitments. Changes in energy investment volumes by region and fuel categories are analyzed, allowing for identifying key trends in the global and regional distribution of financial resources. The challenges of replacing nuclear generation in Ukraine are investigated, including the limitations of hydropower, the environmental risks of thermal generation, and the technical constraints of alternative energy sources. International experience in implementing modern energy technologies, such as small modular reactors (SMRs), which ensure energy supply stability and contribute to reducing the carbon footprint, is highlighted. Modern approaches to evaluating the investment attractiveness of energy projects, including using the NEST methodology, are considered. Calculations of key economic indicators such as LUEC (Levelized Unit Electricity Cost), NPV (Net Present Value), IRR (Internal Rate of Return), and ROI (Return on Investment) are conducted, enabling well-founded decisions on implementing innovative energy technologies. Special attention is given to tools for assessing the effectiveness of small modular reactors and renewable energy sources, which hold promise for Ukraine’s energy transformation. The research findings emphasize the importance of integrating renewable energy sources into the national energy system, modernizing infrastructure, and adapting legislation to international standards. It is highlighted that introducing new technologies, such as energy storage systems, will enhance the stability of the energy system even under conditions of significant growth in the share of renewables. Directions for further research are proposed, including the analysis of the economic efficiency of small modular reactors, the development of financial mechanisms for attracting investments in renewable energy, and the study of the impact of modern technologies on the stability of Ukraine’s energy system.
Keywords: sustainable development, green energy, investment management, investment attractiveness, energy security, renewable energy sources.
Rеferences
- Hlobalnyi dohovir OON v Ukraini. (n.d.). Paryzka klimatychna uhoda dlia Ukrainy [Paris Climate Agreement for Ukraine]. Retrieved from https://globalcompact.org.ua/news/parizka-klimatichna-ugoda-dlja-ukraini/.
- International Energy Agency (IEA). (n.d.). Energy Efficiency Progress Tracker. Available at: https://www.iea.org/data-and-statistics/data-tools/energy-efficiency-progress-tracker.
- (n.d.). Investytsii u vidnovliuvalnu enerhetyku Ukrainy: yak korporatyvni PPA zabezpechuiut stabilnist ta prybutok [Investments in Renewable Energy in Ukraine: How Corporate PPAs Ensure Stability and Profitability]. Available at: https://golaw.ua/ua/insights/publication/investicziyi-u-vidnovlyuvanu-energetiku-ukrayini-yak-korporativni-ppa-zabezpechuyut-stabilnist-ta-pributok%EF%BF%BC/?utm_source=chatgpt.com.
- Atamanchuk, Z. A., & Neholiuk, Yu. V. (2020). Kliuchovi priorytety rozvytku “zelenoi” ekonomiky v Ukraini [Key Priorities for the Development of the “Green” Economy in Ukraine]. Zhurnal ekonomichnykh doslidzhen, No. 15(3), pp. 45–59.
- Holovnia, Yu., & Bilousko, T. (2021). Rol investytsii u rozvytok zelenoho biznesu v Ukraini [The Role of Investments in the Development of Green Business in Ukraine]. Ekolohichnyi visnyk, No. 18(2), pp. 23–32.
- Nemashkalo, K. (2022). Instrumenty finansuvannia “zelenoho” investuvannia: problemy ta perspektyvy [Tools for Financing “Green” Investment: Problems and Prospects]. Ekonomika ta upravlinnia, No. 20(1), pp. 12–19.
- Ilnytskyi, D., & Stoliarchuk, Ya. (2021). “Ozelenennia” enerhetychnoho sektoru yak draiver modernizatsii ekonomiky [“Greening” the Energy Sector as a Driver of Economic Modernization]. Enerhetychna polityka, No. 25(4), pp. 67–79.
- Sotnyk, I., Kovalenko, O., & Melnyk, I. (2022). Modeliuvannia investytsiinykh potokiv u rehionalnu vidnovliuvalnu enerhetyku [Modeling of Investment Flows in Regional Renewable Energy]. Rehionalni doslidzhennia, No. 28(2), pp. 35–47.
- Khodakivskyi, S. (2020). Vidnovliuvalna enerhetyka ta yii vplyv na ekonomichnu stabilnist [Renewable Energy and Its Impact on Economic Stability]. Enerhetychna bezpeka, No. 12(3), pp. 78–89.
- Ikram, M., Ahmed, R., & Shah, A. (2021). Intehrovana model otsinky zelenykh tekhnolohii dlia staloho vyrobnytstva [Integrated Model for the Assessment of Green Technologies for Sustainable Production]. Zhurnal staloho rozvytku, No. 30(1), pp. 45–57.
- Laktionova, O., et al. (2024). Digitalization and Management of Crypto Assets as a Source of Investment for “Green” Projects. In E3S Web of Conferences. EDP Sciences, p. 01028. DOI: https://doi.org/1051/e3sconf/202455801028.
- International Energy Agency (IEA). (n.d.). Change in energy investment volume by region and fuel category, 2016 versus 2023. Available at: https://www.iea.org/data-and-statistics/charts/change-in-energy-investment-volume-by-region-and-fuel-category-2016-versus-2023.
- Derzhavne ahentstvo z enerhoefektyvnosti ta enerhozberezhennia Ukrainy [State Agency on Energy Efficiency and Energy Saving of Ukraine]. (n.d.). Statystyka shchodo rozvytku vidnovliuvalnoi enerhetyky [Statistics on the Development of Renewable Energy]. Available at: https://saee.gov.ua/uk/content/informatsiyni-materialy.
- (2023). CO2 Emissions From Electricity May Have Already Peaked as Wind and Solar Take Over. Available at: https://www.bloomberg.com/news/articles/2023-04-11/co2-emissions-from-electricity-may-have-already-peaked.
- Chastka VDE u hlobalnomu elektroenerhetychnomu balansi sihnula 30% [Share of RES in the Global Electricity Balance Reached 30%]. (n.d.). Available at: https://ua-energy.org/uk/posts/chastka-vde-u-hlobalnomu-elektroenerhetychnomu-balansi-siahnula-30.
- (2023). Global Electricity Review 2023. Available at: https://ember-energy.org/latest-insights/global-electricity-review-2023/.
- Indeks prozorosti enerhetyky Ukrainy [Ukraine Energy Transparency Index]. (n.d.). Available at: https://index.ua-energy.org/?_ga=2.
- Mignacca, B., & Locatelli, G. (2020). Economics and Finance of Small Modular Reactors: A Systematic Review and Research Agenda. Renewable and Sustainable Energy Reviews, No. 118, 109519. DOI: 1016/j.rser.2019.109519
- Kalinin, O. (2024). Investment Security in the Development of the Digital Economy. Economics Ecology Socium, No. 8(2), pp. 73–84. DOI: https://doi.org/61954/2616-7107/2024.8.2-6.
- Kutsan, U. G., Godun, O. V., & Kyrianchuk, V. N. (2018). Application of NEST Code for Comparative Economic Evaluation of Energy Systems. Model., 40(5), pp. 111–118. DOI: https://doi.org/10.15407/emodel.40.05.111.
- Nuclear Energy Agency Organisation for Economic Co-operation and Development (OECD-NEA). (2013). The Economics of the Back End of the Nuclear Fuel Cycle. Available at: https://www.oecd-nea.org/upload/docs/application/pdf/2019-12/7061-ebenfc.pdf.
- International Atomic Energy Agency (IAEA). (2014). INPRO Methodology for Sustainability Assessment of Nuclear Energy Systems: Economics. IAEA Nuclear Energy Series No. NG-T-4.4. Available at: https://www.iaea.org/publications
- NEST Algorithm Rev. 6.0. (n.d.). Basic Calculation of LUEC. Available at: http://inpro-dev.westeurope.cloudapp.azure.com/.
- ANNEX III. NEST – NESA Economics Support Tool NEST. (n.d.). Available at: https://inis.iaea.org/collection/NCLCollectionStore/_Public/50/003/50003466.pdf
- Hutsaliuk, O. M., Salyha, K. S., & Nebaba, N. O. (2018). Formuvannia investytsiinoi pryvablyvosti ta zabezpechennia ekonomichnoi efektyvnosti korporatyvnoho intehratsiinoho obiednannia [Formation of Investment Attractiveness and Ensuring Economic Efficiency of Corporate Integration Association]. Efektyvna Ekonomika, 4. Available at: http://www.economy.nayka.com.ua/?op=1&z=7217.
- Hutsaliuk, O. M., Bondar, Iu. A., & Popov, O. Y. (2022). Forming of Investment Attractiveness and Providing of Economic Efficiency of Corporate Integration Association. Economic Herald of the Donbass, 2(68), pp. 41–51. DOI: https://doi.org/10.12958/1817-3772-2022-2(68)-79-85.
- Hutsaliuk, O., Bondar, Iu., Remzina, N., & Lizut, R. (2023). Modifications of Digital Technologies by Client-Oriented Service of Logistics Activities in the Management System of the Enterprise. Philosophy, Economics and Law Review, 3(1), pp. 91–102. DOI: https://doi.org/10.31733/2786-491X-2023-1-91-102.
- Kolodinskyi, S. B., Hutsaliuk, O. M., & Kramskyi, S. O. (2022). Management of Inter-Firm Cooperative Relations for the Exchange of Innovations by Enterprises of Ukraine. Intellectualization of Logistics and Supply Chain Management, 15, pp. 46–55. DOI: https://doi.org/10.46783/smart-scm/2022-15-4.
The article was received 15.12.2023