The Role of Green Energy in the Economic Growth of the World

Abstract

The demand for energy accompanying economic growth is increasing. With natural resources depleting at an accelerating rate and, at the same time, the costs of exploiting them rising, it is clear that the search is on for energy sources that respect the economic aspects of energy production and also focus on environmental protection. The main purpose of using green energy in the economy is to minimise the negative human impact on the environment. After Russia’s aggression against Ukraine in February 2022, the need for resigning from various energy resources (oil, gas, coal) from Russia and provision of the energy security of European countries based on renewable energies and green hydrogen became the factor accelerating the transition in Europe. The progress in transforming the traditional economy towards “the green direction” is evident in highly developed countries; by developing green energies, they become the direct beneficiaries of advantages related to their implementation. The chapter describes the reasons, manners of energy transition of the economy and its conditions. Furthermore, it describes the most important advantages and barriers resulting from the green transformation of the economy.