Energy Security and Energy Transition to Achieve Carbon Neutrality

Mohammad Fazle Rabbi (), József Popp, Domicián Máté and Sándor Kovács
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Mohammad Fazle Rabbi: Ihrig Károly Doctoral School of Management and Business, University of Debrecen, 4032 Debrecen, Hungary
József Popp: Department of Management, Faculty of Applied Sciences, WSB University, 41-300 Dabrowa Górnicza, Poland
Sándor Kovács: Faculty of Economics and Business, University of Debrecen, 4032 Debrecen, Hungary

Energies, 2022, vol. 15, issue 21, 1-18

Abstract: Successful energy transitions, also referred to as leapfrog development, present enormous prospects for EU nations to become carbon neutral by shifting from fossil fuels to renewable energy sources. Along with climate change, EU countries must address energy security and dependency issues, exacerbated by factors such as the COVID-19 pandemic, rising energy costs, conflicts between Russia and Ukraine, and political instability. Diversifying energy sources, generating renewable energy, increasing energy efficiency, preventing energy waste, and educating the public about environmental issues are proposed as several strategies. The study draws the conclusion that central European countries may transition to a clean energy economy and become carbon neutral on economic and strategic levels by locating alternative clean energy supply sources, reducing energy use, and producing renewable energy. According to the study, the EU energy industry can be decarbonised and attain energy security using three basic strategies, such as supply diversification, energy savings, and quicker adoption of renewable energy to replace fossil fuels. The energy transformation industry still needs to improve energy efficiency, incorporate a circular and sustainable bioeconomy, and support renewable energies, including solar, wind, hydropower, nuclear, and hydrogen.

Keywords: energy security; energy efficiency; energy transition; renewable energy; energy trilemma; environmental sustainability; carbon neutrality (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (37)

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