Navigating through the Storm—The Challenges of the Energy Transition in the European Union

Mirela Panait (), Ștefan Iacob, Cătălin Voica (), Viorela Iacovoiu, Daniela Iov, Carmen Mincă and Cristian Teodorescu
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Mirela Panait: Department of Cybernetics, Economic Informatics, Finance and Accountancy, Romania Petroleum-Gas University of Ploiesti, 39, Bd București, 100680 Ploiesti, Romania
Ștefan Iacob: Department of Cybernetics, Economic Informatics, Finance and Accountancy, Romania Petroleum-Gas University of Ploiesti, 39, Bd București, 100680 Ploiesti, Romania
Cătălin Voica: Department of Cybernetics, Economic Informatics, Finance and Accountancy, Romania Petroleum-Gas University of Ploiesti, 39, Bd București, 100680 Ploiesti, Romania
Viorela Iacovoiu: Department of Cybernetics, Economic Informatics, Finance and Accountancy, Romania Petroleum-Gas University of Ploiesti, 39, Bd București, 100680 Ploiesti, Romania
Daniela Iov: Department of Cybernetics, Economic Informatics, Finance and Accountancy, Romania Petroleum-Gas University of Ploiesti, 39, Bd București, 100680 Ploiesti, Romania
Carmen Mincă: Department of Cybernetics, Economic Informatics, Finance and Accountancy, Romania Petroleum-Gas University of Ploiesti, 39, Bd București, 100680 Ploiesti, Romania
Cristian Teodorescu: Department of Cybernetics, Economic Informatics, Finance and Accountancy, Romania Petroleum-Gas University of Ploiesti, 39, Bd București, 100680 Ploiesti, Romania

Energies, 2024, vol. 17, issue 12, 1-18

Abstract: As civilization and technology have developed, there have been multiple energy transitions that have pushed various resources like coal, wood, oil, and gas to the forefront of the energy mix. Due to a variety of geopolitical initiatives, there have been progressively more restrictions on the energy sector in recent years. One of the main concerns of researchers is the widespread use of renewable energy and the replacement of fossil resources. The utilization of non-renewable energy sources results in a detrimental increase in greenhouse gas emissions. One of the most crucial strategies for lowering energy consumption and enhancing the energy system’s sustainability is to increase energy efficiency. Numerous studies note that energy transition has become necessary in the modern day. Using the analysis of the main components as an extraction method, hierarchical cluster analysis, this study focuses on the situation of the states of the European Union in their race for energy transition, taking into account the main challenges generated by geopolitical tensions and the energy poverty spectrum for the population. The conclusions of the study call for a reconfiguration of the energy mix based on renewable energy. Increasing the share of renewable energy is a goal pursued by EU countries, but energy policies must be considered in a broader context that includes the social aspects of the energy transition. So, just transition is a new concept that reshapes the actions of public authorities on the path to a low-carbon economy. Just transition is a necessity that puts the consumer at the center of attention so that the negative externalities generated by the move away from fossil fuels are minimized in terms of social impact.

Keywords: energy transition; fossil fuel; renewable energy; European Union (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: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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