Equilibrium of the Global Energy Market between Conventional and Renewable Energy Sources: A Conceptual Analysis
This paper explores how to achieve a fair equilibrium between conventional and renewable energy on the global energy market by integrating economic, social and environmental factors. It also seeks to analyze the effect of technology on the advancement of clean energy on increasing the efficiency of renewable energy and reducing costs. This paper uses the prospective approach as a research method to describe the essence of the demand for traditional and renewable energy and to extrapolate its trends. The results show that the current energy situation is not sustainable and leads to an increase in environmental pollution and an increase in dependence on fossil fuels. The findings also demonstrate that the technological development of renewable energy technologies allows it to gain an important position on the global energy market. The results of this study provide a scientific basis for drawing up energy policies in both the producing countries and the countries and countries importing oil. In addition, the current study provides managers of international energy firms with the advancement of investment plans in the field of clean energy to respond to the needs of the global energy industry both today and in the future.