Global energy transition: From the main determinants to economic challenges

Equilib ium. Qua e ly Jou nal o Economics and Economic Policy Volume 18 Issue 3 Sep embe 2023 p-ISSN 1689-765X, e-ISSN 2353-3293 www.economic-policy.pl Copy igh © Ins y u Badań Gospoda czych / Ins i u e o Economic Resea ch (Poland) This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons A ibu- ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. EDITORIAL Ci a ion: Balce zak, A. P., Uddin, G. S., Igliński, B., & Pie zak, M. B. (2023). Global ene gy ansi ion: F om he main de e minan s o economic challenges. Equilib ium. Qua e ly Jou nal o Economics and Economic Policy, 18(3), 597–608. doi: 10.24136/eq.2023.018 Con ac o co esponding au ho : Adam P. Balce zak, a.balce [email protected] A icle his o y: Recei ed: 20.07.2023; Accep ed: 1.09.2023; Published online: 30.09.2023 Adam P. Balce zak B no Uni e si y o Technology, Czechia Cen e o Business Resea ch, Pan-Eu opean Uni e si y, Czechia o cid.o g/0000-0003-0352-1373 Gazi Salah Uddin Linköping Uni e si y, Sweden o cid.o g/0000-0002-5744-0192 Ba osz Igliński Nicolaus Cope nicus Uni e si y in To uń, Poland o cid.o g/0000-0002-2976-6371 Michał Be na d Pie zak Gdansk Uni e si y o Technology, Poland o cid.o g/0000-0002-9263-4478 Global ene gy ansi ion: F om he main de e minan s o economic challenges Dynamic global ene gy ansi ion has been accele a ing o he las decade. In e es ingly, he ene gy ansi ion is mul idimensional and conce ns bo h he dimensions o echnique/ echnology and he economic, social, ins i u- ional, and legal sphe es (Shuguang e al., 2022; Tze emes e al., 2022; Ram- zan e al., 2022; Tze emes e al., 2022). The li e a u e also poin s o he signi - ican impac o he digi iza ion o he global economy on accele a ing ene - gy ansi ion p ocesses (Shahbaz e al., 2022; Yi e al., 2022). I can be ex- Equilib ium. Qua e ly Jou nal o Economics and Economic Policy, 18(3), 597–608 598 pec ed ha due o he cu en ly obse ed "A i icial In elligence Re olu- ion," his ac o may gain e en highe impo ance. F om he no ma i e pe spec i e, i is commonly assumed ha he ene - gy ansi ion should p oceed acco ding o he idea o he ene gy ilemma, which emphasizes h ee key aspec s: ensu ing ene gy secu i y, ai access o ene gy, and en i onmen al sus ainabili y (Liu e al., 2022). Howe e , eaching his objec i e is one o he bigges challenges o highly de eloped socie ies; speci ically, suppo ing his p ocess is he g ea es challenge o cu en science. Ene gy secu i y is abou secu ing s able ene gy consump ion o each economy while educing he use o di y ene gy and sys ema ically ex- panding he esou ces o he enewable ene gy mix (Amigues e al., 2015; Nasi e al., 2022; Taghizadeh-Hesa y e al., 2022; Ainou e al., 2023; Fa id e al., 2023). Fai access o ene gy a he mic oeconomic le el is associa ed wi h he isk o ene gy po e y in households, which may signi ican ly limi hei unc ioning (Da idson e al., 2021; Ba ool e al., 2022; F ase e al., 2023). F om he mac oeconomic pe spec i e, ene gy secu i y is ela ed o he p incipal o building high-secu i y na ional ene gy sys em, which mus be cha ac e ised wi h maximum esilience o geopoli ical ea s (Jonek- Kowalska, 2022). In u n, he idea o en i onmen al sus ainabili y is no only ela ed o elimina ing he nega i e impac o ene gy ansi ion p ocesses on he en i- onmen , bu also o ob aining posi i e e ec s o he ansi ion, bo h in en i onmen al and socio-economic aspec s, de ined as pa o he imple- men a ion o he sus ainable de elopmen goals se by he Uni ed Na ions (Tze emes e al., 2022, Gao & Chen, 2023). The e o e, he ene gy ansi ion p ocess which is unde s ood in his way is c ucial o all h ee basic dimensions o a sus ainable economy (social, en i onmen al, and economic dimensions) and o inc easing economic esilience bo h a he mic o and mac oeconomic le el as well (Sk a ciany e al., 2021; Ma uszewska-Pie zynka, 2021; Rich e o á e al., 2021; S jepano ic e al., 2022; Kowalska & Bieniek, 2022; D o skey e al., 2023; Balce zak e al., 2023). I should be emphasized ha he cu en ly p og essing ene gy ansi- ion p ocess esul s om many socio-economic phenomena, which ha e gained impo ance o he las 30–40 yea s. Du ing his pe iod, a whole se o changes occu ed ha enabled and posi i ely in luenced he sys ema ic de elopmen o ene gy ansi ion p ocesses. The key de e minan he e is Equilib ium. Qua e ly Jou nal o Economics and Economic Policy, 18(3), 597–608 599 he p ocesses o globaliza ion, which ha e been de eloping sys ema ically and dynamically since he end o he 20 h cen u y (Li e al., 2021; Ramzan e al., 2022; Ahmed e al., 2022). The inc ease in in e dependence esul ing om globaliza ion has con ibu ed o he dynamic de elopmen o ma ke s and hei signi ican uni ica ion in e ms o unc ioning, in e ela ions, and ins i u ional changes (Fałdziński e al., 2016; Boa eng e al., 2022). In his con ex , he g owing ole o he inancial ma ke is o en poin ed ou , whose ins umen s a e used o inance he implemen a ion o ene gy an- si ion (Shuguang e al., 2022; Ramzan, e al., 2022; Al Mamun e al., 2022; Lee & Lee, 2022; Zheng e al., 2023). Addi ionally, globaliza ion p ocesses ha e in luenced he signi ican economic g ow h o wo ld economies and inc eased hei compe i i eness and inno a ion. Signi ican social changes ha e occu ed in mos coun ies, in luencing p o-en i onmen al changes in consump ion pa e ns (Cong Doanh e al., 2021), including ene gy consump ion. All he phenomena men ioned abo e ha e in luenced he cou se o ene gy ansi ion (Tze emes e al., 2022; Sun e al., 2022; Muj aba e al., 2022; Adebayo e al., 2022; Liu & Feng, 2023). On he o he hand, he cu en ly obse ed e ea om ha pe iod o igo ous globaliza ion and he ime o g owing p o ec ionism opens a new chap e o he ene gy ansi ion p ocess, wi h he g owing ole o ene gy in e dependence and ene gy secu i y. The sudden change we ha e ob- se ed o he las wo yea s con i ms ha hese p ocesses a e di ec ly o indi ec ly ela ed o he changes in mode n economies, socie ies and, ob i- ously, poli ics, and a e, he e o e, di icul o con ol. Howe e , despi e his change in a i ude o un es ic ed globaliza ion, he measu able impac o he de elopmen o he in e na ional inancial ma ke s and he in ol emen o ansna ional policy in shaping he ene gy ansi ion p ocesses is emphasized (Shuguang e al., 2022; Ramzan e al., 2022; Al Mamun e al., 2022; Lee & Lee, 2022). Some new inancial ins u- men s a e cons an ly c ea ed as pa o he unc ioning o inancial ma ke s. These p ocesses end o s uc u e s a e policy; legal solu ions and public inances should suppo in es men s in ene gy ansi ion p ocesses (Lind- be g e al., 2019; Shuguang e al., 2022; Shahbaz e al., 2022; Mahmood e al., 2022; Liu & Feng, 2023; Lee e al., 2023). This is ex emely impo an be- cause, on he one hand, access o inancial ma ke ins umen s and, on he o he hand, access o mode n in as uc u e seem o be a necessa y condi- ion o he ene gy ansi ion p ocesses and enable, in he long e m, he Equilib ium. Qua e ly Jou nal o Economics and Economic Policy, 18(3), 597–608 600 unwa e ing de elopmen o mode n echnologies and he implemen a ion o sus ainable de elopmen goals. The e o e, i seems necessa y o indi- idual coun ies o in e na ional o ganiza ions o es ablish long- e m ene - gy s a egies. F om his las pe spec i e, he men ioned de e minan s o ene gy ansi ion a e ins i u ionally s eng hened by he coope a ion o coun ies a he in e na ional le el and he c ea ion o in e na ional legisla- ion. In his case, he newly c ea ed ins i u ions and legisla ion should en- su e he socially ai na u e o ene gy ansi ion p ocesses and, as a as possible, a posi i e impac on implemen ing sus ainable de elopmen goals. F om his las pe spec i e, he plans o in e na ional ins i u ions a e ambi ious and assume ha in he coming decades, he ene gy ansi ion p ocesses will posi i ely impac changes in mos coun ies' ene gy policies. In he case o analyzing he cou se o ene gy ansi ion, i is assumed ha i should be consis en wi h he sus ainable de elopmen goals se ou in he 2030 Agenda o Sus ainable De elopmen (B odny & Tu ak, 2023). In e - na ional o ganiza ions poin ou ha he ene gy ansi ion ela ed o im- plemen ing he Sus ainable De elopmen Goals will in ol e eno mous economic e o , p oblems wi h socie y accep ance, econs uc ion o ma - ke s, legisla ion, and ins i u ions associa ed wi h in es men expendi u e ha has ye o be eco ded. F om he Eu opean pe spec i e, he ambi ious plans o he Eu opean Commission, ca ying ou an ene gy ansi ion based mainly on enewable ene gy sou ces, a e aimed o lead o a si ua ion whe e, by he end o 2050, we will ha e a deca bonized ene gy sys em. Thus, as al eady men ioned, hese ac o s o ce he implemen a ion o subs an ial in es men p og ams a he le el o indi idual en e p ises, en- i e economies, and e en mo e blocs o coun ies. Achie ing he indica ed goals will no be possible wi hou he ac i e in ol emen o public unds, which in u n may o ce he need o change he ecen ly widely accep ed consensus ega ding he ounda ions o he economic ole o go e nmen , equi ed o accep able economic in e en ion o he s a e in a gene al sense, as well as he p inciples o a well-conduc ed iscal policy in de ails (Balce - zak e al., 2016; Balce zak & Rogalska, 2016). F om he mo e echnical ma ke pe spec i e, an essen ial aspec o he ene gy ansi ion p ocesses is he c ea ion o he enewable ene gy sec o and i s dynamic and sys ema ic de elopmen (Wang e al., 2021; Agyekum e al., 2021; Cal o & Vale o, 2022). In he case o he enewable ene gy sec- o , he mos signi ican expec a ions a e ela ed o en i onmen al p o ec- Equilib ium. Qua e ly Jou nal o Economics and Economic Policy, 18(3), 597–608 601 ion (Ib ahim e al., 2022), socio-economic de elopmen (Gyimah e al., 2022), and he implemen a ion o sus ainable de elopmen goals (Bei & Wang, 2023). The ene gy ansi ion based mainly on using enewable ene - gy sou ces allows o he educ ion o pollu an emissions, which ha e con ibu ed mos o he deg ada ion o he na u al en i onmen o e ecen decades (Shuguang e al., 2022). Cu en ly, elec ici y p oduc ion, as well as he en i e ene gy sec o , is p ima ily based on he use o ossil uels, he combus ion o which is belie ed o be esponsible o mos g eenhouse gas emissions. The e o e, he need o imp o e he ene gy p oduc ion p ocess is emphasized, whe e ene gy ansi ion, including enewable ene gy sou ces, is expec ed o signi ican ly educe g eenhouse gas emissions and pollu an s in he coming decades. Finally, i is belie ed ha i should ansla e in o an imp o emen in he condi ion o he na u al en i onmen (Olabi & Abdel- ka eem, 2022). Due o a ailabili y, he mos impo an o he enewable ene gy sec o a e sola ene gy, wind ene gy, and biomass (Olabi & Abdel- ka eem, 2022; Chang e al, 2022; Chang e al., 2022; Amji h & Ba anish, 2022). Howe e , i is essen ial ha he enewable ene gy sec o canno be based on one ene gy sou ce. Each coun y's ene gy sys em should be buil on an ene gy mix based on a po olio o enewable ene gy om a ious sou ces (Yana e al., 2022l; Bashi e al., 2022). Addi ionally, he p oduc ion o enewable ene gy o eplace ene gy based on ossil uels will equi e eno mous challenges o socie ies in e ms o echnology, echnical, in a- s uc u e, and esilience o economies, which will, in u n, be associa ed wi h challenges ela ed o legal egula ions, sou ces o in es men inanc- ing and social issues (Boo -Hand o d e al., 2014; Abbasi e al., 2022). The e is s ill a echnological p oblem o using he sho - e m o e supply o ene - gy om enewable sou ces. The solu ion o his p oblem is undoub edly he use o g een hyd ogen. The economically p ac ical p oduc ion o hy- d ogen om he o e supply o enewable ene gy and i s s o age, and hen he con e sion o hyd ogen in o ene gy, uels, and aluable chemical com- pounds, is expec ed o become o he mos signi ican impo ance in he ene gy ansi ion p ocesses sho ly (Capu so e al., 2021; Boo -Hand o d e al., 2021; Leb ouhi e al., 2022; He mesmann & Mulle , 2022; Qu eshi e al., 2022; Amin e al., 2022). Wi hin his con ex , he las , bu no mos mino issue o conside — c i ical a e 24 Feb ua y 2022 (Fiszede & Małecka, 2022) — is he new ole o nuclea ene gy, which can become he c ucial ac o in he ac ual deca - Equilib ium. Qua e ly Jou nal o Economics and Economic Policy, 18(3), 597–608 602 boniza ion p ocess o he economy, and a he same ime i can de e mine he abili ies o many coun ies o imp o e s abili y o he ene gy sys ems wi hin he objec i e o building geopoli ical ene gy secu i y, and su icien esilience o na ional economies (Jonek-Kowalska; 2022). 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