Prospects of Renewable Energy Sources: The Case Study of the BRICS Countries

Abstract

The paper aims to analyze renewable energies consumption in the BRICS, given structural differences in production and consumption of energy forms, as well as development outlook study of renewable energies in Russia. New and innovative solutions are essential to provide sustainable energy supplies and security amid successful integration of emerging countries in the global economic system. The issue becomes extremely relevant in the context of, firstly, increasing regionalization, secondly, intense global competition, thirdly, pressing challenges of energy resource efficiency and high intensity of energy comparative production. Through comparative analysis the authors study the current state and development outlook of the energy sector in the BRICS, identify the most perspective directions of Fuel and Energy System development. The shift towards the renewable energy sources (RES) strategy in Russia would be driven by flexibility of the state support mechanisms, the investment rate in the sector, territorial and economic feasibility of RES consumption, better channelled innovative technologies and best practices of the BRICS to the Russian economy.Keywords: renewable energy sources, BRICS, energy security, energy resource efficiency.JEL Classifications: C82, F64, O57, P48, Q20.https://doi.org/10.32479/ijeep.7874