ENERGY TRANSITION POLICIES: A GLOBAL REVIEW OF SHIFTS TOWARDS RENEWABLE SOURCES

Authors

  • Odunayo Adewunmi Adelekan PWC Lagos, Nigeria
  • Bamidele Segun Ilugbusi Department of Business Administration, Afe Babalola University, Ado-Ekiti, Nigeria
  • Olawale Adisa Jack Welch College of Business, Department of Economics, Sacred Heart University, Fairfield, USA
  • Ogugua Chimezie Obi Independent Researcher, Lagos, Nigeria
  • Kehinde Feranmi Awonuga Independent Researcher, UK
  • Onyeka Franca Asuzu Dangote Sugar Refinery Plc, Nigeria.
  • Ndubuisi Leonard Ndubuisi Spacepointe Limited Rivers State, Nigeria

DOI:

https://doi.org/10.51594/estj.v5i2.752

Abstract

The global landscape of energy production is undergoing a profound transformation as nations grapple with the imperatives of sustainable development and climate change mitigation. This paper encapsulates a comprehensive review of Energy Transition Policies, specifically focusing on the global shift towards renewable energy sources. The paper delves into the myriad policy initiatives adopted by countries worldwide to transition from conventional fossil fuel-based energy systems to cleaner and more sustainable alternatives. The analysis explores the diverse motivations driving these energy transitions, ranging from environmental concerns and climate change imperatives to economic competitiveness and energy security. By examining the unique policy frameworks of different regions, the research provides valuable insights into the challenges and opportunities associated with the adoption of renewable energy sources. It investigates the regulatory mechanisms, financial incentives, and technological advancements that shape the trajectory of energy transition policies on a global scale. Furthermore, the paper sheds light on the impact of energy transition policies on various stakeholders, including governments, industries, and local communities. It examines the socio-economic implications of renewable energy integration, job creation, and the role of international collaborations in fostering sustainable energy practices. The study adopts a comparative approach, drawing on case studies from diverse geographical contexts to distill common trends and best practices in energy transition policy formulation and implementation. This paper provides a nuanced understanding of the complex interplay between policy frameworks and the global transition towards renewable energy. By synthesizing insights from different regions, it contributes to a holistic perspective on the challenges and opportunities inherent in shaping a sustainable and resilient energy future. The research is an invaluable resource for policymakers, researchers, and industry stakeholders seeking to navigate the intricate landscape of energy transition on a global scale.

Keywords: Energy, Renewable Energy, Energy Innovation, Energy Transition, Review. 

Published

2024-02-02

How to Cite

Odunayo Adewunmi Adelekan, Bamidele Segun Ilugbusi, Olawale Adisa, Ogugua Chimezie Obi, Kehinde Feranmi Awonuga, Onyeka Franca Asuzu, & Ndubuisi Leonard Ndubuisi. (2024). ENERGY TRANSITION POLICIES: A GLOBAL REVIEW OF SHIFTS TOWARDS RENEWABLE SOURCES. Engineering Science & Technology Journal, 5(2), 272-287. https://doi.org/10.51594/estj.v5i2.752

Issue

Section

Articles