Institutional mechanisms for ensuring «green» growth of the energy sector of Ukraine

The article examines the theoretical and legal foundations of «green» energy transformation in Ukraine in the context of modern global challenges and European integration processes. The relevance of the transition to alternative energy, due to the depletion of traditional energy resources, environmental problems and geopolitical factors, in particular, Russia’s military aggression, is considered. The regulatory and legal framework in the field of alternative energy is analyzed, including the Law of Ukraine «On Alternative Energy Sources» and other legislative acts. The author identifies four stages of development of legal regulation of alternative energy in Ukraine: 1992-2000 – formation of basic concepts; 2000-2009 – creation of a fundamental legal framework; 2009-2015 – implementation of an effective regulatory mechanism; 2015-2020 – reforming the electricity industry in accordance with international obligations. The main directions of state policy on alternative energy sources are outlined, including: increasing the production and consumption of energy from alternative sources, strengthening energy independence, ensuring environmental safety and creating a favorable investment climate. Particular attention is paid to the European Green Deal as a guideline for Ukraine in the transition to a sustainable economy and clean energy. Various mechanisms for stimulating investments in the green economy are considered, including portfolio standards for the use of renewable energy sources, emissions trading and «green certificates». The importance of a differentiated approach to the application of market incentives in various alternative energy sectors is emphasized. The author concludes that, despite significant steps in the development of alternative energy, institutional changes in the Ukrainian economy towards green growth are not taking place consistently enough due to the imperfection of existing mechanisms. For a successful transformation, it is necessary to build an appropriate infrastructure at the national level, taking into account the international experience and commitments of Ukraine, which will allow not only to achieve sustainable development goals, but also to ensure the country’s energy security in the long term.