9. Renewable energy versus energy security: the impact of innovation on the economy

 Mantas Svazas, Valentinas Navickas, Raimondas Paskevicius, Yuriy Bilan, Laszlo Vasa
renewable energy, energy security, innovations, European Union
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Europe's energy security is a very relevant and debatable topic today. Many countries in the European Union do not have sufficient fossil energy resources and are dependent on neigh-boring, energy-rich countries. Such dependence on other countries in the EU is useless and even dangerous, both economically and politically or in terms of energy security. The EU faces serious energy security challenges due to its high dependence on external energy exporters. Countries that export energy resources can manipulate them and exert both economic and political pressure. In order to increase the level of energy security, it is necessary not only to diversify energy supply sources, but also to apply relevant innovations as widely as possible. However, in addition to the goal of diversification, it is essential to ensure the affordability of energy so that the widest possible social segment has access to the energy they need. Energy availability is very important for the social and economic development of the country. One of the most important tasks is to produce energy resources within the country or the EU without doing harm to the environment, do not using fossil fuel and developing the economy in a sustainable way. This goal can only be achieved by applying a wide range of innovations - green energy production solutions, energy system balancing tools, digital technologies.