Export Specialization Diversification of Extractive Countries as a Pathway to Sustainable Development

Abstract

The energy sector is undergoing significant transformations, with long-term consequences for the global energy sector and its leading players, including oil and coal corporations, as well as exporting countries of non-renewable energy resources. The paper focuses on assessing the impact of the energy transition on the global economy and international economic relations using the example of countries specializing in the export of non-renewable energy resources. The dynamics of global consumption of energy resources (oil and gas) and new renewable sources from 1960 to the present are analyzed, and the forecast till 2030 is worked out. The novelty of the research lies in the author’s proposals for a set of measures to improve the efficiency of using non-renewable energy resources, as well as to reduce their share and refined products as an energy resource by switching to alternative energy sources.
The findings of the study could be applied by federal authorities in ensuring the financial and economic security of the Russian economy by reducing its dependence on hydrocarbon energy resources as one of the main energy sources. The materials of this study could be used to accelerate the development of strategic areas for transforming the energy sector into a more sustainable and responsible system.