Theoretical Foundations of Financial Mechanism for the Development of Renewable Energy

Abstract

The global concept of sustainable development of countries has predetermined the global trends of transition to carbon-free energy sources, among which renewable energy sources are the most promising. In this regard, the development of the theoretical foundations of the financial mechanism for the development of renewable energy is an urgent task of the financial policy and energy industry of the states. Due to the absence of limited literature data on the basic foundations of the financial mechanism for the development of renewable energy and its relationship with economic laws, the purpose of the study is the development of theoretical foundations of the financial mechanism for the development of renewable energy. To achieve this goal, data from scientific and educational literature of foreign authors and methods of dialectical logic and deduction were used. The article reviews, systematizes and analyzes the literature data on the relationship of the financial mechanism of economic processes with economic laws. The effect of objective economic laws of increasing needs, conformity of production relations to the level and character of development of productive forces, competition, value, supply and demand, and monetary circulation in the economic processes of the renewable energy sector has been determined. The obtained research results have theoretical value, as they were obtained for the first time and can be used for the development of renewable energy in transition economies countries, developed and developing countries, including Kazakhstan.