Renewable Energy Support Mechanisms in Northern Europe

Within the framework of the concept of sustainable development, many countries have taken measures to support the use of renewable energy sources. These measures include preferential tariffs, tax incentives, and grant support. The development of instruments for promoting renewable energy is driven by the desire to mitigate the effects of climate change, as well as to support the national industry and provide citizens with "green" jobs. The Nordic countries have one of the highest indicators in the field of renewable energy, which makes it necessary to conduct a comparative analysis of the impact of government support mechanisms for RES on the degree of use of RES in the total energy consumption. The aim of the study is to compare the mechanisms of support for renewable energy in the Nordic countries. Research objectives: * Explore mechanisms to support RES at the global, regional and local levels; * Assess the factors influencing the increase in the share of renewable energy in total energy consumption in the Nordic countries; * Forecast the dynamics of RES development in Northern Europe, taking into account national characteristics. Object of research: renewable energy industry in the Nordic countries. Subject of research: mechanisms of RES support in the studied region. National support schemes are not universal in the Nordic countries. They vary by the supported segment: electricity, heating and cooling, and transport. The smallest number of measures is characterized by Norway, where there is only a system for trading energy certificates. The practical significance of the research is based on econometric modeling aimed at identifying the key factors of RES development in each of the Nordic countries. High values of the determination coefficients and the Fisher criterion indicate the significance of the models. The forecast of the dynamics of RES development is made taking into account national characteristics. Despite the positive dynamics, global socio-economic shocks require the preparation of an energy system with much higher shares of variable renewable energy, more comprehensive innovations and strategic planning of renewable energy policy.