10.36172/EKONOMISTI.2024.XX.04.VESHAPIDZE.KERESELIDZE.TSIRDAVA

Sumary

Abstract. Relevance of the topic. Over time, climate change mitigation and decarbonization in the energy sector has become one of the top priorities of the modern world. Achieving climate neutrality involves not only reducing existing carbon emissions as much as possible, but also transforming all sectors of the economy in such a way that it becomes environmentally sustainable.

The aim of the paper is to analyze Georgia's opportunities and challenges in the process of energy decarbonization, especially in the conditions when the globalization of the economy is actively underway and climate change is the primary topic of international cooperation. In order to achieve climate neutrality, Georgia, like other countries, is obliged to apply relevant political, economic and technological innovations in order to reduce harmful effects on the environment and ensure sustainable energy development. For this purpose, the article analyzes the measures taken by the European Union. Mechanisms and tools for carrying out these measures are shown. The transition to a climate-neutral economy is associated with high costs, which may not be economically viable for some countries. Such countries are trying to bypass activities for the process of greening the economy, which is why it is necessary to use deterrent tools. In the article, the impact of the economic globalization process on both the ecosystem and humanity is analyzed from an ethical and economic point of view.

The research subject of the paper is the study of the challenges of decarbonization of energy and Georgia's opportunities, the ways to achieve climate neutrality in the wake of the globalization of the economy.

Practical value. The paper discusses the legislative framework of climate change in Georgia and the need to create a unified legislative system to achieve climate neutrality based on it. The need to speed up the formation of the global energy market and the need for Georgia's integration with it are emphasized. The implementation of the "Georgian Energy Exchange" is considered one of the steps taken on the path of integration.

Results and discussion. In the article, based on research, the target sectors for the structural changes necessary for the decarbonization of Georgian energy are highlighted. The issue of raising public awareness, introducing and developing innovative technologies, and the need for a strong legislative and financial-economic base is substantiated. The importance of the integration of Georgian energy with the energy of the European Union has been established and recommendations have been developed for the implementation of this goal.

Conclusion. Decarbonization of Georgian energy is one of the most important conditions for economic and ecological sustainability of the country. The paper confirms that in order to achieve the global climate goals, Georgia needs a complex strategy that includes both legal, technological and social initiatives. Only by synthesizing international cooperation and national approaches can the country successfully solve the challenges of decarbonization and ensure sustainable energy development.

Keywords: economic globalization, ecosystem, climate neutrality, sustainable development, Pathways for the decarbonization of Georgia's energy sector, Environmental Efficiency Index.