References

msuecon

Вестник Московского университета. Серия 6. Экономика

Lomonosov Economics Journal

0130-0105

MSUPRESS

10.55959/MSU0130-0105-6-61-1-12

msuecon-1814

Research Article

МИРОВАЯ ЭКОНОМИКА

WORLD ECONOMY STUDIES

Возобновляемая энергетика ЕС: факторы и стратегии привлечения прямых иностранных инвестиций

EU renewable energy: factors and strategies for attracting foreign direct investment

https://orcid.org/0009-0004-8740-8363

Канихин

Т. Н.

Kanikhin

T. N.

Канихин Тихон Николаевич — аспирант, Институт торговой политики

Москва

Moscow

tnkan-ikhin@hse.ru

Национальный исследовательский университет «Высшая школа экономики»РоссияHSE UniversityRussian Federation

2026

30042026

611264282

2026

Канихин Т.Н.

Kanikhin T.N.

Данная работа распространяется под лицензией Creative Commons Attribution 4.0.

This work is licensed under a Creative Commons Attribution 4.0 License.

https://msuecon.elpub.ru/jour/article/view/1814

В статье исследуется вопрос привлечения прямых иностранных инвестиций (ПИИ) в сектор возобновляемой энергетики (ВИЭ) ЕС. Целью работы выступает выявление факторов и оценка возможных стратегий привлечения ПИИ в сектор возобновляемой энергетики ЕС. Гипотезой исследования является предположение о том, что в условиях роста стоимости импорта установок ВИЭ из Китая и переориентации энергетической политики США, основной стратегией ЕС по привлечению ПИИ в сектор ВИЭ станет диверсификация поставщиков материалов и оборудования. Методология исследования основана на SWOT-анализе с использованием корреляционной матрицы для прогнозирования и оценки стратегий ЕС. Результаты исследования позволили определить ключевые факторы, влияющие на приток ПИИ, а также создать прогноз и оценить четыре варианта стратегий привлечения ПИИ ЕС. Стратегия SO предполагает трансформацию правовой базы регулирования ВИЭ. Стратегия WO направлена на развитие сети партнеров и инвесторов для реализации совместных проектов. Стратегия ST ориентирована на разработку существующих месторождений ЕС с учетом кластерной дифференциации стран по уровню использования ВИЭ. Стратегия WT предусматривает развитие проектов в области гибридной энергетики. Гипотеза подтвердилась частично: в среднесрочном периоде ЕС будет диверсифицировать импорт, однако вероятные изменения условий приведут к применению стратегий, оценка которых дается автором. Результаты работы могут представлять интерес для научно-исследовательских институтов, организаций и компаний, специализирующихся на возобновляемой энергетике и сотрудничестве с ЕС, а также для инвесторов, разрабатывающих инвестиционные стратегии в секторе ВИЭ ЕС.

The article examines the attraction of foreign direct investment (FDI) to the renewable energy sector (RES) of the EU. The research aims to identify the factors and evaluate possible strategies for attracting FDI to the EU renewable energy sector. The author assumes that, with rising costs of Chinese equipment imports and shifts in US energy policy, the EU will prioritize diversifying material and equipment suppliers to attract FDI. The research methodology is based on a SWOT analysis using a correlation matrix to forecast and evaluate EU strategies. The results of the study allow us to identify the key factors influencing the inflow of FDI, as well as to forecast and evaluate four EU strategies to attract FDI. The SO strategy involves the transformation of the legal framework for RES regulation. The WO strategy is aimed at developing a network of partners and investors for joint projects implementation. The ST strategy is focused on the development of existing EU deposits, considering the cluster differentiation of countries by the level of RES usage. The WT strategy stands for the development of hybrid energy projects. The hypothesis is partially confirmed: in the medium term, the EU will diversify imports, but probable changes in conditions will lead to the use of strategies, described by the author. These results may be interesting for research institutes, organizations and companies specializing in renewable energy and cooperation with the EU, as well as for investors developing investment strategies in the EU renewable energy sector.

возобновляемая энергетикапрямые иностранные инвестиции (ПИИ)ЕСSWOT-анализстратегии.

renewable energyforeign direct investment (FDI)EUSWOT analysisstrategies.

Исследование выполнено при поддержке Национального исследовательского университета «Высшая школа экономики» в 2026 г.

Research supported by National Research University “Higher School of Economics” in 2026.

References1

Зуев, В. Н., & Канихин, Т. Н. (2024). Особенности формирования кластеров стран ЕС в секторе возобновляемых источников энергии на современном этапе. Вестник ЮУрГУ. Серия «Экономика и менеджмент», 18(4), 7–14. https://doi.org/10.14529/em240401.

Forbes. (2025, March 4). Trapped between Two Superpowers: Why Europe Is Hurtling to Weaken Environmental Regulations. Retrieved June 19, 2025, https://www.forbes.ru/sustainability/531989-zazata-mezdu-dvuh-sverhderzav-pocemu-evropa-vynuzdena-oslablat-ekologiceskie-normy.

Forbes. (2025, 4 марта). Зажата между двух сверхдержав: почему Европа вынуждена ослаблять экологические нормы. Дата обращения 19.06.2025, https://www.forbes.ru/sustainability/531989-zazata-mezdu-dvuh-sverhderzav-pocemu-evropa-vynuzdena-oslablat-ekologiceskie-normy.

Zuev, V. N., & Kanikhin, T. N. (2024). The main features of the formation and clustering of EU energy policies in the renewable energy sector. Bulletin of the South Ural State University. Ser. Economics and Management, 18(4), 7–14. https://doi.org/10.14529/em240401.

Altıntaş, N., Açıkgöz, F., Okur, M., Öztürk, M., & Aydın, A. (2024). Renewable Energy and Banking Sector Development Impact on Load Capacity Factor in Malaysia. Journal of Cleaner Production, 434, 1–15. https://doi.org/10.1016/j.jclepro.2023.140143.

Appiah-Otoo, I., Chen, X., & Ampah, J. (2023). Exploring the moderating role of foreign direct investment in the renewable energy and economic growth nexus: Evidence from West Africa. Energy, 281, 128–139. https://doi.org/10.1016/j.energy.2023.128346.

Bamati, N., & Raoofi, A. (2020). Development level and the impact of technological factor on renewable energy production. Renewable Energy, 151, 946–955. https://doi.org/10.1016/j.renene.2019.11.098.

Boon, F., & Dieperink, C. (2014). Local civil society based renewable energy organisations in the Netherlands: Exploring the factors that stimulate their emergence and development. Energy Policy, 69, 297–307. https://doi.org/10.1016/j.enpol.2014.01.046.

CarExplore. (2024, October 28). Porsche Reconsiders EV Strategy, May Offer Hybrid and Combustion Options for Future Models. Retrieved June 19, 2025, from https://www.carexplore.com.au/porsche-shifts-ev-strategy-to-include-more-combustion-models/

CNN. (2022, October 17). EU produces record wind and solar energy as it shirks Russian gas. Retrieved June 19, 2025, from https://edition.cnn.com/2022/10/17/energy/renewable-energy-eu-climate-intl/index.html

Energy Monitor. (2023, January 31). Europe: Renewables in 2022 in five charts – and what to expect in 2023. Retrieved June 19, 2025, from https://www.energymonitor.ai/tech/renewables/europe-renewables-in-2022-in-five-charts-and-what-to-expect-in-2023/?cf-view&cf-closed.

Energynews. (2024, July 4). Italy and the EU Boost Investment in Renewable Energies. Retrieved June 19, 2025, from https://energynews.pro/en/italy-and-the-eu-boost-investment-in-renewable-energies/.

EN.pdfFortune Business Insights. (2025, June 2). f Neodymium Market Size, Share & Industry Analysis. Retrieved June 19, 2025, from https://www.fortunebusinessinsights.com/neodymium-market-107678.

ESG Today. (2023, November 2). Merck to Purchase Renewable Energy for 100% of Electricity Use in Europe from 2025. Retrieved June 19, 2025, from https://www.esgtoday.com/merck-to-purchase-renewable-energy-for-100-of-electricity-use-in-europe-from-2025/.

EUR-Lex. (2019). Regulation (EU) 2019/452. https://eur-lex.europa.eu/eli/reg/2019/452/oj/eng.

European Commission. (2019). EU-Mercosur: Text of the agreement. https://policy.trade.ec.europa.eu/eu-trade-relationships-country-and-region/countries-and-regions/mercosur/eu-mercosur-agreement/text-agreement_en.

European Commission. (n.d.). EU funding for offshore renewables. Retrieved June 19, 2025, from https://energy.ec.europa.eu/topics/renewable-energy/financing/eu-funding-offshore-renewables_en.

European Commission. (n.d.). EU renewable energy financing mechanism. Retrieved June 19, 2025, from https://energy.ec.europa.eu/topics/renewable-energy/financing/eu-renewable-energy-financing-mechanism_en.

European Commission. GHG emissions of all world countries. Retrieved June 19, 2025, from https://edgar.jrc.ec.europa.eu/report_2024#emissions_table.

European Commission. Renewable Energy Directive. Retrieved June 19, 2025, from https://energy.ec.europa.eu/topics/renewable-energy/renewable-energy-directive-targets-and-rules/renewable-energy-directive_en.

European Commission. Stabilising renewable energy use with hybrid battery energy storage systems. Retrieved June 19, 2025, from https://cordis.europa.eu/project/id/963652.

European Parliament. (2022). European Parliament resolution of 9 March 2022. https://www.europarl.europa.eu/doceo/document/TA-9-2022-0064_EN.html.

European Parliament. (2024). Revision of the EU Foreign Direct Investment Screening Regulation. https://www.europarl.europa.eu/RegData/etudes/BRIE/2024/762844/EPRS_BRI(2024)762844_EN.pdf.

Habbou, H., Leon, J., & Das, K. (2023). Profi tability of hybrid power plants in European markets. Journal of Physics: Conference Series, 2507, 1–13. https://doi.org/10.1088/1742-6596/2507/1/012009.

Hoa, P., Xuan, V., Thu, N., & Huong, L. (2024). Nexus of innovation, foreign direct investment, economic growth and renewable energy: New insights from 60 countries. Energy Reports, 11, 1834–1845. https://doi.org/10.1016/j.egyr.2024.01.050.

IEA. Global renewables growth set to outpace current government goals for 2030. Retrieved June 19, 2025, from https://www.iea.org/reports/renewables-2024/executive-summary.

IEA. World Energy Investment 2024. Retrieved June 19, 2025, from https://www.iea.org/reports/world-energy-investment-2024/overview-and-key-findings.

IEA. World Energy Investment 2024. Retrieved March 15, 2025, from https://www.iea.org/reports/world-energy-investment-2024/overview-and-key-findings.

InterSolar. (2024, October 8). Hybrid Power Plants: Efficient and Grid-Serving. Retrieved June 19, 2025, from https://www.intersolar.de/trend-paper/hybrid-power-plants.

Ionescu, R., Zlati, M., Antohi, V., Susanu, I., & Cristache, N. (2022). A new approach on renewable energy as a support for regional economic development among the European Union. Technological Forecasting and Social Change, 184, 1–15. https://doi.org/10.1016/j.techfore.2022.121998.

IRENA. Renewable Power Generation Costs in 2023. Retrieved June 19, 2025, from https://www.irena.org/Publications/2024/Sep/Renewable-Power-Generation-Costs-in-2023.

Jankovic, I., Vasic, V., & Kovacevic, V. (2022). Does transparency matter? Evidence from panel analysis of the EU government green bonds. Energy Economics, 114, 106–120. https://doi.org/10.1016/j.eneco.2022.106325

Křístková, Z, Cui, H. D., Rokicki, B., M’Barek, R., van Meĳ l, H., & Boysen-Urban, K. (2025). European green bonds, carbon tax and crowding-out: The economic, social and environmental impacts of the EU’s green investments under different financing scenarios. Renewable and Sustainable Energy Reviews, 211, 115–130. https://doi.org/10.1016/j.rser.2025.115330.

Licastro, A., & Sergi, B. (2021). Drivers and barriers to a green economy. A review of selected Balkan countries. Cleaner Engineering and Technology, 4, 100–121. https://doi.org/10.1016/j.clet.2021.100228.

LRA. (2024, December 14). New EU Regulation for ESG Ratings: Strengthening Transparency and Integrity. Retrieved June 19, 2025, from https://reporting.academy/en/pages/new-eu-regulation-for-esg-ratings-strengthening-transparency-and-integrity/.

McKinsey & Company. The energy transition: Where are we, really? Retrieved June 19, 2025, from https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/the-energy-transition-where-are-we-reallyMcKinsey & Company. Global Energy Perspective 2024. Retrieved June 19, 2025, from https://www.mckinsey.com/industries/energy-and-materials/our-insights/global-energy-perspective.

Mirza, Z., Anderson, T., Seadon, J., & Brent, A. (2024). A thematic analysis of the factors that influence the development of a renewable energy policy. Renewable Energy Focus, 49, 1–16. https://doi.org/10.1016/j.ref.2024.100562.

Nasdaq. (2025, March 6). Top 4 Largest Lithium Reserves by Country. Retrieved June 19, 2025, from https://www.nasdaq.com/articles/top-4-largest-lithium-reserves-country.

Neo. (2022, March 28). Neo’s European Rare Earth Processing Plant Earns a Gold Medal from EcoVadis for its 2021 Sustainability Efforts. Retrieved June 19, 2025, from https://www.neomaterials.com/rare-earth-processing-plant-earns-gold-medal/.

Norton Rose Fulbright. (n.d.). EU scales up green subsidies: How you can benefit from new support for clean investments. Retrieved June 19, 2025, from https://www.nortonrosefulbright.com/en-il/knowledge/publications/b01d19d5/eu-scales-up-green-subsidies-how-you-can-benefit-from-new-support-for-clean-investments.

Pagot, G., & Andrighetto, N. (2024). Fuel for collective action: A SWOT analysis to identify social barriers and drivers for a local woody biomass supply chain in an Italian alpine valley. Heliyon, 10(19), 38–49. https://doi.org/10.1016/j.heliyon.2024.e38170.

Reuters. (2023, July 5). India in talks to supply green hydrogen to EU, Singapore. Retrieved June 19, 2025, from https://www.reuters.com/sustainability/climate-energy/india-talks-supply-10-mln-tonnes-green-hydrogen-eu-2023-07-05/.

Rodriguez-Alvarez, A. (2021). Air pollution and life expectancy in Europe: Does investment in renewable energy matter? Science of The Total Environment, 792, 1–8. https://doi.org/10.1016/j.scitotenv.2021.148480.

Sendstad, L., Hagspiel, V., Mikkelsen, W., Ravndal, R., & Tveitstøl, M. (2022). The impact of subsidy retraction on European renewable energy investments. Energy Policy, 160, 1–8. https://doi.org/10.1016/j.enpol.2021.112675.

Simionescu, M. (2021). The nexus between economic development and pollution in the European Union new member states. The role of renewable energy consumption. Renewable Energy, 179, 1767–1780. https://doi.org/10.1016/j.renene.2021.07.142.

Solar Now. (2025, May 4). China dominates EU solar photovoltaic (PV) market: 98% of solar panels come from China. Retrieved June 19, 2025, from https://now.solar/2025/05/04/china-dominates-eu-solar-photovoltaic-pv-market-98-of-solar-panels-come-from-china-2/#:~:text=According%20to%20Eurostat%20data%2C%20a,panels%20from%20China%20in%202023.

Soltani, A. (2024)/ Exploring the interplay of foreign direct investment, digitalization, and green finance in renewable energy: Advanced analytical methods and machine learning insights. Energy Conversion and Management: X, 24, 1–19. https://doi.org/10.1016/j.Xecmx.2024.100802.

Song, M., Xu, H., Shen, Z., & Pan, X. (2022). Energy market integration and renewable energy development: Evidence from the European Union countries. Journal of Environmental Management, 317, 1–12. https://doi.org/10.1016/j.jenvman.2022.115464.

Soto, G. (2025). The role of FDI and energy intensity upon the consolidation of circular economies among the European Union. Journal of Environmental Management, 373, 123–134. https://doi.org/10.1016/j.jenvman.2024.123806.

Soto, G., Nghiem, X., & Martinez-Cobas, X. (2025). Insuffi ciency of renewable energy. How do the transition to green energy economies and foreign direct investment affect energy poverty in Europe? Energy, 320, 135–146. https://doi.org/10.1016/j.energy.2025.135350.

S&P. US National Power Demand Study. Retrieved June 19, 2025, from https://cleanpower.org/resources/us-national-power-demand-study/.

UNDP. Human Development Report. Retrieved June 19, 2025, from https://hdr.undp.org/content/human-development-report-2021-22.

The Guardian. (2025, February 20).Europe greenwashing with north Africa’s renewable energy, report says. Retrieved June 19, 2025, from https://www.theguardian.com/environment/2025/feb/20/europe-greenwashing-with-north-africas-renewable-energy-report-says.

The Guardian. (2025, January 20). Trump signs order to withdraw US from Paris climate agreement for second time. Retrieved June 19, 2025, from https://www.theguardian.com/us-news/2025/jan/20/trump-executive-order-paris-climate-agreement.

The Guardian. (2025, March 6). ‘Watershed moment’: EU leaders agree plan for huge rise in defence spending. Retrieved June 19, 2025, from https://www.theguardian.com/world/2025/mar/06/watershed-moment-eu-leaders-close-to-agreeing-800bn-defence-plan-ukraine.

Wen, J., Okolo, C., Ugwuoke, I., & Kolani, K. (2022)/ Research on influencing factors of renewable energy, energy efficiency, on technological innovation. Does trade, investment and human capital development matter? Energy Policy, 160, 112–122. https://doi.org/10.1016/j.enpol.2021.112718.

Wencong, L., Kasimov, I., & Saydaliev, H. (2023). Foreign direct investment and renewable energy: Examining the environmental Kuznets curve in resource-rich transition economies. Renewable Energy, 208, 301–310. https://doi.org/10.1016/j.renene.2023.03.054.

Zheng, M., & Zhang, X. (2025). Digitalization and renewable energy development: Analysis based on cross-country panel data. Energy, 319, 1–14. https://doi.org/10.1016/j.energy.2025.135077.

The authors declare that there are no conflicts of interest present.