Subject The paper investigates the energy conservation and energy efficiency policies in developed countries and compares them with the management practice of their innovative development. Solutions to energy saving and energy efficiency improvement are considered from the perspective of integration with innovative development process to identify effective mechanisms of the integration. Objectives The aim is to investigate energy conservation and energy efficiency processes and their impact on innovative development of the developed countries' economy. The objective is to make recommendations on improving energy saving and energy efficiency under innovation and modernization of the Russian economy. Methods Using the statistical methods for economic information processing, I compare the changes in macroeconomic indicators of developed countries in the field of energy saving, energy efficiency and innovative development. Results The findings prove that boosting innovation in the energy sector is the most important factor of national economies' modernization. The paper unveils the specifics of energy conservation and energy efficiency enhancement in developed countries. Conclusions and Relevance Solutions to problems related to energy saving and energy efficiency improvement from the position of their integration with the innovative development process provide better results as compared to their independent implementation. The findings may serve as a basis for domestic public policy development in the field of energy conservation and energy efficiency improvement under innovation and Russian economy modernization.
Keywords: innovative development, energy policy, energy efficiency, strategic priority, public policy
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