In the recent years, renewable energy is the most actively developing area in the energy industry. The energy decarbonization and the desire to meet the Paris Climate Agreement criteria are the dominant motives of this development. Climate and energy policies, new technologies, changing prices for gas, coal and carbon, the growth of renewable energy sources continue to challenge operators, developers and utility company in energy system. Our article is devoted to these problematic issues. They are related to the renewable energy development. It is a promising direction of “green” growth around the world, including Russia. We discuss the latest trends and developments in the field of renewable energy in Russia in the conditions of global challenges. In addition, we extrapolate possible directions for the renewable energy growth in the future. Our results can be interesting and useful for researchers and experts in the strategic management field, spatial development, innovation economy and some stakeholders involved in the environment and energy system.