Sustainability in Energy Business and Finance

One of the main functions of the state is the function of protecting public and personal interests. This function, which is implemented in the banking sector, is implemented through measures implemented by the state, including improving and reforming the existing banking system, as well as improving the system of insuring the energy risks. In this context, an important and mandatory function of the Bank of Russia has become conducting inspections of banking institutions insuring the energy risks. The results of inspections allow us to assess the condition of various credit institutions insuring the energy risks. Some individual aspects of banking activities are also subject to verification of the energy risks. Inspections allow you to identify any problems with banks in a timely manner and overcome difficulties, which as a result helps to save a banking institution to insure the energy risks.

This study investigates how the boost in trade of Information and Communications Technology (ICT) goods influences energy transition and carbon dioxide emission in the BRICS bloc over the period 2000–2017. The long-term impact of ICT trade on renewable energy demand and CO₂ emissions is examined using the dynamic ordinary least squares (DOLS) approach. The findings from the econometric analysis suggest that increasing trade of ICT products promotes the demand for renewable energy and mitigates environmental pollution, thus supporting the clean energy agenda of the BRICS countries. We also note that FDI significantly reduces CO₂ emissions, but the impact on the use of renewable energy is negligible. Economic growth contrastingly aggravates environmental pollution in the bloc. The findings provide significant policy recommendations for environmental sustainability in the BRICS economies.

All EU members states is to insure their energy risks. The directive also unified the main provisions related to energy risk insurance, thereby giving each State the freedom to choose at the state level. This event was the reason for a new wave of discussions on the key nuances of the formation and creation of a system for guaranteeing financial energy risks in Russia. The Russian Ministry of Finance also mostly opposed energy risk insurance, as the encroachment of the initiators of this legislation concerning the protection of savings caused only concern. The Central Bank of the Russian Federation, referring to this fact, proposed to introduce an insurance fund for financial energy risks, but on a voluntary basis. Association of Russian Banks found itself forgiving of the use of voluntariness, noting that if there is voluntariness, the fund will simply not be able to perform its main function, namely, to increase the stability of the entire banking system, as well as to stabilize the circulation of financial resources.

This study intends to distinguish the stationarity features of electricity production from oil, gas, and coal (% of total) in six emerging countries for 1971–2015. Within this objective, the first-generation panel unit root tests, the second-generation panel unit root tests introduced by Pesaran (General diagnostic tests for cross section dependence in panels, Institute for the Study of Labor (IZA), 2004), and a newly offered panel unit root test allow for sharp and smooth structural breaks improved Bahmani-Oskooee et al. (Applied Financial Economics, 24:1429–1438, 2014) are employed. The first and second-generation panel unit root test result displays that the electricity production is not stationary. This finding mentions that the energy policies will have a long-lasting impression on electricity production. In contrast, Panel Unit Root Tests with Multiple Sharp Breaks test confirm that the fluctuations in the electricity production are temporary and, therefore, the electricity production is prone to return its long-run trend path. According to the univariate version of the unit root tests, the temporary effects of the shocks on the electricity production holds for Brazil, Mexico, and Turkey; while the permanent effect is valid for China, Indonesia, and India. According to the result, it is recommended that China, Indonesia, and India diminish the percentage of nonrenewable energy resources in electricity production.

The financial basis of the entire energy risk insurance system is the mandatory energy Risk Insurance Fund. This fund is a set of monetary funds and other property, at the expense of which payments of compensation for deposits are made and expenses related to the organization of these payments are covered. In accordance with the Law on Energy Risk Insurance, the Mandatory Energy Risk Insurance Fund is established to finance payments of compensation on deposits—a separate fund of funds and other property owned by the Energy Risk Insurance Agency and intended to finance payments of compensation on deposits of individuals opened in banks located on the territory of the Russian Federation. The mandatory energy risk insurance Fund may not be subject to foreclosure on the obligations of the Russian Federation, constituent entities of the Russian Federation, municipalities, banks, other third parties, or the Agency, except in cases where the Agency’s obligations have arisen in connection with its failure to perform its obligations to pay compensation for deposits.

Strategic talent management is the strategy of bringing talented employees into the business and keeping existing talented employees in the business. In this study, the importance of strategic talent management, which is a new concept for businesses and emerges from the combination of strategic talent and talent management, and the perspective of enterprises on this new concept are discussed. Within the scope of the research, interviews were conducted with the managers and experts of 36 companies in the energy sector on strategic talent management. Within the scope of the interview, it was tried to reveal the corporate perspectives of these enterprises on strategic talent management. As a result of the research, it is seen that enterprises operating in the energy sector are aware of strategic talent management and try to implement it in their processes. Businesses are also aware that this strategy will provide a sustainable competitive advantage over their competitors. However, it is seen that there is no strategic talent management policy that has just been written in many businesses, and that the works are generally carried out to meet improvisations and needs. In addition, businesses see strategic talent management as a digital process and believe that following digital trends will be sufficient to adapt to the changing structure of strategic talent management.

Economic growth strongly depends on energy but at the same time energy uses create serious problems to the environment. As the national income and carbon emissions simultaneously depend on energy consumption, the study shows the relationship between ‘national output to energy used-NOEU’ and ‘carbon emission to energy used-CEEU’ utilizing data from 1971 to 2014 in five South-Asian nations. The long-run association is actually examined for efficiency of energy towards the national output (NOEU) and the efficiency of the energy use to environmental pollution (CEEU) using appropriate time series econometric tools. The cointegration result evolved the existence of long-run interrelation between these two variables in Bangladesh only. Further, employing the Granger causality test to see the short-run interplays, bi-directional relationship between NOEU and CEEU has been found in India and Pakistan. There are two nations, Bangladesh and Nepal, that have a significant indication of unidirectional causal relationship running from CEEU to NOEU. Finally, there is no causal relationship between these two variables in Sri Lanka. GDP per unit use of energy neither is affected nor affect the carbon emission per unit use of energy in this country.

The aim of this study is to research the relationship between natural resources, energy consumption, urbanization, capital, and economic growth in BRICS countries for the period 1990–2016 by using panel data method. According to the analysis findings, no statistically significant relationship was found between capital accumulation and urbanization in BRICS countries. Moreover, the effect of energy consumption and natural resources on economic GDP is statistically significant. The relationship between energy consumption and economic growth is very important, so energy consumption contributes to economic growth. On the other hand, the effect of natural resources is negative contrary to expectations and has a negative coefficient. Therefore, the “curse of natural resources” remains valid for this country group. In this respect, it is noteworthy that in policy implementations, a path should be followed according to the economic characteristics of the country group and the resources their have.

2020 was a difficult year for the banking system. A number of factors provoked citizens to withdraw their savings from credit institutions. Especially during self-isolation. In particular, in March–May 2020. Although, the dynamics even during this period were different, if we evaluate the results of each month relative to the previous one. At present, the banking system of our country is relatively stable in its development, primarily due to the functioning of the energy risk insurance system. During the periods of numerous crises that arise in our country, since the practical implementation of the system, it has been possible to avoid the occurrence of numerous cases of mass withdrawal of funds from deposit accounts by projects, as it was in the 90s of the last century. Thus, it can be concluded that the energy risk insurance system successfully copes with the role of collateral stability of the country’s banking system.

This study aims to investigate the relationship between income per capita, trade openness, and CO₂ emissions in 87 countries over the 1970–2019 period. Our dynamic panel threshold estimation results suggest that income per capita provides data-driven estimated threshold for the impacts of income per capita on CO₂ emissions. Above and below the threshold, we find that there is a monotonically decreasing and increasing relationship between income per capita and CO₂ emissions, respectively, in advanced and emerging market and developing economies. We also find that trade openness constitutes endogenously determined threshold in explaining the effects of trade on pollution. Accordingly, trade openness is associated with lower pollution in advanced economies while it leads to higher pollution in emerging market and developing economies. This provides an empirical support to the validity of pollution haven hypothesis suggesting advanced economies with rigid environmental regulations may locate some pollution intensive productions into the emerging market and developing economies with lax environmental standards mainly by trade linkages. Based on the empirical findings in this study, we propose that countries may better to design and enforce sustainable development policies by placing the greener economy at the core.

The financial basis of the entire energy risk insurance system is the mandatory energy Risk Insurance Fund. This fund is a set of monetary funds and other property, at the expense of which payments of compensation for deposits are made, and expenses related to the organization of these payments are covered. In accordance with the law on Energy Risk Insurance, Mandatory Energy Risk Insurance Fund is established to finance payments of compensation for deposits—a separate fund of cash and other property owned by the Energy Risk Agency. The insurance of energy risks and intended to finance payments of compensation for deposits of individuals opened in banks located on the territory of the Russian Federation. The mandatory energy risk insurance Fund may not be subject to foreclosure on the obligations of the Russian Federation, constituent entities of the Russian Federation, municipalities, banks, other third parties, or the Agency, except in cases where the Agency’s obligations have arisen in connection with its failure to perform its obligations to pay compensation for deposits. The Mandatory Energy Risk Insurance Fund is being formed at the cost: insurance premiums; penalties for late and/or incomplete payment of insurance premiums; funds and other property received from the satisfaction of the Agency’s claim rights acquired as a result of payment of compensation to them.

Insufficient supervision of banks participating in the system, as well as new banks allowed to participate in the system. At first glance, the selection criteria for banks to participate in the energy risk insurance system are quite strict, and the verification of banks is quite thorough. But, judging by the results of statistics, after some time, banks that were initially recognized as financially stable and successfully developing in order to participate in the system are recognized as insolvent. The reason why this is happening is obvious, the supervision was not strict enough. This problem is undoubtedly serious and needs to be solved, since without this, there are many banks that are undergoing the process of rehabilitation or liquidation. The presence of such an additional problem leads not so much to the replenishment of the Mandatory Energy Risk Insurance Fund by new participating banks, but to the cost of paying insurance indemnities. Naturally, all the problems listed above are far from the only ones, but they belong to the main and, in principle, generalizing ones. Based on the information presented in this chapter, it can be concluded that the insurance system that operates in our country today, almost in its original form, is already beginning to lose its relevance, as rapid changes in the insurance market are taking place, what is happening in the economy requires the same rapid response in the form of improving the energy risk insurance system and adapting it to new conditions.

In this study, it is evaluated energy-related Twitter posts of Greenpeace Turkey, which is one of the most important and active NGOs in Turkey. The examples of tweet contents are investigated to the popularity ranking of the twitter account made on 10.08.2021 as the Greenpeace Turkey Twitter Account Energy-themed posts. All contents shared with “energy” word, which is searched as keyword from Twitter account, is the subject of the research. In the scope of the study, it is discussed on which topics Greenpeace Turkey’s energy-related posts focus on. Moreover, it is appraised activist movements on energy issues with their results and suggestions.

One of the key tasks assigned to energy risk insurance is to protect the funds placed in banks. In many countries, there is a system for protecting the financial condition and interests of the population, which is perhaps the most important social task. Energy risk insurance is mandatory in any member State of the European Union. As an example, energy risk insurance operates on the territory of Brazil, the USA, Japan, as well as on the territory of the CIS countries-Armenia, Ukraine, Kazakhstan, and others. In general, it is possible to classify existing energy risk insurances in the world according to numerous criteria. The system for insuring monetary energy risks of citizens became a necessary step in connection with the default of 1998. Just in 1998, the state, represented by the government, came to understand that the state really needs and needs such a mechanism, with the help of which it is possible to minimize any negative consequences among banking institutions.

The World Bank’s observation on declining income disparity at the global level and increasing disparity across some the countries within or some groups after the globalization is now subject to empirical verifications. The present study attempts to examine whether the income differences in the world’s leading group of economies, BRICS, are going down. It revisits the income convergence among the BRICS countries with an elongated data set incorporating conditional growth factors such as FDI flow, energy use and CO₂ emission for the period 1991–2020 within the domain of neoclassical and endogenous growth frameworks. The results still do not establish the existence of absolute convergence in aggregate as well as per capita GDP, although there is sigma convergence among the member countries. Further, the results of the cross-country regression incorporating the three conditional factors, FDI inflow, energy use and CO₂ emission, establish the significant conditional convergence in both aggregate income and per capita income where these three factors have worked significantly in favor of the convergence dynamics. The results of the conditional convergence are good so far as economies’ growth is concerned but not so good as it hampers the nature’s stability or carrying capacity.

Energy is a vital need for a country. Therefore, it is essential for countries to be independent in terms of energy. One of the most appropriate ways to do this is to increase the use of renewable energy. However, there are some barriers to this process, such as high costs. Shallow geothermal systems are also energy types that will reduce the energy dependence of countries in this process. Nevertheless, the negative aspects of renewable energy projects also apply to shallow geothermal systems. In parallel, in this study, it is aimed to determine the issues that are important for increasing shallow geothermal energy investments. In this framework, balanced scorecard-based criteria were analyzed with the DEMATEL method. As a result, it has been determined that the issues related to research and development have the most importance in this process. Therefore, in order to develop these systems, it would be appropriate for countries to primarily conduct research on new technologies.

Religions and economics both attempt to deal with principles of stable development of energy management. The article proposed the study of ethical and philosophical religious principles for development of modern economies, in particular, the ethical values of several religions like Protestantism, Buddhism, and Islam. The relevance of the economic ideal of Buddhism philosophy is a middle harmonious path between the extreme poverty and wealth, which involves low energy costs and resources, on the one hand, and human-satisfying results, on the other hand. Today it is becoming clear that the former paradigms of economic theory are not enough adequate to modern realities. Fierce competition only destroys the environment do habitat. The time of economic wars is outdated, with temporary world, and at all levels of his organization, so intertwined and interdependent that even a minor economic war can turn into a global catastrophe.

Energy use is essential for modern economic activities and is intensively subsidized by the governments. Nevertheless, those subsidies oftentimes bring about severe consequences in different forms including income inequality, deadweight losses, market efficiency, profligacy, etc. The energy subsidies bring about these adverse conditions through output, balance of payments and public finance channels. Developing countries suffer from unpleasant effects of energy subsidies more intensely due to budgetary reasons. Thus, to shun the adverse effects and inefficiencies caused by energy subsidies, the design of the subsidies needs to be calibrated by policymakers taking the country-specific conditions and ongoing trends in mind. Despite numerous commitments by the international society to reduce energy subsidies on several accounts, no significant outcome has been achieved on this ground thus far. Recent demand and price trends in the energy prices generate opportunities for reform.