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Much of New South Wales and southern Queensland suffered from extreme drought from 2017 to 2019. This study models drought and bushfires impacts using VU‐TERM, a multi‐regional, dynamic CGE model. Prolonged drought pushed national real GDP to 0.7 per cent or more below base in 2018–2019 and 2019–2020. NSW’s real GDP fell relative to forecast by 1.1 per cent or $6.9 billion in 2018–2019 and 1.6 per cent or $10.2 billion in 2019–2020. These impacts reflect a severe diminution of farm output, given that agriculture accounts for around 1.6 per cent of NSW’s income. Bushfires exacerbated 2019–2020 losses. We assume that there is a full recovery in seasonal conditions in 2020. However, prolonged drought and bushfire destruction deplete farm capital through depressed investment and diminished herd numbers. Consequently, the income earning capacity of farms in recovery remains below that of a no drought base. The net present value of the national welfare loss is $63 billion, split between $53 billion in losses from drought and $10 billion from bushfires. The latter excludes any valuation of human lives lost, flora, fauna or forestry destruction. In the longer term, adaptation and policy responses will need to reflect the expectation of increased frequency of adverse climatic events.

Identifying local energy sources and devising a circular economy could improve self-sufficiency in many Pacific Islands. On the islands with significant agriculture, the residue from the cultivation of plants has promising energy potential. The waste stream is another potential source of energy that otherwise should undergo proper treatment. Additionally, cold-storage capacity improves the preservation of crops and increases the agricultural exports of these islands. This study proposes a combined cooling and power (CCP) system driven by biomass from agriculture residue and waste streams as fuel for different districts in Tonga. The units supply a fraction of the districts’ electricity demand and provide sufficient cold-storage capacity to preserve the prospective yield of a fraction of fallow lands. The technical and economic performance of the CCP units was analysed for different fractions of electricity demand and fallow land exploitation in each district during a year of operation. The results show that the optimum combination of the CCP units supplies 38% of the total electricity demand of Tonga and prevents the annual consumption of 7.4 million litres of diesel and emission of 20 kilotonnes of CO2. In addition, it provides 3700 m2 of cold-storage area, which is sufficient for preserving the prospective yield of the exploitation of 27% of the total fallow land of Tonga. Annual export revenue of about AU$10 million is expected from such a cold-storage capacity for Tongan farmers. Furthermore, the units consume 10,000 tonnes of annual waste, significantly reducing waste management costs. This study presents an example of a comprehensive circular-economy solution for a remote island state that improves its socioeconomic and environmental condition by supplying the community’s local needs from its available and abundant resources under a viable business model. The solution presented in this study can be adapted to many island communities with significant agriculture in the economy and crucial energy and cooling needs.

Abstract The article proves the necessity and expediency of using financial leasing by extractive industry enterprises to minimize the cost of purchasing, using, maintaining equipment and maintaining production capacity. Foreign and domestic financial leasing practices analyzed and their direct impact on the development of the country’s economy is determined. Financial leasing will become more accessible and understandable for enterprises of different sectors of the economy after the entry into force of the Law of Ukraine “On Financial Leasing”. The analysis of the value of the concluded financial leasing agreements by sectors of the economy carried out and their basic tendencies defined. It is determined that the volume of concluded financial leasing agreements by extractive industry enterprises has a small share in comparison with other branches of economy. The analysis of the effectiveness of structural changes confirm the low demand for financial leasing by extractive industry enterprises. It is determined that the use of financial leasing by extractive industry enterprises will expand existing production, introduce the latest technologies, minimize costs for the purchase, use, maintenance and upgrade of equipment and means of production.

The paper examine the causative relationship between oil resource rent and economic growth. We use the Autoregressive distributed lag model (ARDL) and Toda-Yamamoto approach as estimation strategy. Contrary to the widespread belief that natural resource extraction (oil resource rent specifically) spurs economic growth, we find that oil resource rent has an insignificant positive effect on economic growth. We also find a unidirectional causative relation between oil resource rent and economic growth, flowing from economic growth to gas resource rent without any feedback effect. Our findings implies that as the Ghanaian economy grows and expands in term of economic activities, the demand for gas increases which is likely to be imported from the rest of the world. Hence, it will be beneficial for government draw short and long term plans concerning gas production in Ghana. The short-term plan should aim at expanding the existing gas producing/extracting firms while the long-term plan should target setting up a new gas firms in Ghana. This will contribute to economic growth of Ghana. Similar conclusions can be drawn for developing countries with similar socioeconomic and demographic setting like Ghana. Hence, our empirical findings/results are relevant beyond Ghana’s boundary.

An extensive number of studies uses trade-to-GDP as a proxy for globalisation in environmental research. Globalisation encompasses much more than just trade in goods. Globalisation is the integration of various countries and includes spillovers of ideas and technology, financial flows, the worldwide movement of labour, and national governments meeting on an international level in a bid to solve social and political problems. This study considers the effect of globalisation on carbon dioxide emissions by using a more flexible and comprehensive measure based on the KOF globalisation index for a panel of 21 OECD nations covering the period 1970–2014. Since the globalisation process is not uniform across countries and time, we use a fully-fledged nonparametric technique to estimate the time-varying coefficient and trend functions. Our results show that the effect of globalization on CO2 emissions is positive up until 2000, then switches to turns negative thereafter.

China is a large agricultural country with a high level of agricultural carbon emissions. Whether market prices can be used in agricultural production as a means of agricultural carbon emissions reduction is of great significance to improve the allocation of agricultural production factors and expand large-scale production. This paper applies an autoregressive distributed lag–pooled mean group(ARDL–PMG) model to evaluate the relationship between agricultural production factor prices, food consumption prices, and agricultural carbon emissions, using Chinese provincial panel data from 1994 to 2018. The results show that agricultural carbon emissions and agricultural production factor prices show environmental Kuznets curve (EKC) characteristics; agricultural carbon emissions and food prices show a U-shaped curve; and agricultural production factors are positively correlated with food price in both directions in the long-term. The results of Granger causality tests show that price is the cause of agricultural carbon emissions; the price of agricultural production factors and the price of food consumption are mutually causal. Such results have implications for price, agriculture, and environmental policies. The analysis implies that the market price can be applied to agricultural carbon reduction, which will help policymakers to implement effective price policies in order to reduce agricultural carbon emissions. One implication is that promoting the marketization of agricultural production factors and reducing price distortions will be conducive to carbon emissions reduction in agriculture, which in turn will increase food consumption prices. Therefore, subsidies are needed at the consumption end, which will eventually achieve further carbon emissions reduction at the production and consumption ends.

The paper presents the comparative analysis of the amount of waste generated in Ukraine and European countries (except for radioactive waste) based on the official EU and Ukrainian statistical data. The data on waste generation are compiled according to the following classification: by economic activity and household, waste category, grades of hazard, and regions. In Ukraine, 352.3 million tons of waste was generated in 2018. By 2018, almost 13 billion tons of waste had been accumulated at the managed dumpsites, including about 12 million tons of hazardous and over 200 million tons of household waste. In the European Union, 2.6 billion tons of waste was generated in 2018. Over 70% of it was generated by 10 countries: Germany, France, England, Poland, Romania, Italy, Sweden, the Netherlands, Spain and Finland. By economic activity, the largest amounts of waste in Ukraine are generated by the mineral extraction and processing industry, the smallest – from water treatment and construction. In the EU countries, these values are somewhat different. For example, in Germany and France, the largest amounts of waste are generated from construction and manufacturing, the smallest – from agriculture, forestry and fishery. By waste category, the waste generated both in the EU countries and in Ukraine is mineral and solid waste. In Ukraine, the largest amounts of waste are produced and accumulated in the Dnipropetrovsk, Donetsk and Zaporizhzhia regions which accommodate large enterprises for extraction and mineral processing of iron and manganese ores, titanium-zirconium placers, coal, dolomite, and metallurgical limestone, as well as metallurgical and ferroalloy plants.

This article highlights the impact of innovation on achieving environmental sustainability of regional economic systems in the context of effective man-agement of significantly limited natural resources in modern Ukraine, which was the subject of the study, its key objective and main task. Methodology. The proposed work uses systemic and synergetic approaches, methods of analysis and synthesis, induction and deduction, historical and comparative analysis, etc. Value/originality. Consideration of the issues of regional innova-tion and environmental sustainability of regional economic systems in their combination is a novelty in modern studies of ecological-economic processes. It is exhaustively taken into account that innovation is a complex process of transformation of newly obtained ideas and goals into an actual object of eco-nomic relations. At the same time, it was found that in the conditions of trans-formation of the modern Ukrainian economy began to manifest such features as frequent and unpredictable changes in demand due to the emergence of completely new needs, which can be satisfied only by qualitatively new, pre-dominantly knowledge-intensive products. Therefore, there is an urgent need to restructure regional economies on a fundamentally new basis, which provides a real opportunity to reproduce the existing innovation potential, improve the innovation and technological level of all spheres of economic activity in the re-gion and achieve a much higher degree of competitiveness. At the same time, given the significant role of innovation processes in improving and ensuring the proper environmental sustainability of regional eco-nomic systems, the def-inition of appropriate tasks, taking into account their characteristics, is a pre-requisite for the effective management of natural resources of the country as a whole and its regions. Therefore, in European practice, the European Innova-tion Scoreboard (EIS), calculated by Eurostat, is used to determine the achieved level of regional innovation development. At the same time, the methodology used in its basis to assess the effectiveness of national research innovative projects is not without criticism. And one of the main criticisms was the absence of a conceptual or theoretical model of innovation. Simultane-ously, this paper proposes a fundamentally new approach to determining the effectiveness of innovation in the hierarchical-regional dimension, which is based on the use of appropriate tools of multidimensional statistical analysis and statistics of the European Union (in particular, Eurostat) and the State Statistics Service of Ukraine. In addition, synchronously with their standardi-zation, based on the obtained values of innovation levels in the regions, matri-ces were formed separately for incoming and outgoing regional innovation in-dices. Result. The achieved levels of innovativeness of Ukrainian regions in the context of ensuring appropriate environmental sustainability of their economic systems in the management of significantly limited natural resources were de-termined. Practical implications. Another real opportunity has arisen to signif-icantly improve the management of the available natural resources of each re-gion and the state as a whole in terms of ensuring the proper environmental sustainability of regional economic systems.