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A circular economy emerged as an alternative transition model, which is considered to be a solution to massive environmental degradation. The transition from a linear economy to a circular economy requires companies to be actively involved in more sustainable practices. For such a transition, companies must rethink, innovate on business models, and encourage sustainability-oriented innovation to deliver customer value, while simultaneously considering environmental and social aspects. On the other hand, the role of the circular economy in energy conservation and infrastructure has not been mapped out in the current literature. This systematic literature review seeks to map out the main interrelated topics of the circular economy and sustainability-oriented innovation, describing internal and external factors that need to be considered in the transition to a clean energy future. Key lines of research are identified, and suggestions for future research and for how to facilitate the movement towards a circular economy are provided. This study contributes to an enhancement of the literature by identifying priority areas regarding the circular economy and sustainability-oriented innovation to encourage future research that contributes to sustainability and environmental preservation.

Energy issue stays a top priority for the national security of most countries. Despite numerous international forums, large-scale geoeconomic research, international and national projects, and the development of appropriate strategies, the issue of energy security assessment and understanding of its terminology is not a universal practice. The presented study has an ambitious goal to develop a methodology that can provide an objective picture of the energy sector on an international scale with cross-country comparisons under the influence of modern megatrends. Based on 29 indicators, according to the World Bank data since 1991, the energy security index is calculated for the set of world states with further analysis of the cluster dynamics of their common trends in energy security. The index showed its objectivity and resistance to existing shocks in geoeconomic dynamics. An important feature of the proposed index is the possibility to compare the energy security index with 1. This value is, in fact, a European average: if a country has an energy security index greater than 1, it means that its energy level is currently better than the European average, and if it is lower than 1, it means that it is inferior to the level of energy security currently achieved on average in Europe. The concept of calculating the index of energy security of the state is based on a unified comparison of all countries, which allows us to move away from the use of signaling approaches and eliminate subjectivity in calculations, as well as provide a basis for dynamic comparison of energy security. The vital aspect of the index is that it takes into account changes in the energy paradigm, the transition to alternative energy sources, and the comprehension of the role of energy efficiency, in particular, of fossil fuels. The study identifies clusters of countries that have consistent similarities in energy security, which can usually be of practical interest in developing energy strategies and understanding the similarity of geoeconomic interests of these states. Thus, this article contributes not only to the development of scientific approaches to the assessment of energy issues, in particular, through the methodological development of a representative index, but also through the presentation of statistically sound results for further effective management decisions at the state level.

Circular economy is a tool based on the inclusion of environmental, social, and governance performance (ESG) in decision-making to achieve sustainable development goals (SDG). In recent years, it has become clear that business-as-usual has nothing to do with sustainability, and alternative business models, primarily on technological grounds, must be implemented to mitigate the damage caused by significant and unpredictable effects of climate change. The current situation requires unprecedented and urgent changes to policies and business development models. The current research aimed to target on industrial symbiosis as one of the business models of the circular economy. It evaluated the benefits of symbiosis and the fostering of cooperation between industries and, consequently, has a major impact on resource efficiency ratios. The research is based on quantitative and qualitative research methods, including a literature review, assessment, and application of the triangulation method. As a result of this research, the authors realized a matrix for the development of regional or cross-country industrial symbiosis that can be used by policymakers to foster the development of symbiotic interconnections on a wide scale. The authors also recommend the development of the Baltic University Program (BUP) network center of excellence and methodological justification for industries to engage in industrial symbiosis (IS).

Renewable energy technologies play a crucial role in solving global energy and environmental issues, and the pace of the energy transition directly depends on improving their efficiency. Presently, the development and implementation of renewable energy systems are ensured mainly through state funding, the possibilities of which are limited. The potential of attracting private investments depends directly on their impact on companies’ profitability indicators, and the uncertainty regarding the return on investments is one of the main barriers affecting investors’ decision-making. Based on a vector autoregressive model for analysing the stationary time series, the paper explores the impact of long-term investments and research and development costs in renewable energy technologies on the financial performance of ten of the largest companies operating in this field. The study’s results showed that investments and spending on research and development positively affect such companies’ profitability indicators as earnings before interest, taxes, depreciation and amortisation, earnings before interest and tax, net income, and return on investment. The obtained results can be used to substantiate the economic effectiveness of investments in developing and improving renewable energy technologies when forming the companies’ financial policies to support them.

The main idea of a circular economy (CE) is to separate economic growth from resource consumption and environmental impacts. The characteristic approach of a CE assumes the minimisation of the amount of waste generated at the design level and, as a standard, includes innovations throughout the value chain. From an agricultural point of view, agricultural biogas plants are particularly important because they enable the management of all waste biomass and its conversion into useful energy and agricultural fertiliser. This paper presents methods for assessing the economic effectiveness of an investment in an agricultural biogas plant. The research goal was to develop a financial model. The authors of this study used available examples of the profitability of commercial ventures. We considered the investment aspects of agricultural biogas plants. Exemplary solutions are discussed, allowing the reader to become acquainted with various methods and proposals for thus far estimated investments. It may seem chaotic, but this is how the biogas market is characterised in the context of the implementation of biogas projects. Guidance is given regarding how to understand investing in this sensitive private farming sector. It is admirable that the renewable energy market has been systematised, and we hypothesise that it is necessary to develop an investment model in Polish conditions.

This paper aims to check the impact of investment and institutional determinants on the energy efficiency gap. The findings of the bibliometric analysis confirmed the growth of research interests in identifying the core determinants of the energy efficiency gap. The central hypothesises are: the increasing quality of the institutions leads to an increase of green investments in the energy sector and the dual relationships between investment and institutional determinants lead to additional synergy effects, which allow boosting the decline of energy efficiency gaps of the national economy. For the analysis, the times series were collected from the World Data Bank, Eurostat, Bloomberg, for Ukraine for the period of 2002–2019. The following methods were used: the unit root test—for checking the stationarity of data—and the Johansen test and VEC-modelling—for the cointegration analysis. The findings prove that to reduce the energy efficiency gaps in Ukraine by 1% next year, it is necessary to increase green energy investments by 1.5% this year, and the political stability and public perception of corruption by 3% and 1%. The increase of the public perception of corruption by 1.47 points and of political stability by 2.38 points leads to maximising the recovery speed of the Ukrainian energy sector. Thus, while developing the policy to decrease the energy efficiency gaps, the Ukrainian government should consider the level of public perception of corruption and political stability.

The paper analyzes the impact of energy consumption on the three pillars of sustainable development in 74 countries. The main methodological challenge in this research is the choice of a single integral indicator for assessing the social component of sustainable development. Disability-adjusted life year (DALY), ecological footprint, and GDP (Gross domestic product) are used to characterize the social, ecological, and economical pillars. The concept of physics, namely the concept of density (specific gravity), is used. It characterizes the ratio of the mass of a substance to its volume, i.e., reflects the saturation of a certain volume with this substance. Thus, to assess the relationship between energy consumption and the three foundations of sustainable development, it is proposed to determine the energy density of the indicators DALY, the ecological footprint, and GDP. The reaction to changes in energy consumption is described by the elasticity of energy density functions, calculated for each of the abovementioned indicators. The state of the social pillar is mostly dependent on energy consumption. As for the changes in the ecological pillar, a 1% reduction in energy consumption per capita gives only a 0.6% ecological footprint reduction, which indicates a low efficiency of reducing energy consumption policy and its danger for the social pillar. The innovative aspect of the research is to apply a cross-disciplinary approach and a calculative technique to identify the impact that each of the pillars of sustainable development imposes on energy policy design. The policy of renewable energy expansion is preferable for all sustainable development pillars.

The overcoming of the issues on energy crisis and inequality have become the priorities as far developing as developed countries are concerned. Moreover, energy inequality has increased due to the shortage of natural gas and rising energy prices in retaliation to the economic recovery affected by the COVID-19 pandemic. This study aims to verify the linkage between the growth of renewable energy consumption and the country’s economic advancement. In this context, this paper determines the main driving forces of renewable energy consumption in European countries during 2000–2018. The annual data for panel regression analysis are retrieved from the OECD. Stat and World Bank Open Data. This empirical analysis employed a set of estimation procedures such as the panel unit root test (Levin, Lin & Chu; Im, Pesaran, Shin W-Stat; ADF-Fisher Chi-square; and PP-Fisher Chi-square methods), the Pearson correlation, fixed- and random-effects models, generalized method of moments (GMM), Hausman and the robustness tests. The results from the Hausman test ratified that the fixed-effects regression model is more suitable for involved panel balanced data. The results of fixed-effects regression and GMM identified the statistically significant and positive relationship between the share of renewable energy consumption of total final energy consumption, GDP per capita, and CO2 emissions per capita for the overall sample. In turn, the total labor force, the gross capital formation, and production-based CO2 intensity are inversely related to renewable energy consumption. The identified effects could provide some insights for policymakers to improve the renewable energy sector towards gaining sustainable economic development.