• Energy Research

This review organizes the current state of knowledge on the role of financial markets in energy transition. The originality of the study lies in the delimitation of its scope and diagnosis of research trends concerning the role of financing, innovation, and financial development sources. The study sets out to identify the role of the financial market in the energy transition process and present the state-of-the-art and main research focuses. For this purpose, a literature review was carried out based on the search results from the Web of Science database and using VOSViewer software, version 1.6.20. The analysis of 54 papers in the final sample allowed us to pinpoint the key links between financial markets and energy transition. Capital markets support green initiatives, with green bonds as a primary funding source. Blockchain and fintech technologies also significantly contribute to transition by offering innovative solutions. Additionally, a range of papers examine the costs associated with energy transition and the role of financial instruments in managing these. Regulatory challenges are another significant focus. This comprehensive analysis underscores the multifaceted relationship between financial markets and energy transition, providing insights into the current trends and the critical role of finance in fostering a sustainable future.

The article aims to systematize the state of knowledge of and research on the inclusion of ESG (Environmental, Social, and Governance) risk in companies’ business models, with a special stress on energy sector companies. Many publications address incorporating ESG, but only some deal with it from the perspective of business models. This paper fills that gap. The methods of incorporating ESG risk into a sustainable business model, identified on the basis of the literature review, were verified based on the examples of three companies from the energy industry. A two-stage review of publications from the WoS and Scopus databases was carried out, considering a more comprehensive (sustainability) and a narrower (ESG risk) range of keywords, and the period from 2000 to 2022. The result showed that SMEs and large enterprises consider ESG risk in their risk management systems (ERMs), while small enterprises and start-ups do not. In Europe, Asia, and Australia, it is common to include ESG risk in an ERM, while it is rare in Latin America. In developing countries, companies in the service sector are more likely to include ESG risk in ERMs than those in the manufacturing sector. These findings may be useful for policymakers who wish to provide support and financial incentives for companies transforming their business models toward sustainability.

The rapid growth of aviation over the past fifty years has resulted in numerous negative environmental impacts due to the combustion of fossil fuels in aircraft engines. This paper presents the relationship between air transport and GHG emissions. Based on data on the development of aviation, the level of GHG emissions from transport, environmental tax revenues and the amount of GDP per capita in the countries of the European Union, an attempt was made to create a typification that would illustrate the interaction of GHG emissions with air transport, environmental taxes and GDP in the years 2009–2018. The next step to confirm the obtained results was the application of statistical methods: the TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) method of linear ordering and the Perkal index. Based on the study findings, the analyzed countries were divided into three groups: the group of innovators, the stable group and the group of students. The analysis revealed the relationship of all three analyzed variables with air transport. The development of the aviation sector leads to a significant increase in GHG emissions from transport, increased revenues from environmental taxes and acceleration of the rate of economic growth of a country.

Artículo de OPINIÓN Front. Sustain., 09 de marzo de 2023Sec. Organizaciones Sostenibles Volumen 4 - 2023 | https://doi.org/10.3389/frsus.2023.1148499 Article d'OPINION Front. Sustain., 09 mars 2023Sec. Sustainable Organizations Volume 4 - 2023 | https://doi.org/10.3389/frsus.2023.1148499 OPINION article Front. Sustain., 09 March 2023Sec. Sustainable Organizations Volume 4 - 2023 | https://doi.org/10.3389/frsus.2023.1148499 مقالة رأي مقدمة الاستدامة، 09 مارس 2023 م. المنظمات المستدامة المجلد 4 - 2023 | https://doi.org/10.3389/frsus.2023.1148499

The focus of this paper is the relationship between sustainable energy sources and financial development. The main research hypothesis assumes a positive link between these areas, with inevitable differences across countries and business sectors. The following research questions were asked: Is the impact of financial development on sustainable energy resources the same in different EU countries advanced in green transition processes? How is transition towards renewable energy sources progressing in different economic sectors? Does financial development influence sectoral transition in particular countries? This study uses the TOPSIS method and 25 variables for EU countries from 2013 to 2021. Key findings reveal that the link between sustainable energy sources and financial development varies across EU countries, country size affects energy autonomy, and the transition also differs by business sector. Surprisingly, higher financial development correlates with less progress in sustainable energy initiatives. The results of our research may be useful for government decision-makers in the process of designing and controlling the country’s transition to sustainable energy. The original contribution of the study is expressed in its the diagnosis of the relationship between financial development and sustainable energy sources, while most studies have focused on the relationship between the energy market and financial development.

The purpose of the paper is to analyse the relationship between digitalisation of public services (e-government) and ESG factors (environmental, social and economic factors). As public administration is a major stakeholder influencing sustainable development and state governments are aiming to digitise their services, there is a need to better understand the effect of the digital revolution on ESG. This article aims to study the relationship between the E-Government Development Index (EGDI) and ESG factors in 26 European countries. The linear ordering method TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) was used for the study, followed by the Perkal index and the method of optimal predictors’ selection—the Hellwig method. The study is based on the Eurostat data (in the period 2003–2020), and the analysis includes ten variables: Share of environmental taxes in GDP; Exposure to dust air pollution; Greenhouse gas emissions by source sector—carbon dioxide, methane, nitrous oxide, etc. (energy, industry, agriculture, forestry, waste management) (thousands of tonnes); Passenger transport volume in relation to GDP; At risk of poverty or social exclusion; Percentage of people satisfied with their financial situation among people aged 16+; Share of the ICT sector in GDP; Unemployment rate of people aged 20–64; Research and development expenditure in all sectors; GDP per capita. The in-depth analysis offers a matrix that represents the relationships between environmental taxes and the development of e-government. The main finding reveals statistically significant relationships between the EGDI and aggregate variables representing the environmental, social and economic spheres. It indicates a genuine, positive impact of digitalised administrative processes on sustainable development. It also seems to confirm that investments in digital infrastructure and government e-services bring multiple long-term benefits and contribute directly to all three domains relevant to the sustainability of modern development. The results of the analysis can be found useful by governments and governmental institutions as informing digitalisation strategies aimed at balancing the development of e-services and their support infrastructure. Nowadays, when planning strategic actions, one should take into account the social, economic and environmental impact of the digitalisation processes.

The growing risk of climate change caused by the emission of greenhouse gases poses new challenges to contemporary countries. The development of economies is usually related to increasing levels of greenhouse gas emissions. Therefore, the question arises whether it is possible to achieve sustainable economic and financial development and simultaneously reduce greenhouse gas emissions. This paper assumes it is possible if energy efficiency is increased. The aim of the paper is to show the link between energy efficiency and sustainable economic and financial development in Organisation for Economic Co-operation and Development (OECD) countries for the period 2000–2018 by using data envelopment analysis (DEA) and regression analysis. The results show a slight upward trend of total factor energy efficiency (TFEE) in OECD countries for the analysed period; however, there is a difference in TFEE levels. Developed OECD countries have higher TFEE levels than developing OECD countries. The links between total factor energy efficiency and sustainable economic and financial development reveal different impacts depending on the variables taken into consideration.

PURPOSE: The influence of environmental, social, and governance (ESG) factors on financial performance has been confirmed in the literature. The article aims to examine the relationship between financial and non-financial factors in enterprises and to indicate for which groups of enterprises the relationship of ESG and financial performance is most visible in the context of building sustainable business models and the ability to adapt to sustainability. The article assumes that enterprises’ financial and non-financial results determine their adaptability to sustainability, and there is a relationship between financial results, non-financial performance, and companies’ sustainable business models. METHODOLOGY: The analysis encompasses 11 EU countries in the period 2008–2020. The study analyzed 6,864 observations, that is, 96,096 data cells. The data are divided into two groups of variables: financial and non-financial. The research is based on clusters analysis and ANOVA. It was carried out in two stages. In the first step, enterprises were grouped into clusters according to the financial condition criterion, considering the enterprise’s size and sector and country in which it operates. In the next step, it was checked whether enterprises with good financial standing also achieve better non-financial results. FINDINGS: It was found that large enterprises achieve better financial results than small and medium-sized enterprises, even though they operate in the same location and sectors. It can be emphasized there are statistical differences between entities with relatively good financial conditions and those with relatively weaker financial conditions in the context of such values as gender employment gap, total population living in households considering that they suffer from noise, greenhouse gas emission, Corruption Perceptions Index. The companies with relatively better financial standing achieve a smaller gender employment gap (at the national level) than entities with relatively worse financial conditions. It is similar to referring to the greenhouse gas (GHG) level. IMPLICATIONS: The results of this study may be useful for managements of companies in developing strategies of transformation towards sustainability, thanks to the fact that they provide information on what factors should be taken into account in the transformation process. ORIGINALITY AND VALUE: The originality of this study lies in the fact that it takes into account both financial and non-financial factors and examines the relationships between these factors in the process of companies’ adaptation towards sustainability and sustainable business model.