• Energy Research

Aim: In this paper, it is argued that in complex financial systems private goods, important for the creation of a market, have to be considered in a multiple of differing property rights structures necessary for the functioning of the system. This may lead to high transaction costs and adverse incentives for different players, threatening the sustainability of the system. The aim of the article is to create and explore a framework for assessing fragilities and threats to the sustainability of financial markets, using a property rights approach. This may be a useful background for development of policy to increase the sustainability of financial markets. Conclusions/findings: It is argued that while financial services have features of a private good for which markets exist, the infrastructure and organizational structures have features of a club good. These are characterized by problems of congestion and depreciation due to its overuse. The question is addressed to what extent the public good features are of the “weakest-link” kind, where fragilities may lead a potential collapse. Implications of the research: The complex financial system should be prevented from getting too many features of an open access regime, while making it a self-strengthening system where failures have learning effects. This may require the increase of different types of buffers and limits to the size of the players in the financial system. Otherwise, any action that is thought to lead to an improvement, is likely to lead to have the opposite effect. Keywords: financial markets, complexity, public goods, club goods, property rights, sustainability JEL: D23, E42, G1, G2,

Sustainability leadership entails the processes, which leaders, policymakers, and academics undertake in order to implement sustainable development policies and other initiatives within their organizations. It encompasses approaches, methods, and systemic solutions to solve problems and drive institutional policy towards a more sustainable organization. Higher Education Institutions (HEI) play a particularly important role, especially with regard to their institutional leadership role in promoting sustainable development. There is a paucity of research focusing on sustainability leadership in universities. In order to address this gap, this paper discussed the concept of sustainability leadership based on literature and empirical insights. The study aimed to understand the main characteristics of sustainability leaders at HEI and the main challenges they are confronted with. Secondary research questions involved gender issues and positive outcomes of sustainability leadership. The empirical component of the study consisted of an online-questionnaire survey performed among leaders (n = 50) from a set of universities in 29 countries. The sampling scheme was purposive, based on the membership in the Inter-University Sustainable Development Research Program (IUSDRP). The study was explorative in nature, and the descriptive statistics were used for the analysis. Due to the purposive sampling, the participants from top management positions could be considered as experienced, and their views were assumed to be information-rich. With a self-evaluation, the respondents described their leadership style and their usual traits, with inclusive style and systemic thinking being predominant in the sample. Regarding the skills, the respondents selected the ability to innovate, to think long-term, and to manage complexity from a pre-defined set of options. Connectedness with interdisciplinarity and knowledge about organizational settings, as well as global challenges and dilemmas, were stated as important issues related to the knowledge required for being a leader. Regarding requirements for a change towards more sustainable universities’ curriculum adaptation, investments in education for sustainable development (ESD), sustainable procurement, and reporting were mentioned. The study also revealed that gender issues were taken seriously among the sampled institutions, which is an encouraging trend. Challenges seen in implementing sustainability leadership are, for instance, a lack of interest by the university administration and among some members of the academic community, as well as lack of expertise and materials or resources. Based on the empirical insights, a set of measures were listed and which may be adopted in the future, so as to allow leaders of Higher Education Institutions to enhance their sustainability performance.

It is widely known that governance is central to the successful implementation of sustainable development policies and measures. Yet, there is a paucity of research which explore the links between governance and sustainability. This paper attempts to address this research need by providing an analysis of the role of governance in enabling – and to some extent – fostering a transition towards sustainable societies. A set of indicators for assessing the capacity for and willingness and commitment to transition to a more sustainable society is presented, enabling identification of direction of change. This paper presents the results of a study, in the context of which sustainability governance has been comparatively investigated in a sample of European countries with, by methodological purpose, very different economic, environmental, political and social conditions (Denmark, Finland, Germany, Latvia, Lithuania and Poland). Lessons learnt and examples of good practice – which may be replicable elsewhere-are outlined. For instance, it is discussed that limited knowledge about sustainable development amongst municipal development planners and decision-makers, deficiencies in policy integration, intersectoral cooperation, municipality and stakeholder cooperation and urban management practices are major reasons for weak governance practices in sustainable development. Furthermore, some recommendations on the role of sustainability governance are made, so as to allow the integration of the principles of governance into sustainability practice and hence provide a more general basis upon which a transition towards sustainable societies may become a reality in different types of European countries and societies. The scientific value of this paper lies in identifying opportunities for integrating principles of governance into sustainability practice, as well as outlining the basis for sustainability transitions, providing a general picture of required policy measures. The paper offers a unique comparative analysis of sustainability governance in the Baltic Sea countries, outlining some of the challenges in sustainability governance in the Baltic Sea region.

Due to anticipated energy shortages and the need to achieve climate goals, there is an urgent requirement for transition towards a green, resilient system of energy provision. This transition is hampered because important players in energy markets (governments and oligopolies), while supporting large-scale solutions, avoid or block systemic changes. This rejection of systemic change is strengthened by the dominant social paradigm, which ignores systemic vulnerabilities, treating resources as solutions and the environment as a sink. In its turn, the dominant social paradigm is contested by the new ecological paradigm and by attitudes towards sustainable business practices. Understanding this framework may be relevant for identifying decision-makers’ perception of system risk, and thus for supporting a transition towards a more decentralized and resilient energy supply. In this context, this paper presents an empirical study among Polish students of a business university (N = 393), trying to discover the relationship between the social paradigms, perceptions of environmental resources and sinks, and systemic risk in large-scale energy production (i.e., nuclear power plants). Although the explained variance is limited, results show that various elements of the dominant social paradigm are related to problem denial. Technological optimism and belief in markets are predictors of optimism about resource shortages and neglect of system risk. This optimism is counteracted by political liberalism, and respondent attitudes towards sustainable business practices. Belief in market forces has an ambivalent effect, tempering technological optimism regarding nuclear energy but also political acknowledgement of the limited resources and sink capacities of the environment. Although the influence of the dominant social paradigm on energy transition can be identified, the results may indicate a decline in belief in market forces and liberal democracy, implying a rethinking of the dominant social paradigm may be needed. The existing relationship between these aspects warrants a critical review and discussion of the central role of the dominant paradigm in current management training. The results indicate that a lack of political liberalism and a negative attitude towards sustainable business practices amplify system risks in, e.g., large-scale nuclear energy projects.

Despite the booming interest in determinants of green (i.e., sustainable) consumption, the psychological factors that influence pro-environmental consumption patterns are not yet fully understood. To answer this call, we developed and analysed a model that offers an integrative approach to sustainable consumption patterns by addressing the full palette of consumers’ personal value orientations. Specifically, we linked consumers’ egoistic, altruistic, and biospheric values at the personal level to pro-environmental purchasing intentions, behaviours, and experiences. Furthermore, we examined whether implicit beliefs about the balance between humanity and nature (i.e., worldviews) moderate these relationships. To support the theoretical propositions in our model, we drew on the key premises of the theory of planned behaviour. Data from 291 Polish respondents were analysed by using multiple linear regression analysis, and the moderating effect of worldviews was investigated with simple slope analysis. While controlling for cultural values, the findings show that personal values, specifically biospheric values, predict sustainable consumer patterns and that consumers’ worldview moderates this relationship. Our study offers a novel holistic approach to analyse sustainable consumption patterns, which will assist environmental management scholars and practitioners who seek to understand and stimulate pro-environmental consumer behaviour. Our findings may help practitioners to develop strategies to influence consumer intentions and behaviours concerning green products.

Since January 2020, the COVID-19 pandemic has dominated the media and exercises pressure on governments worldwide. Apart from its effects on economies, education systems and societies, the pandemic has also influenced climate change research. This paper examines the extent to which COVID-19 has influenced climate change research worldwide during the first wave at the beginning of 2020 and how it is perceived to exploit it in the future. This study utilised an international survey involving those dedicated to climate change science and management research from Academia, Government, NGOs, and international agencies in 83 countries. The analysis of responses encompasses four independent variables: Institutions, Regions, Scientific Areas, and the level of economic development represented by the Human Development Index (HDI). Results show that: (1) COVID-19 modified the way the surveyed researchers work, (2) there are indicators that COVID-19 has already influenced the direction of climate change and adaptation policy implementation, and (3) respondents perceived (explicitly concerning the COVID-19 lockdowns of March-April 2020), that the pandemic has drawn attention away from climate policy. COVID- 19 has influenced the agenda of climate change research for more than half of the respondents and is likely to continue in the future, suggesting that the impacts on their research will still be felt for many years. The paper concludes by outlining critical implications for policy-making.