Investment in Renewable Energy Technologies from the Perspective of Polish Venture Capital Funds

Author(s): Karolina Daszyńska-Żygadło,Tomasz Słoński,Magdalena Ligus / Language(s): English Publication Year: 0

In the recent years ambitious targets to increase the share of renewable energy and reduce greenhouse gas emissions have been adopted by governments around the world. Variety of policies have been introduced. The question is what is the business potential and market response to that. This article adds a new perspective to the debate of business potential of investments in renewable energy sector. The aim of the paper is to focus on the venture capitalist interested in the new clean technology development and its diffusion. We analyze venture capitalists’ perception of investing in projects from that sector, possibilities of financing and barriers that they meet in the process. We conducted survey and field study with managers of private equity funds from Poland. Our research results show that in the overall business history of the surveyed entities 67% of funds invested in projects related to renewable energy sector. In order to assure specific competencies for investing in renewable energy sector they were using external experts in most cases or past experience. If they specialize in the RE sector investments they were likely to employ their own experts in the investment department While main reason for not investing in that sector was lack of competence, but also unstable situation in the sector.

Sustainable Value Creation - performance of European Manufacturing Companies

Author(s): Karolina Daszyńska-Żygadło / Language(s): English Publication Year: 0

The research problem of this paper is how to measure the impact of corporate sustainability performance on company’s value. Its aim is to show this impact in monetary terms, using opportunity costs based approach. Sustainable Value method presented and tested in this paper integrates environmental, social and economic factors. It measures the value created or destroyed by the company with the usage of particular set of resources, the value is referenced to the benchmark’s value creation that could potentially be realized with the same set of resources. Research was conducted on manufacturing companies from EU-15 countries. It analyzes the prospects and advancement in sustainable value creation as well as mitigation of negative environmental impact in reference to value created by companies examined in the research of Figge, Hahn and coauthors in ADVANCE project (2006). Results show that majority of companies which were creating sustainable value in the period of 2001-2003 continued to obtain positive values in the period of 2004-2012, the same applied to value destructing companies.

Rosatom's Activities in the Asian Market

Author(s): Hedvika Koďousková / Language(s): English Publication Year: 0

As far as civil nuclear power development is concerned, the research identified several different groups of players in the Asian market: 1) mature countries with their own nuclear technology and services export programs (i.e., Japan, South Korea, and increasingly China); 2) countries which operate nuclear power plants, but have had otherwise limited participation in the nuclear sector due to being non-signatories to the Nuclear Non-proliferation Treaty (i.e., India until 2008, Pakistan); and 3) newcomers to the sector, who decided to address their rapidly growing energy demand by developing their own nuclear power-generating capacity (e.g. Vietnam and Bangladesh).

Country Case Study: Belarus

Author(s): Anna Leshchenko / Language(s): English Publication Year: 0

From the political, economic and security relations point of view, Belarus is often considered to be the closest ally among Russia's neighbours (Garbe, Hett & Lindner, 2011, p. 188). In the times of USSSR's existence, Belarus was Byelorussian SSR a federal republic, within which significant production capacities of Soviet industry existed, especially the heavy industry and consumer production.

Country Case Study: Bulgaria

Author(s): Martin Jirušek / Language(s): English Publication Year: 0

Bulgaria is a country located in the South-eastern Europe that experienced similar transition period as its neighbor Romania and joined the EU in 2007. Contrary to the expectations of similarities between Romania and Bulgaria, their situation in terms of energy security differs quite substantially. One of the reasons is rooted in history. Despite its close proximity, Bulgaria did not develop into a position of largely independent country in terms of energy supply. Although its dependence is not the highest, the energy security risks are highlighted by the fact that the only energy source that can be found in Bulgaria inconsiderable amount is lignite.

Country Case Study: Czech Republic

Author(s): Martin Jirušek / Language(s): English Publication Year: 0

The Czech Republic was part of the so called Eastern Blocuntil 1989 when the whole Soviet sphere of power crumbled. It is thus understandable that the nature of the whole industry and energy sector was oriented eastwards with the former Soviet Union as the main partner and supplier. The Czech Republic was thus supplied by the same pipelines that supplied the whole region with Russian energy sources.

Country Case Study: Latvia and Lithuania

Author(s): Veronika Zapletalová / Language(s): English Publication Year: 0

In 2012, the total consumption of TPES in Latvia amounted to 50,8 TWh. Natural gas was the main resource for generating heat energy and electric energy. The total consumption of natural gas reached 14,1 TWh, which corresponds to 28 % of TPES. There is no indigenous gas production in Latvia. All the gas consumed in the country is imported from the Russian Federation by two 700 mm pipelines (ENTSOG, 2014, p. 23).

Activities of Gazprom in Asia and the "Eastern Dimension" in Russian Energy Policy

Author(s): Hedvika Koďousková / Language(s): English Publication Year: 0

In the 1990s and at the beginning of the 2000s, there were practically no major efforts of Russia to diversify its oil and gas exports beyond Europe. Except for some preliminary agreements between Russian private players with potential Asian consumers (see below), there were no gas purchase and sale contracts concluded as well as no major infrastructure constructed, which would connect Russian vast but untapped Eastern Siberian and the Far Eastern gas resources with Asian market.

Service as an innovation

Author(s): Lucie Sara Zavodna / Language(s): English Publication Year: 0

Service innovations make life of customers easier during or after use of company’s products or services. They are coming in different forms. Companies create strong connections with their customers by offering different helps, consultations or new experience. Service innovations make customers’ experiences stronger and streng then their gratitude. This chapter provides two case studies. The first case study is the famous company Whirlpool, which made service innovation by implementing CRM system. This enabled stronger straight relationship with their final customers and expansion of incomes. The second case study is an innovative way of selling old antiquarian books in the Czech company Knihobot. This innovation enables fast preparation of books for selling and introduces automation into a new area.

A Polish-Romanian perspective on how planning influences the dynamics of urban green infrastructure

Author(s): Alexandru-Ionuţ Petrişor,Lidia Mierzejewska,Andrei Mitrea / Language(s): English Publication Year: 0

The importance of studying urban green infrastructure in planning is justified by its ecosystem services, contributing to the welfare of urban dwellers and urban sustainability. The present study uses an ecological approach to analyze the dynamics of urban green infrastructure in Polish and Romanian cities with Urban Atlas data in 2006, 2012 and 2018. To avoid ecological fallacy, the methodology includes analyses of individual cases studies. Findings show that urban green infrastructure corresponds to the four city nature types. All cities have lost or transformed their green infrastructure, with local variations. Natural and/or agricultural green spaces make up most of the green infrastructure, while landscaped areas constitute a small share, and are prominent in large, populous, and dense cities. The loss is proportional to the share of categories. Analyses of individual examples show that the involvement of environmental aware citizens is essential for planning a healthy green infrastructure. Local authorities play an important role in influencing planners to account for the green infrastructure. Planners must strive to keep the existing green infrastructure, ensure its continuity, and add more urban greenery; local authorities should account for scientific evidence concerning the role of urban greenery, and scientists should provide simpler, condensed recommendations.

НЯКОИ АСПЕКТИ НА ПОЛЕЗНОСТТА НА ПРОДУКТОВИТЕ НОВОВЪВЕДЕНИЯ В СТРОИТЕЛСТВОТО

Author(s): Todor RAYCHEV / Language(s): Bulgarian Publication Year: 0

The qualitative features of end user construction products have increasingly fostered insulation product innovations. Moreover, issues such as rapid overpopulation, the negative impacts of fast climate change, etc., have helped develop innovative concepts such as the circular economy and green transformation and have raised awareness about the importance of their wide-spread implementation in construction. This paper aims to explore innovative construction elements with enhanced features whose manufacturing may benefit society by increasing economic and social efficiency and effectiveness. This analysis will be conducted through the perspective of the chain: innovation – circular economy – green transformation in construction.

Poglavlje 27: Životna sredina

Author(s): Petar Đukanović / Language(s): Montenegrine Publication Year: 0

U EU se reciklira oko 60% otpada, a u Crnoj Gori manje od 10%. Svaki stanovnik Crne Gore godišnje “proizvede” 330 kg otpada, bez turističkog otpada, a prema istraživanjima ta cifra će do 2020. dostići 450 kg. U zemljama EU je, 2010. je stupila na snagu zabrana upotrebe plastičnih kesa u cilju smanjenja zagađivanja životne sredine. U EU zagađivač plaća i može biti krivično gonjen zbog zagađivanja životne sredine. Smanjenje rizika od ekoloških incidenata nije moguće bez značajnih investicija i izgradnje sistema upravljanja rizikom u skladu sa EU propisima i praksom; Pouzdan uvid u stanje životne sredine i nadzor nad primjenom propisa bili bi gotovo nemogući bez članstva u Evropskoj agenciji za zaštitu životne sredine i drugim relevantnim institucijama EU.

АНАЛИЗА ФИНАНСИЈСКИХ ПРЕВАРА У УСЛОВИМА ГЛОБАЛНЕ КРИЗЕ, СА ОСВРТОМ НА БОСНУ И ХЕРЦЕГОВИНУ

Author(s): Tajana Serdar Raković,Svetlana Sabljić / Language(s): Serbian Publication Year: 0

Global tendencies and outbreaks, the Covid-19 pandemic and the Ukrainian crisis, as well as numerous problems in the corporate sector, have increased the risk of financial frauds. Businesses are still struggling to manage their business operations, generate cash and keep their businesses afloat. All of the above increases the pressure to meet goals such as profit, financial performance and market and stakeholder expectations. Managers and employees may be tempted to manipulate financial statements to avoid business failure. In order to successfully combat financial frauds, it is necessary to know and understand the concept, types and causes of frauds and the way they are carried out. According to the research results, the share of asset misappropriation in the total number of financial frauds in Bosnia and Herzegovina is 61%, while financial statements frauds and corruption number 21% and 18%, respectively. A successful fight against financial frauds isa combination of prevention, detection, research and undertaking of legal and control measures. The paper deals with the concept, types and frequency of financial frauds, methods for reducing the risk of frauds and opportunities for prompt and more efficient detection of committed frauds, with special reference to Southeastern Europe and Bosnia and Herzegovina.

OPPORTUNITIES AND RESPONSIBILITIES OF LOCAL SELF-GOVERNMENT IN ENVIRONMENTAL ASPECTS OF THE EU INTEGRATION PROCESS FOR BIH

Author(s): Arijana Huseinović,Tarik Kupusović / Language(s): English Publication Year: 0

The EU environmental policy does not address consequences resulting from various segments of development, but their harmonization with environment, which is a milestone of every economic, social and cultural development. The EU environmental policy has been implemented on different levels. Therefore, harmonization and implementation of legislation in BIH is an indicator of good government, as well as local self-government. Every decision, regulation and conclusion issued at any level should be characterized by short-term, midterm and long-term effects relating to the right of present and future generations to the equal use and management of limited natural resources. Although environmental policy has been identified as one of the priorities in the EU integration process, and legislation substantially harmonized with the EU legislation has been implemented in BIH, it is still insufficiently applied. The control level of implementing environmental permits and environment protection in general is relatively low. The responsible entity and cantonal (in the Federation of BIH) institutions insufficiently implement the required political, legal and institutional reforms in order to develop this framework. Neither national nor entity levels have undertaken significant steps for implementing programmes and strategies required by the signed agreements and contracts between the EU and BIH. Only few local communities show some dynamics and ability to join contemporary European trends in the environmental aspects of public utility infrastructure development and take advantage of existing opportunities that have been significantly increased after the Stabilization and Association Agreement EU – BIH has come into effect.

ECOLOGIZATION OF ECONOMY AS A TOOL OF SUSTAINABLE DEVELOPMENT, MITIGATION CONSEQUENCES OF CLIMATE CHANGES AND PRECONDITION FOR INTEGRATION PROCESS TOWARD EUROPEAN UNION

Author(s): Sulejman Redžić / Language(s): English Publication Year: 0

Climate changes have been taking their share in last 30 years all over the world. Loss of soil caused by frequent flooding and soil erosion has resulted in increasing number of hungry people left without roof over their heads. Lack of fresh water is considered to be key issue nowadays. Conventional energetic resources are being lowered daily. All those facts were confirmed by the Millennium Ecosystem Assessment of our planet. Ecological crisis is getting worse every day without possibility to get out of it. This imposes emergent and effective ecologization of human society on global scale. First of all, it is necessary to conduct ecologization within economic sector, which is obligatory task to developed, less developed countries and especially to the countries going through socio-economic transition. All investments should be planned and analyzed on ecological basis, taking into account rules and laws of the European Union (EU). The investment is considered to be ecologically acceptable if it applies waste-less technologies with low energy input and products that are environmental friendly, whereby the Pollution Prevention should be a dominant approach. This relates especially to forestry and wood-industry which is basic economy sector in Western Balkan countries. Major cost savings could be done within this sector, which would cut down our needs after woods and new sources of fresh water. The most present questions in the Western Balkan countries, especially in BiH, questions that mainly correspond with serious environmental disturbances and climate changes, are those of hydro energetic sector. Without any kind of sever previous ecological study, there are being destroyed even last streams by construction of flow-through hydroelectric power plants, and building of high dams for large hydroelectric power plants. Some large and ecologically questionable investments are planned within Adriatic equator (territory of Bosnia and Herzegovina). Besides, there is yet to be solved route of Vc-corridor in its most delicate shares. Water is being re-directed from one watershed into another. Irreverence of both ecological laws and demands jeopardizes the biodiversity, specific habitats, especially endemic forms of life. This imposes need after more distinct stand of the EU toward all countries seeking to become its member on achieving and implementation of required ecological obligations in each aspect. In other words, there should not be new investment done unless there is a visible ecological base for it. Every single Euro has to be additionally „turned into green“. Likewise USAID (United States Agency for International Development) has done it through its after-war recovery programs in BiH achieving the outstanding results. As a first steps in achieving of sustainability is ecologization of educational system.

INSTITUTIONAL CAPACITY AND REGIONAL ELECTRICITY MARKET IN SOUTHEAST EUROPE

Author(s): Nela Vlahinić-Dizdarević,Saša Žiković / Language(s): English Publication Year: 0

The implementation and benefits of regional electricity market (REM) in Southeast strongly depend on institutional capacity in these economies. At the same time, the appropriate level of institutional resources is crucial for SEE countries in order to benefit from the REM. The first step of institutional reforms is the establishment of national regulatory agency in the field of energy. All SEECs have adopted the EU reform model and established formally independent regulatory agencies, but the same model copied on those implemented in developed economies obviously is not a guarantee for an effective regulatory process. The failure of regulation in many less developed countries is the result of underestimation of the importance of the institutional capacity and institutional differences across countries, while the process of unbundling has made the regulatory task even more complex. The barriers for the regulator’s independency can be related to a shortage in human and administrative resources, a lack of political support for the reforms and regulator’s close connections to regulated industry. The second step of institutional reforms necessary for building REM considers regional cooperation and regional institutional activities. SEE countries have implemented the harmonized, uniform approach influenced by EU Directives in the energy sector and this approach requires extensive subordination of national interests. Harmonization is especially important in order to attract private investors because they will invest only if there is a high degree of certainty about transmission network access, regulatory transparency and predictability. Therefore the common regulatory framework within the region with the coordination of regional planning would create benefits for all the SEE countries.

Актуално състояние на българската енергетика и стратегическата роля на ядрената енергия

Author(s): Ivan Hinovski / Language(s): Bulgarian Publication Year: 0

It is presented the actual status of the generation structure of Bulgarian power industry with accent to the contribution of nuclear energy to keep the security and sustainability of the national electrical grid operation, as well as its advantages proposing one of the best economically viable option for investments in this branch. Two of the most discussable investment projects for new nuclear builds are discussed. Different scenarios and variants for future development of this industry are considered including the new conditions and circumstances giving impact and determining the future of these projects. Internal and external factors creating posi tive economical and political conditions for the development of these technologies are reviewed. An algorithm of actions and management decisions for successful implementation of new nuclear builds in order to maintain the key role of this branch for the energy security is proposed. It is proposed in the tender documentation to be included few principal requirements to the equipment suppliers, as well as clear and grounded binding engagements.

Understanding Climate Risks: A Banking Perspective

Author(s): Panagiotis Mavridis / Language(s): English Publication Year: 0

Climate change effects on financial assets, either from natural disasters or shifts in policy and technology, can no longer be disregarded. Despite the fact that most countries have committed to the 2015 Paris Climate Agreement, the great majority of private and public financial capital is still being allocated to economic activities that are deviating from this direction or worse in some cases are in opposition to those goals. How much of a risk does this discrepancy pose for financial institutions and in particular, for financial stability? This paper aims at presenting key points on a banking perspective of climate risks.

THE SIGNIFICANCE OF HISTORICAL LANDSCAPE STRUCTURE IN SOUTH MORAVIA FOR THE PROTECTION OF THE LANDSCAPE, LANDSCAPE FUNCTION AND THE PROTECTION OF AGRICULTURAL LAND RESOURCES

Author(s): Marek Havliček,Hana Skokanová,Bořivoj Šarapatka,Renata Pavelková,Patrik Netopil / Language(s): English Publication Year: 0

The paper focuses on identification of rare landscape structures in model areas of South Moravia with traces of traditional and regionally conditioned ways of farming, assessment of their significance in the protection of agricultural land resources, environmental protection, and provision of eco-system services. The potential of future use of these areas, the possible sustenance of traditional ways of farming, or the possible renewal of extinct landscape structures are other key topics of the paper. The aim of the paper is to find the answers to the following research questions: What are the surviving rare historical landscape structures in the model areas with respect to the categories of land use, how are they being currently managed? How are the surviving historical landscape structures in the model areas protected in the view of the environmental and landscape protection? What are the options of renewal of historical landscape structures?

СЪЗИДАТЕЛНОТО РАЗРУШЕНИЕ В ПРОЦЕСА НА ИКОНОМИЧЕСКО РАЗВИТИЕ

Author(s): Julia Dobreva / Language(s): English,Bulgarian Publication Year: 0