Green development prospects of fossil fuel export-dependent countries: a case study of the caspian sea region
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[1] Belarusian State University
Belarusian State University
Bielorrusia
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- Localización: Climate change and finance: navigating the challenges and opportunities in capital markets / Nader Naifar (ed. lit.), 2024, ISBN 978-3-031-56418-5, págs. 121-142
- Idioma: inglés
- Texto completo no disponible (Saber más ...)
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Resumen
Toward the Global Agenda for Sustainable Development (UN Agenda 2030), the fossil fuel export-dependent states are particularly interested in implementing their energy policies. Despite the necessity for structural transformations, the countries nevertheless pursue enhancing fossil fuel production according to their long-term strategies, reorienting the focus from the green agenda toward stabilizing national economies and achieving comprehensive solutions to geopolitical changes. In the current research, the author conducts an empirical study of 38 fossil fuel-exporting states, analyzing variables in four groups (Green Growth, Climate Change and Green Transition, Fossil Fuel Dependence, and Macroeconomic) to investigate whether fossil fuel export dependence determines the effectiveness of ongoing greening reforms. The author observes a negative correlation between the Global Green Index (GGI) and governmental revenues derived from fossil fuels, thereby substantiating the assertion that a green transition is feasible through diversifying revenue sources and reducing dependence on fossil fuel exports. Increasing the role of renewable energy and green hydrogen will allow the Caspian littoral states to develop export supplies to the EU through the Green Deal plan. Simultaneously, improving the national taxonomy and integrating it into the Global Green Finance (GGF) market will gradually transform the raw material export-oriented model into a resource-saving one, considering the national specificities and priorities of the Caspian Sea Region.
