Ukrainian Firms’ Transition toward a Low-Carbon Economy: How to Be Proactive

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Authors: Liubov Zharova, Olena Zhytkevych, and Natalia Сhaplynska
Page Range: 365-384
Published in: International Journal of Energy, Environment, and Economics, Volume 30 Issue 3
ISSN: 1054-853X

Table of Contents

ABSTRACT

A full-scale invasion on February 24, 2022, presented society with new challenges that require our response. One of the priorities at the moment is the European integration of Ukrainian society and economy. In this regard, the basis of integrating enterprises into the European space should be analysed because, despite the commonly used term “reconstruction,” it is more about building a new, competitive, innovative society. The topic of business greening is relevant, as it will the formulation of recommendations and approaches to help Ukrainian enterprises take their rightful place in the European economic space. The purpose of this paper delineates that business firm operations and climate change are relevant, and business firms have to pay attention to this for mutual efficiency. The research results were represented as a proposed set of tools for shifting to a circular economy and eco-innovation. The authors discussed and proposed strategies for stimulating consumer awareness in eco-innovation which can be adopted by enterprises in particular by Ukrainian business firms. The methodology on how to apply the proposed set of tools for transitioning to a low-carbon economy has been introduced. Additionally, the authors provided examples of successful initiatives of voluntary attempts by business firms towards decarbonization. This contributed to a qualitative analysis which led to the strength of the recommendations given to Ukrainian enterprises. Conceptually, the paper mentioned the need for SMEs to improve their knowledge of eco-innovation potentials and provided suggestions for how businesses can adapt and modify their approaches in response to evolving market conditions.

Keywords: green economy, climate change, mitigation, proactivity, efficiency, energy independence

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