IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v16y2023i13p5145-d1186135.html
   My bibliography  Save this article

Russian Arctic Mineral Resources Sustainable Development in the Context of Energy Transition, ESG Agenda and Geopolitical Tensions

Author

Listed:
  • Diana Dmitrieva

    (Department of Economics, Organization and Management, Saint-Petersburg Mining University, 21St Line V.O. 2, 199106 St. Petersburg, Russia)

  • Victoria Solovyova

    (Department of Economics, Organization and Management, Saint-Petersburg Mining University, 21St Line V.O. 2, 199106 St. Petersburg, Russia)

Abstract

The Arctic region is well-known as a source of energy and mineral resources. Developing these resources by means of responsible practices could provide the world’s economy with strategically and critically important types of minerals. As a result, the role of the Arctic’s resource potential and the approaches used to develop it are gradually changing. In current conditions, it is crucial to strike a balance between existing needs and long-term demand for traditional energy sources or critical materials, such as rare and rare-earth minerals. Achieving this balance will result in sustainable growth, meeting ESG agenda targets while considering national security priorities, and devising novel approaches to sustainable project financing. However, there is controversy between existing strategies and plans based on low-carbon development and reality, which creates new macroeconomic and geopolitical obstacles that need to be overcome. The primary goal of this research is to substantiate the necessity of transforming the Russian Arctic’s mineral resource exploration in the context of global and national changes. The article presents a comprehensive analysis of the contemporary trends and tendencies influencing the exploration of the Arctic’s resources, as well as a general vision of the current situation in the energy sector. Research methods include content analysis and synthesis, generalization, decomposition, elements of strategic analysis, planning and forecasting, statistical methods, econometric modeling methods, and scenario planning. An upgraded concept of sustainable development based on six key components is proposed and discussed. Recommendations are provided on how to improve the existing system of long-term planning and forecasting to reduce the high level of macroeconomic and geopolitical uncertainty. The role of Russian Artic resources is determined in light of the shift in resource use.

Suggested Citation

  • Diana Dmitrieva & Victoria Solovyova, 2023. "Russian Arctic Mineral Resources Sustainable Development in the Context of Energy Transition, ESG Agenda and Geopolitical Tensions," Energies, MDPI, vol. 16(13), pages 1-28, July.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:13:p:5145-:d:1186135
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/16/13/5145/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/16/13/5145/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Usman, Muhammad & Jahanger, Atif & Makhdum, Muhammad Sohail Amjad & Balsalobre-Lorente, Daniel & Bashir, Adnan, 2022. "How do financial development, energy consumption, natural resources, and globalization affect Arctic countries' economic growth and environmental quality? An advanced panel data simulation," Energy, Elsevier, vol. 241(C).
    2. Diana Dmitrieva & Amina Chanysheva & Victoria Solovyova, 2023. "A Conceptual Model for the Sustainable Development of the Arctic’s Mineral Resources Considering Current Global Trends: Future Scenarios, Key Actors, and Recommendations," Resources, MDPI, vol. 12(6), pages 1-28, May.
    3. Andrey N. Petrov & Tatiana Vlasova, 2021. "Towards an Arctic Sustainability Monitoring Framework," Sustainability, MDPI, vol. 13(9), pages 1-4, April.
    4. Marie K. Schellens & Johanna Gisladottir, 2018. "Critical Natural Resources: Challenging the Current Discourse and Proposal for a Holistic Definition," Resources, MDPI, vol. 7(4), pages 1-28, December.
    5. Tatiana Ponomarenko & Eugene Marin & Sergey Galevskiy, 2022. "Economic Evaluation of Oil and Gas Projects: Justification of Engineering Solutions in the Implementation of Field Development Projects," Energies, MDPI, vol. 15(9), pages 1-22, April.
    6. Baldi, Lucia & Peri, Massimo & Vandone, Daniela, 2014. "Clean energy industries and rare earth materials: Economic and financial issues," Energy Policy, Elsevier, vol. 66(C), pages 53-61.
    7. Pavel Tsiglianu & Natalia Romasheva & Artem Nenko, 2023. "Conceptual Management Framework for Oil and Gas Engineering Project Implementation," Resources, MDPI, vol. 12(6), pages 1-27, May.
    8. Ibrahim Niftiyev, 2021. "Dutch Disease Effects in the Azerbaijan Economy: Results of Multivariate Linear Ordinary Least Squares (OLS) Estimations," HSE Economic Journal, National Research University Higher School of Economics, vol. 25(2), pages 309-346.
    9. Elkhan Richard Sadik-Zada, 2021. "Addressing the growth and employment effects of the extractive industries: white and black box illustrations from Kazakhstan," Post-Communist Economies, Taylor & Francis Journals, vol. 33(4), pages 402-434, May.
    10. Sidortsov, Roman, 2019. "Benefits over risks: A case study of government support of energy development in the Russian North," Energy Policy, Elsevier, vol. 129(C), pages 132-138.
    11. Walter Leal Filho & Richard Kotter & Pinar Gökçin Özuyar & Ismaila Rimi Abubakar & João Henrique Paulino Pires Eustachio & Newton R. Matandirotya, 2023. "Understanding Rare Earth Elements as Critical Raw Materials," Sustainability, MDPI, vol. 15(3), pages 1-18, January.
    12. Shapovalova, Daria & Galimullin, Eduard & Grushevenko, Ekaterina, 2020. "Russian Arctic offshore petroleum governance: The effects of western sanctions and outlook for northern development," Energy Policy, Elsevier, vol. 146(C).
    13. Niftiyev, Ibrahim, 2020. "The De-industrialization Process In Azerbaijan: Dutch Disease Syndrome Revisited," EconStor Conference Papers 227485, ZBW - Leibniz Information Centre for Economics.
    14. Xu, Xiaofeng & Wei, Zhifei & Ji, Qiang & Wang, Chenglong & Gao, Guowei, 2019. "Global renewable energy development: Influencing factors, trend predictions and countermeasures," Resources Policy, Elsevier, vol. 63(C), pages 1-1.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Andrey Lebedev & Alexey Cherepovitsyn, 2024. "Waste Management during the Production Drilling Stage in the Oil and Gas Sector: A Feasibility Study," Resources, MDPI, vol. 13(2), pages 1-30, February.
    2. Diana Dmitrieva & Victoria Solovyova, 2024. "A Taxonomy of Mineral Resource Projects in the Arctic: A Path to Sustainable Financing?," Sustainability, MDPI, vol. 16(11), pages 1-17, June.
    3. Sergey Sidorenko & Vyacheslav Trushnikov & Andrey Sidorenko, 2024. "Methane Emission Estimation Tools as a Basis for Sustainable Underground Mining of Gas-Bearing Coal Seams," Sustainability, MDPI, vol. 16(8), pages 1-22, April.
    4. Marina A. Nevskaya & Semen M. Raikhlin & Amina F. Chanysheva, 2024. "Assessment of Energy Efficiency Projects at Russian Mining Enterprises within the Framework of Sustainable Development," Sustainability, MDPI, vol. 16(17), pages 1-20, August.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Diana Dmitrieva & Victoria Solovyova, 2024. "A Taxonomy of Mineral Resource Projects in the Arctic: A Path to Sustainable Financing?," Sustainability, MDPI, vol. 16(11), pages 1-17, June.
    2. Sergey Nikolaevich Silvestrov & Sergey Alekseevich Pobyvaev & Stanislav Borisovich Reshetnikov & Dmitrii Vladimirovich Firsov, 2022. "Management of the Russian Interregional Investment Distribution Using the Autonomous Expenditure Multiplier Model," Economies, MDPI, vol. 10(2), pages 1-18, February.
    3. Sergey Tsygankov & Vadim Syropyatov & Vyacheslav Volchik, 2021. "Institutional Governance of Innovations: Novel Insights of Leadership in Russian Public Procurement," Economies, MDPI, vol. 9(4), pages 1-16, December.
    4. Diana Dmitrieva & Amina Chanysheva & Victoria Solovyova, 2023. "A Conceptual Model for the Sustainable Development of the Arctic’s Mineral Resources Considering Current Global Trends: Future Scenarios, Key Actors, and Recommendations," Resources, MDPI, vol. 12(6), pages 1-28, May.
    5. Cherepovitsyn, Alexey & Solovyova, Victoria & Dmitrieva, Diana, 2023. "New challenges for the sustainable development of the rare-earth metals sector in Russia: Transforming industrial policies," Resources Policy, Elsevier, vol. 81(C).
    6. Mamon Adam Maarof & Dildar Haydar Ahmed & Ahmed Samour, 2023. "Fiscal Policy, Oil Price, Foreign Direct Investment, and Renewable Energy—A Path to Sustainable Development in South Africa," Sustainability, MDPI, vol. 15(12), pages 1-16, June.
    7. Alexey Cherepovitsyn & Aleksei Kazanin & Evgeniya Rutenko, 2023. "Strategic Priorities for Green Diversification of Oil and Gas Companies," Energies, MDPI, vol. 16(13), pages 1-17, June.
    8. Henriques, Irene & Sadorsky, Perry, 2023. "Forecasting rare earth stock prices with machine learning," Resources Policy, Elsevier, vol. 86(PA).
    9. Beganovic, Nejra & Söffker, Dirk, 2016. "Structural health management utilization for lifetime prognosis and advanced control strategy deployment of wind turbines: An overview and outlook concerning actual methods, tools, and obtained result," Renewable and Sustainable Energy Reviews, Elsevier, vol. 64(C), pages 68-83.
    10. Lanre Ibrahim, Ridwan & Bello Ajide, Kazeem & Usman, Muhammad & Kousar, Rakhshanda, 2022. "Heterogeneous effects of renewable energy and structural change on environmental pollution in Africa: Do natural resources and environmental technologies reduce pressure on the environment?," Renewable Energy, Elsevier, vol. 200(C), pages 244-256.
    11. Cagli, Efe Caglar, 2023. "The volatility spillover between battery metals and future mobility stocks: Evidence from the time-varying frequency connectedness approach," Resources Policy, Elsevier, vol. 86(PA).
    12. Aladejare, Samson Adeniyi, 2022. "Natural resource rents, globalisation and environmental degradation: New insight from 5 richest African economies," Resources Policy, Elsevier, vol. 78(C).
    13. Yang, Xiaoming & Islam, Md. Monirul & Mentel, Grzegorz & Ahmad, Ashfaq & Vasa, László, 2024. "Synergistic dynamics unveiled: Interplay between rare earth prices, clean energy innovations, and tech companies' market resilience amidst the Covid-19 pandemic and Russia-Ukraine conflict," Resources Policy, Elsevier, vol. 89(C).
    14. Feng Dong & Yuling Pan, 2020. "Evolution of Renewable Energy in BRI Countries: A Combined Econometric and Decomposition Approach," IJERPH, MDPI, vol. 17(22), pages 1-18, November.
    15. Li, Zheng-Zheng & Meng, Qin & Zhang, Linling & Lobont, Oana-Ramona & Shen, Yijuan, 2023. "How do rare earth prices respond to economic and geopolitical factors?," Resources Policy, Elsevier, vol. 85(PA).
    16. Hache, Emmanuel & Simoën, Marine & Seck, Gondia Sokhna & Bonnet, Clément & Jabberi, Aymen & Carcanague, Samuel, 2020. "The impact of future power generation on cement demand: An international and regional assessment based on climate scenarios," International Economics, Elsevier, vol. 163(C), pages 114-133.
    17. Atif Jahanger & Muhammad Usman & Daniel Balsalobre‐Lorente, 2022. "Linking institutional quality to environmental sustainability," Sustainable Development, John Wiley & Sons, Ltd., vol. 30(6), pages 1749-1765, December.
    18. Liu, Yang & Wang, Jianda & Dong, Kangyin & Taghizadeh-Hesary, Farhad, 2023. "How does natural resource abundance affect green total factor productivity in the era of green finance? Global evidence," Resources Policy, Elsevier, vol. 81(C).
    19. Marko Lovec & Luka Juvančič, 2021. "The Role of Industrial Revival in Untapping the Bioeconomy’s Potential in Central and Eastern Europe," Energies, MDPI, vol. 14(24), pages 1-20, December.
    20. Eichhorn Colombo, Konrad W., 2023. "Financial resilience analysis of floating production, storage and offloading plant operated in Norwegian Arctic region: Case study using inter-/transdisciplinary system dynamics modeling and simulatio," Energy, Elsevier, vol. 268(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:16:y:2023:i:13:p:5145-:d:1186135. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.