Issue #4 (Volume 16 2025)

Type of the article: Research Article

Abstract
Many countries face the need for structural transformation of their economies, particularly in terms of environmental and climate aspects. Global decarbonization initiatives have forced Kazakhstan to revise its economic policy priorities as well as legal regulation in several spheres. The objective of this study was to identify the existing legal challenges confronting Kazakhstan in fulfilling its international commitments to achieve carbon neutrality. The methodological basis is presented by political and legal analysis. Persistent issues in Kazakhstan’s pursuit of carbon neutrality include the absence of clear and transparent mechanisms for allocating CO₂ emissions quotas, insufficient harmonization with international law, poor institutional coordination, and a lack of legal instruments to incentivize businesses and ensure public participation. Some decarbonization decisions conflict with other government programs and priorities, such as plans to increase hydrocarbon production. From a formal legal perspective, the key challenges for Kazakhstan include unclear mechanisms for implementing the Nationally Determined Contribution (NDC), the absence of legal tools for abandoning fossil fuels, insufficient transparency of the NDC, and weak formalization of the consultation mechanism with stakeholders (including NGOs and the private sector). Among the challenges identified, there are an absence of an institutional basis for the functioning of a single center for managing climate policy, problems of law enforcement, as well as a lack of generalized judicial practice.

Acknowledgment
This research has been/was/is funded by the Science Committee of the Ministry of Science and Higher Education of the Republic of Kazakhstan (Grant No. AP23490668). Project IRN AP23490668 “Legal aspects of processing and disposal of solid municipal waste in the Republic of Kazakhstan: problems and prospects”.

Type of the article: Research Article

Abstract
Food SMEs in emerging markets face increasing environmental pressures and regulatory demands, requiring them to achieve sustainable business performance within the circular economy. This paper aims to investigate the influence of green entrepreneurial orientation toward sustainable business performance as mediated by green innovation and green marketing strategies, and environmental regulation and environmental consciousness as moderators, using food industry SMEs in Riau, Indonesia, as the context of analysis. Quantitative explanatory research design was employed wherein a structured questionnaire was administered to 225 SMEs practicing circular economy in urban, mainland, and coastal regions. Data were collected in April–June 2024, and SEM-PLS were employed for analysis. Results indicate that green entrepreneurial orientation directly (β = 0.209; p < 0.001) and indirectly through green innovation (β = 0.416; p < 0.001) increases sustainable business performance significantly, while green marketing strategies have no significant impact. The effect of green entrepreneurial orientation on sustainable business performance is positively moderated by environmental regulation (β = 0.136; p < 0.001) and negatively by environmental consciousness (β = −0.042; p < 0.05). The implications of the results suggest that innovation plays a pivotal role in transforming green entrepreneurial orientation into sustainability outcomes, and regulatory support is crucial.

Type of the article: Research Article

Abstract
Green accounting has become an increasingly crucial research field due to its significance in addressing climate change. While global studies in this field have expanded extensively, contributions from Indonesia-affiliated researchers remain relatively underexplored, much to Indonesia’s detriment, given its vast natural resources and existing environmental challenges. This study employs a bibliometric analysis to explore trends, impact, and collaboration patterns in green accounting studies globally, with a specific comparison of Indonesia-affiliated publications. A comprehensive analysis utilizing the retrieved dataset from the Scopus database was conducted to identify key research clusters and to highlight relevant topics such as carbon accounting, sustainability, environmental performance, and the integration of the environmental, social, and governance (ESG) factors into corporate policies. Network visualizations using VosViewer were constructed to examine the landscape of green accounting both globally and within Indonesia-affiliated research, aiming to compare global research with that linked to Indonesia. Global research covers broader topics surrounding carbon accounting, sustainability, environmental performance, the integration of ESG factors into corporate policies, and life cycle assessment. Meanwhile, Indonesia-affiliated research is more concentrated, focusing on topics such as financial/environmental performance and forestry issues. This study suggests that Indonesia-affiliated research would benefit from diversifying its focus toward globally emerging or established topics such as sustainable practices, carbon management, and the global sustainability reporting standards to enhance its academic visibility and relevance.

Type of the article: Research Article

Abstract
This study provides the first comprehensive bibliometric mapping of the Debt-for-Nature Swap (DFNS) literature over the period 1988–2025, highlighting its intellectual structure, thematic evolution, and global patterns of scientific collaboration. A total of 117 publications were retrieved from the Scopus database using targeted keyword searches and analyzed with the Bibliometrix package in R. The analysis included annual publication trends, productivity by authors, institutions, and countries, most cited works, keyword co-occurrence networks, thematic maps, and trend topic analyses. Results show that DFNS research initially focused on environmental protection and debt relief, but since 2015 has shifted toward climate finance, blue bonds, and sustainable development. Notable turning points include the Seychelles’ issuance of the first blue bond in 2018 and renewed interest following the COVID-19 debt surge. The United States, the United Kingdom, and China lead in research output, while most DFNS projects are implemented in developing countries. Citation and thematic analyses reveal integration with biodiversity conservation and emerging links to innovative financial instruments. By systematically mapping the field and identifying research gaps, this study offers evidence-based insights for environmental economics, guiding policy design at the intersection of sovereign debt management, biodiversity conservation, and climate finance.

Type of the article: Research Article

Abstract
Ensuring high-quality environmental disclosure has become a strategic concern for companies amid increasing public scrutiny and ongoing environmental degradation. This paper aims to examine the effect of environmental performance and corporate governance structure on the quality of environmental disclosure of manufacturing companies in Indonesia. Observations were made on 52 manufacturing companies that submitted annual and sustainability reports from 2020 to 2022. Panel data were analyzed using regression techniques. The empirical findings indicate that environmental performance, board size, board meeting frequency, multiple directorships, and the age of the youngest director have a positive and statistically significant impact on the quality of environmental disclosure. Specifically, environmental performance demonstrated a coefficient of 6.58 (p < 0.01), the age of the youngest director – 0.30 (p < 0.10), multiple directorships – 1.42 (p < 0.05), board size – 1.28 (p < 0.05), and board meeting frequency – 0.19 (p < 0.10). Conversely, director tenure exhibited a negative effect of 0.53 (p < 0.05). This study concludes that environmental performance and corporate governance are critical determinants of the quality of environmental disclosure in the context of Indonesian manufacturing companies. Overall, the study offers practical implications for regulators and corporate decision-makers seeking to improve environmental accountability and strengthen long-term stakeholder trust.

Type of the article: Research Article

Abstract
The paper aims to develop and adapt an econometric model for assessing and forecasting the impact of household energy efficiency and renewable energy deployment on reducing energy poverty in Ukraine. Due to the lack of updated statistical data after 2022 caused by the war, the adapted model was tested using pre-war data from the State Statistics Service of Ukraine and the World Bank for 2002–2021. As access to some pre-war datasets was also restricted for security reasons in Ukraine, proxy indicators were applied, allowing adaptation to limited information conditions. The modeling results showed that a 1,000 USD increase in GDP per capita reduces the share of the population living below the national poverty line and, accordingly, the energy-poor population, by 3%. Conversely, a 1% increase in gross capital formation raises the energy poverty level by 0.5%, indicating no direct impact of investment in physical capital, including expenses on energy-efficiency measures, on household welfare. Household expenditures on utilities and the share of renewable energy in total energy consumption were found to be statistically insignificant. The study confirms that household income remains the dominant determinant of energy poverty, while improvements in energy efficiency and renewable energy development play supportive but not yet decisive roles. These findings highlight the need to integrate social and energy policies to raise household incomes, improve access to renewable technologies, and promote energy efficiency measures. The developed model offers a tool for enhancing state policies to alleviate energy poverty under wartime constraints and in post-war recovery.

Acknowledgments
This study was funded by the National Research Foundation of Ukraine within the project “Formation of economic mechanisms to increase energy efficiency and provide sustainable development of renewable energy in Ukraine’s households” (No. 0122U001233).