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.