This research work is devoted to the issue of studying the key risks of switching to renewable energy sources. The relevance of the topic of work is determined by the fact that, according to climatologists [5], climate change, which has a negative impact on the environment, is caused by the emission of greenhouse gases such as carbon dioxide (CO2). For this reason, measures to prevent or reduce greenhouse gas emissions are at the heart of the energy transition. International treaties such as the Kyoto Protocol and the Paris Agreement lay the foundations for global action to combat climate change and implement a fourth energy transition. The energy transition is characterized by a number of incentives and barriers. Despite the fact that there are many scenarios for the development of the global energy sector by 2050, the expected transformations of the energy market lead to a significant redistribution of the ratio of the shares of hydrocarbon sources and renewable energy sources [16]. The trend towards fossil fuels is on the rise. These transformations in the market are determined not only by the climate agenda, but also by the concept of sustainable economic development.

Learning outcomes This study enables to critically assess: what constitutes the consequences of a financial crisis to a multi-national enterprise operating in the emerging market of Russia; the decision-making processes behind crisis management and the corresponding search for informational grounds to be used as decision justification; and the role of sustainable development in times of crisis. Case overview/synopsis During the 2014–2015 financial crisis in Russia, L’Oréal Russia managed to increase growth by 7%–15%, strengthening its place as the market leader in the country. First, the case illustrates the way Antonio, the General Manager of L’Oréal Russia, had successfully approached this situation by learning from the shortcomings of the company’s strategy during the 2007–2008 crisis and deciding to take a proactive position concerning stakeholders. Then, upon recalling his success story, Antonio suddenly found himself at the dawn of yet another crisis caused simultaneously by the COVID-19 outbreak and oil prices drop. In the face of uncertainty regarding the applicability of prior crisis management strategy for the new economic and social reality of Russia, Antonio was worried about whether the company would be able to achieve the 2020 sustainable development goals of L’Oréal by the end of the year. The case dilemma involves choices Antonio faced during mid-March 2020 about strategy formulation based on an adjustment to the expected consumer behavior patterns and possible need to rethink sustainable development goals priority. Complexity academic level This case is appropriate for an undergraduate or graduate-level program curriculum for courses dedicated to or including topics related to crisis management, doing business in emerging markets, corporate social responsibility and consumer behavior. Before engaging with the case, the students should be aware of basic management- and economics-related concepts and terms, such as strategy, sustainable development, CSR and economic crisis. Supplementary materials Teaching notes are available for educators only. Subject code CSS 11: Strategy.

<p>Corporate social responsibility is focused on finding ways to harmonize the relationship between business, government and society. Russian companies are unique because they are between the Soviet past and the present Market. According to the Russian government, social responsibility is a kind of “payoff” for privatization, in which the state property was given to new owners. While capitalization is one of the most important criteria in international practice, in Russia it is the creation of political conditions favorable for running and developing businesses.</p>

The activities of companies in the oil and gas sector have a significant impact on climate change. Fighting the greenhouse gas emissions growth is at the heart of energy decarbonization. Despite the prevailing importance of fossil fuels, one of the most promising scenarios for development of world energy is the transition to renewable energy sources. The decarbonization strategy for the oil and gas industry includes a wide range of economic and technological measures. Nevertheless, there are significant differences in the environmental policy of oil and gas companies depending on the chosen strategic vector of development. Due to the above, it is necessary to offer a classification of oil and gas companies by the type of decarbonization, which allows making effective management decisions.