A Conceptual Model for the Sustainable Development of the Arctic’s Mineral Resources Considering Current Global Trends: Future Scenarios, Key Actors, and Recommendations

Dmitrieva, D.D; Chanysheva, Amina; Solovyova, Victoria

doi:10.3390/resources12060063

Cited by 3 publications

(2 citation statements)

References 56 publications

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“…In addition, international diversification is associated with high risk related to institutional features in the host country [50]. Moreover, developing hard-towork resources such as arctic and deep-water fields and shale formations requires constant innovation and technology upgrades and developing corresponding competencies [55][56][57].…”

Section: Theoretical Aspects Of Diversification Of Oil and Gas Companiesmentioning

confidence: 99%

Strategic Priorities for Green Diversification of Oil and Gas Companies

Cherepovitsyn

Rutenko

2023

Energies

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The inconsistency of arguments regarding the value of diversification strategies means that there is a lack of a unified methodological approach and a method for evaluating the impact on efficiency and competitive ability of companies. Research shows that diversification was crucially important for oil and gas companies during the economic shocks of 1998, 2009, and 2015. Nowadays, oil and gas companies apply the strategy of green diversification to solve climate change problems and adapt to energy transition trends. The goals of 14 global oil and gas companies with regard to carbon neutrality were analyzed in this study. This research expands the theoretical studies of diversification processes and outcomes in the oil and gas industry and contributes to the discussion of the feasibility of companies implementing renewable energy projects. The factors that prompt oil and gas companies to adopt green diversification were formulated, and their key strategic priorities were determined depending on the volume of proven resources. The research suggests that global shocks in the international energy market and a reduction in the significance of oil and gas resources in the overall power balance stimulate companies to diversify their asset portfolios, but such strategy does not protect against negative impacts. In addition, important issues were identified for further analysis.

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Section: Theoretical Aspects Of Diversification Of Oil and Gas Companiesmentioning

confidence: 99%

Strategic Priorities for Green Diversification of Oil and Gas Companies

Cherepovitsyn

Rutenko

2023

Energies

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“…Today, the problems and difficulties identified are complemented by new challenges. The degree of uncertainty in the functioning of mineral markets is increasing; there is a gradual shift in focus from traditional to green energy sources; the needs for various types of minerals are changing; the level of environmental and social requirements is increasing; new approaches to project financing are emerging due to the current ESG agenda [7,[15][16][17][18].…”

Section: Introductionmentioning

confidence: 99%

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

Dmitrieva

Solovyova

2023

Energies

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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.

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A Taxonomy of Mineral Resource Projects in the Arctic: A Path to Sustainable Financing?

Dmitrieva,

Solovyova

2024

Sustainability

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The development of mineral resources in the Arctic region presents a strategically significant yet challenging endeavor, necessitating a delicate balance between the growing need for resources and pressing climatic and geopolitical concerns. Mineral resource development projects entail high capital intensity and substantial investment risks, with Arctic projects being particularly complex. While sustainable financing mechanisms for projects fostering sustainable development have been largely addressed in many countries through specialized taxonomies, projects within the mineral resource sector require a distinct financing approach. Such a taxonomy should facilitate the establishment of sustainable financing mechanisms for mineral resource projects in the Arctic zone, incentivizing companies to pursue Sustainable Development Goals (SDGs) and mitigate potential social and environmental risks. This article examines the key aspects of sustainable financing for mining-related business projects amidst current trends, substantiating the prerequisites for establishing a taxonomy of Arctic mineral resource projects. Among the most important prerequisites are the contradiction between the SD concept and the development of mineral resources, specific characteristics of Arctic mining projects, and current financing restrictions. An approach to project financing is developed, and an option for classifying Arctic mineral resource projects for the subsequent taxonomy is proposed.

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A Conceptual Model for the Sustainable Development of the Arctic’s Mineral Resources Considering Current Global Trends: Future Scenarios, Key Actors, and Recommendations

Cited by 3 publications

References 56 publications

Strategic Priorities for Green Diversification of Oil and Gas Companies

Strategic Priorities for Green Diversification of Oil and Gas Companies

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

A Taxonomy of Mineral Resource Projects in the Arctic: A Path to Sustainable Financing?

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