IZAZOVI, OGRANIČENJA I PREDNOSTI MALIH EKONOMIJA U PROCESU ZELENE TRANZICIJE
CHALLENGES, LIMITATIONS AND ADVANTAGES OF SMALL ECONOMY IN THE PROCESS OF GREEN TRANSITION

Author(s): Miloš Grujić
Subject(s): Energy and Environmental Studies, Economic development, Environmental interactions, Accounting - Business Administration
Published by: Finrar d.o.o Banja Luka
Keywords: Economic development; green transition; small economy; emerging market;
Summary/Abstract: Small economies face specific challenges in adapting to and implementing the green transition. This paper provides a conceptual definition of small economies and an overview of the main aspects of green transition, such as energy efficiency, renewable energy sources, technological innovations, regulatory framework, and investment in green infrastructure. At the same time, different definitions of small economies are presented. By researching a large number of relevant reports and publications, as well as cited academic articles indexed in scientific databases such as Wos, Scopus and Google Scholar, specific challenges that small economies face in the process of green transition have been identified. The focus of the research is on the Western Balkan countries as examples of small economies. The conclusion is that the most important challenges are the lack of resources and capacity, difficulties in attracting investment and adapting to the market, and limitations in accessing financing. The paper provides recommendations for small economies and explains the position of the accounting and auditing profession in the process of green transition in small economies. The paper can serve as a basis for further analysis and research of the mentioned challenges and ways to overcome them, as well as the contribution of small economies to global efforts to achieve sustainable development.

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