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Корпоративна устойчивост и ESG стандарти: готовността на българските компании за устойчиво развитие

Author(s): Desislava Kirova / Language(s): Bulgarian Issue: 4/2024

Corporate sustainability contains an integration of environmental, social and governance (ESG) strategies aimed at creating long-term value to the companies. These strategies not only support the sustainable development of the corporations, their partners and stakeholders, but also have impact on the society and each individual, contributing to a sustainable future. By 2026, 760 Bulgarian companies are expected to report about their sustainability as the EU Directive claims 12 basic standards

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FISCAL POLICY FRAMEWORK IN A DECARBONIZED FUTURE FOR RESOURCE-RICH COUNTRIES

Author(s): Elmir Eyvaz-Zada / Language(s): English Issue: 1/2024

In a world transitioning towards decarbonization, resource-rich countries (RRCs) face unique challenges in shaping their fiscal policy frameworks, necessitating significant adjustments. This paper analyzes the effects of decarbonization on the fiscal policies of RRCs, focusing on the intersection of fiscal sustainability and sustainable development goals. The key findings reveal that effective fiscal discipline is crucial for maintaining fiscal sustainability amid fluctuating resource revenues. Implementing medium-term budget frameworks helps RRCs manage economic volatility and plan for long-term fiscal health. The adoption of green fiscal policies can support RRCs in navigating the challenges of decarbonization, contributing to both fiscal sustainability and sustainable development goals. Additionally, decarbonization affects various economic aspects, including budget revenues, expenditures, and the overall fiscal sustainability landscape, necessitating tailored fiscal policies. This comprehensive analysis provides valuable insights into designing and implementing fiscal policies suited to the needs of resource-rich countries during the global energy transition. The study highlights how green fiscal policies can assist RRCs in managing decarbonization challenges while achieving sustainable development goals.

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THE IMPACT OF FINANCIAL POLICIES ON PROMOTING THE DEVELOPMENT OF GREEN INNOVATION

Author(s): Turgay Nasirli / Language(s): English Issue: 1/2024

This research investigates the factors influencing the development of green patents and their implications on green innovation. Green financing has the purpose of funding environmental initiatives by directing capital from financial institutions to eco-friendly projects. Through a review of existing literature and empirical analyses, we identify the influence of financial variables and economic policy strategy as key contributors. Preliminary findings suggest that these factors significantly impact the prevalence of green patents, highlighting the importance of policy and financial decisions in fostering environmentally sustainable technological advancements. Our findings reveal a positive correlation between environmental R&D expenditure and green innovation. Moreover, venture capital emerges as a significant driver of green innovation, facilitating the development of environmentally conscious solutions by mitigating financial risks. Additionally, the stringency of environmental policies and the presence of green bonds and carbon taxes demonstrate positive associations with green innovation. Consequently, the main objectives of this article are to examine the impact of financial policies such as R&D, Venture Capital, Debt financing and environmental regulations on the development of green patents and innovation as well as investigate the relationship between green bonds, carbon taxes and green innovation. Ultimately, this research contributes to the ongoing discourse on sustainable development, offering a nuanced understanding of the dynamics driving green innovation.

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Commercialization of Unmanned Aerial Vehicles. Prospects and Challenges in the Second Decade of the 21st Century

Author(s): Dolores Gracja Piwek / Language(s): English Issue: 2/2024

Unmanned aerial vehicles (UAVs) are fulfilling increasingly important roles in the economies of countries around the world, providing a more economical and convenient tool for performing tasks that are dangerous to humans or during which the use of specialized equipment is expensive and/or inefficient. The subject of the provided research in this article is the process of commercialization of UAVs and the opportunities and challenges associated with its implementation. The purpose of this article is to identify the most important prospects and challenges facing the UAV industry in the second decade of the 21st century. The main research problem was formulated in the form of a question: What are the most important opportunities and challenges related to the commercialization process of UAVs in the second decade of the 21st century? The article reveals the issues that determine the most important trends in the operation of unmanned aircraft and the opportunities and challenges associated with their commercialization in the context of aviation safety in Poland and Europe. An additional purpose of this paper is to fill the gap in the collection of scientific studies devoted to the subject matter. From an analysis of the available literature, it appears that among scientific studies, there is a lack of those that address the subject matter discussed in this publication within the proposed scope. The observed increase in interest in UAVs—from companies offering specialized services using them, scientists using UAVs for research, and private users—makes it important to analyze the latest trends in UAV development and the challenges facing the aeronautical industry in this area. This applies especially to the areas of the use of UAVs, alternative methods of powering them, and commercial operations using UAVs. The main conclusion of the study is that the development of unmanned aircraft systems services, supported by a competitive sector, can greatly promote Europe’s double transition to a green and digital economy, as well as contribute to the EU economy’s post-COVID-19 recovery and future resilience. Unmanned Aerial Vehicles have the potential to become facilitators of our economic and social lives, in addition to a driving force in the growing digitalization of the European economy, from daily commuting to product delivery.

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ПОБОЉШАЊА У ЖИВОТНОМ ВЕКУ МРЕЖЕ ЗА СОЛАРНЕ ЧВОРОВЕ У БЕЖИЧНОЈ МРЕЖИ СЕНЗОРСКЕ МРЕЖЕ

Author(s): milan malešević,Nemanja Deretić,nikola samardžić,Miloš Popović / Language(s): Serbian Issue: 1/2024

Wireless sensor networks with specific hardware configuration and possibilities for their network lifetime improvement are examined in this paper. Nodes in the network are equipped with solar cells. Storing solar energy in batteries is a very cost-effective and longlasting solution for sensor nodes that are difficult to reach for regular maintenance. Solar power provides more power for more frequent data acquisition and greater communication distance. The downside of this approach is battery lifetime, not a single charge lifetime but the total overall number of times battery can be recharged before it fails. Here we propose a design of the whole sensor node configuration and, most importantly, hardware and software improvements of sensor nodes for increasing battery life and thus network lifetime. A survey of relevant literature is provided, as wellas the analysis of experimental data from referenced authors. Some experiments have been done to discuss the testing methods of other researchers. Good results in improving network lifetime for most used battery types were obtained by this research. Network lifetime of wireless sensor networks can be doubled or even tripled by modifying battery charging strategies, which would enable up to ten years of maintenance-free operation of sensor nodes. Partial charging strategies present a significant improvement in increasing Li-ion battery cycle-count expectancy and can also increase calendar-life expectancy because of batteries not being kept at elevated states of charge.

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Environment, youth, and policy-making discussion: A conversation analysis on Think Policy’s YouTube channel

Author(s): Bruce Dame Laoera,Rosita M. Uyun / Language(s): English Issue: 17/2024

This study will focus on three videos on YouTube which mainly discuss the climate crisis and environment published by Think Policy, an organization that addresses public policy-making in Indonesia. It employs Conversation Analysis to explore how the conversation talks from YouTube videos can show context and explain the importance of the environment, sustainability, and policy-making related to them. The analysis centres around the chunks of conversations that convey: 1) the critical views of environmental activists towards public policy and conditions regarding climate crisis, environment, and sustainability in Indonesia; 2) the educational purpose which raises the youngsters’ awareness towards environmental issues; 3) the agreement and disagreement of environmental activities regarding climate crisis issue in general. The result shows that through its YouTube talks and building upon the lack of public discussion centring around environmental issues in Indonesia, Think Policy can be seen as a social agent organization that functions to spread awareness of environmental issues to a wider range of audiences through environmental and policy-making discussion regardless of their age and views on social or politics.

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ALIGNING ECONOMIC SECURITY AND CLEAN ENERGY TRANSITION: THE WESTERN BALKANS IN THE CONTEXT OF THE EU’S GAS DIRECTIVES

Author(s): Marta Vejseli / Language(s): English Issue: 6/2024

The European Union (EU) is actively aiming a transition to clean energy as part of its Green Deal strategy (European Commission, 2019), which aims for climate neutrality by 2050. This shift involves moving away from traditional fossil fuels such as coal, petroleum and natural gas, towards renewable energy sources (e.g., sunlight, wind, geothermal heat, or flowing water), and law carbon energy sources, such as hydrogen and biomethane. While the EU’s efforts focus on achieving sustainability, its strategy also prioritizes energy security. The Western Balkans, heavily reliant on imported natural gas, face unique challenges and opportunities in aligning with the EU's energy policies, particularly the recently updated gas directives. This paper examines the legal and economic implications of these directives for the Western Balkans, particularly in the context of economic security. It highlights the role of Foreign Direct Investment (FDI) in driving the transition to clean energy and explores how aligning with EU standards can attract critical investment to develop hydrogen ready infrastructure. The paper also discusses the legal frameworks governing energy supply chain security and the implications for regional integration. By addressing these issues, the paper aims to provide a roadmap for harmonizing economic security with the clean energy transition in this strategically important region.

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TECHNOLOGICAL AND ENERGY TRANSITION CONCERNING THE EUROPEAN UNION: PERSPECTIVES FROM NORTH MACEDONIA AND TURKEY

Author(s): Mehmet Yusuf Hazar / Language(s): English Issue: 6/2024

This study investigates the technological and energy transitions in North Macedonia and Turkey, focusing on their alignment with European Union (EU) standards and policies. Even though being at different stages of their EU relationships North Macedonia as a candidate country and Turkey as a negotiating partner both nations share common objectives in harmonizing their digital and energy infrastructures with EU requirements. North Macedonia’s efforts highlight the development of its digital infrastructure to meet the EU’s digitalization goals, while Turkey’s initiatives concentrate on energy transition projects associated with the EU Green Deal framework, prioritizing sustainability and clean energy. The research uses a comparative qualitative methodology, analyzing policy documents, strategic frameworks, and case studies from both countries in order to conduct and to gain insights into national priorities, challenges, and synergies in adapting to EU norms. The results tell that both countries have made significant progress but face distinct challenges. North Macedonia benefits from EU technical assistance and structured integration guidelines, which have accelerated its digital transformation. On the other side, Turkey’s energy transition platforms advanced projects but is delayed by political and economic factors affecting its relationship with the EU. This work highlights the vital role of regional cooperation in supporting both nations' efforts to align with EU standards. In addition, merging digital transformation with energy transition presents valuable opportunities to promote sustainable economic growth and enhance environmental resilience in the long term. These advancements not only address immediate policy objectives but also lay the groundwork for future cross border partnerships. By leveraging shared experiences, both countries can accelerate progress and ensure a smoother transition in critical sectors. The study identifies overlapping challenges, such as financing transitions and ensuring institutional capacity, while also highlighting opportunities for mutual learning and regional collaboration. This analysis underscores the important role of EU policies in driving innovation and sustainability in both member and candidate states. It concludes that effective integration strategies can strengthen national development paths and promote long term regional stability.

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CUSTOMER DEMAND FOR ENVIRONMENTAL STANDARDS AND ITS IMPACT ON FIRMS PRODUCT AND PROCESS INNOVATION (CASE OF WESTERN BALKAN COUNTRIES)

Author(s): Diellza Bilalli / Language(s): English Issue: 6/2024

This study investigates the impact of customer demand for environmental standards on firms’ product and process innovation, focusing on the six Western Balkan Countries (North Macedonia, Albania, Kosova, Montenegro, Bosnia and Herzegovina, Montenegro and Serbia). As consumer's awareness of environmental issues increases, their expectations for businesses to adopt sustainable practices are also expected to increase. This also seems to be the case in Western Balkan countries as well. This change in consumer behavior and demand encourages firms to innovate, both in the products they offer and the processes they use to make those products, as they might be pressured by the customers' expectations and demand for firms to be more environmentally friendly. Using data made available from the Business Environment and Enterprise Performance Surveys conducted by the European Bank for Reconstruction and Development and the World Bank analyzing 1881 firms in the Western Balkans in the period between 2018-2020, the study analyzes the relationship between customer demand for environmental standards and innovation activities in Western Balkan firms, by using correlation and regression analysis. Two separate models were tested. As a dependent variable was taken the Customer Demand for Environmental Standards, measured by the percentage of firms that reported that customers required environmental certifications or adherence to certain environmental standards as a condition to do business, while the independent variable in the first model is product innovation, measured as a percentage of firms that reported product innovation, while in the second model, the independent variable was process innovation, measured as a percentage of firms that reported process innovation. On average, 36% of the firms in the Western Balkan Countries reported that they have innovated their products, while 17% of the firms reported that they have innovated their processes. The findings reveal a strong positive correlation between customer demand for sustainability and innovation, indicating that as demand for sustainability increases, the firms' efforts to meet these demands by innovating their products and processes increase too. These findings are also supported by both Ordinary Least Squares models. The results suggest that given 1 percentage point increase in customer demand for environmental standards leads to a 1.53 percentage point increase in the firms engaging in product innovation, and to a 1.31 percentage point increase in firms engaging in process innovation, holding other variables constant. These results show the important role of customer demand for sustainability, driving both product and process innovation, indicating that as environmental concerns grow, businesses are likely to engage in innovation to meet those demands.

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SOCIAL NORMS AND HEALTH LITERACY AS PREDICTOR OF PRO-ENVIRONMENTAL BEHAVIOR: EVIDENCE FROM NORTH MACEDONIA

Author(s): Sheruze Osmani Ballazhi,Luljeta BEXHETI,Kalina Sotiroska Ivanoska,Ibrahim NEZIRI / Language(s): English Issue: 6/2024

Health literacy receives significant attention in the context of climate change, health care and beyond. Being health literate means that individuals have the ability to understand health – related information and, based on this information, make healthy decisions, decisions that align with health care. In this process of integrating knowledge, decisions, and healthy behaviors, environmental health plays an important role. Focused on chemical, physical and biological factors, environmental health addresses the impact of these factors, and not only on the health of individuals but also on communities as a whole. Being environmental health literate means understanding, but also using information on environmental health. Studies show the effects of various factors on the well-being of young people, but the awareness of youth regarding health has an impact on their behavior towards phenomena that affect their health. Studies reveal a gap between knowledge about environment and pro-environmental behavior. Therefore, the purpose of this study is to predict the behavior of individuals, respectively, pro-environmental behavior based on health literacy and social norms which support environmental health literacy. The study included a total of 1687 adolescents aged 15 years, participating in the HBSC (Health and Behavior of School-aged Children) - North Macedonia study, during the year 2022. Of the total number of participants, 68.5% are Macedonian adolescents and 31.5% Albanian, as a reflection of the population structure in RMV. The participants consist of 50% adolescent boys and 50% adolescent girls. The data from the binary regression analysis show that health literacy, pro-environmental social norms, age, economic status and ethnicity are important predictors of pro-environmental behavior. This proves that not only health literacy, but also the more that social norms are supportive in relation to prosocial behavior, the more likely adolescents are to engage in pro-environmental behavior. The role of economic status, age and ethnicity of adolescents in pro-environmental behavior will also be discussed. The study provides useful data to clarify the gap between knowledge about environmental health literacy and pro environmental behavior as well as to design programs that will help to enhance pro environmental behavior.

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Deep Learning-based Sensing and Spatial Computing Technologies, Context Awareness and Object Perception Algorithms, and Digital Twin Simulation and Immersive Decentralized Networking Tools for Smart Sustainable City Governance

Author(s): Aurel Pera / Language(s): English Issue: 2/2023

Based on an in-depth survey of the literature, the purpose of the paper is to explore urban modeling and simulation algorithms, multi-object detection and tracking tools, smart city software systems, and Internet of Things-based connected devices. In this research, previous findings were cumulated showing that 3D modeling and sensor-based object recognition technologies, sensor-based modeling and immersive visualization systems, and digital twin simulation and contextual data monitoring tools optimize augmented reality-powered immersive spaces, and the contribution to the literature is by indicating that visual perceptive systems, deep learning-based sensing and spatial computing technologies, cloud-enabled digital twin networks, and intelligent data processing and simulation modeling tools can be leveraged in immersive 3D environments. Throughout June 2023, a quantitative literature review of the Web of Science, Scopus, and ProQuest databases was performed, with search terms including “smart sustainable city governance” + “deep learning-based sensing and spatial computing technologies,” “context awareness and object perception algorithms,” and “digital twin simulation and immersive decentralized networking tools.” As research published between 2022 and 2023 was inspected, only 157 articles satisfied the eligibility criteria, and 21 mainly empirical sources were selected. Data visualization tools: Dimensions (bibliometric mapping) and VOSviewer (layout algorithms). Reporting quality assessment tool: PRISMA. Methodological quality assessment tools include: Abstrackr, BIBOT, CADIMA, DistillerSR, Litstream, and PICO Portal.

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Educational Structure of the Population in Bulgaria and the Countries of Central and Eastern Europe in the Context of the Green Transition and the Youth Unemployment

Author(s): Kristina Stefanova / Language(s): Bulgarian Issue: 6/2024

The aim of the paper is to outline certain characteristics of the educational structure of the population that have advantages for the transition to a green economy and for reducing youth unemployment, and to assess the current situation and trends in the educational structure in Bulgaria and the Central and Eastern Europe (CEE) countries according to these characteristics. The study underlines the advantages of an education structure with a larger share of the population with secondary vocational and higher education and a smaller share of the population with primary and lower level of education. In this context, among the countries of Central and Eastern Europe, Slovenia shows the most favourable current educational structure, while Bulgaria has the least favourable, suggesting different advantages for the green transition and easier initial labour market integration.

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THE MEDIATING ROLE OF HEDONIC CONSUMPTION AND MATERIALISM IN THE EFFECT OF THE CONSCIENTIOUSNESS PERSONALITY TRAIT ON ENVIRONMENTALLY CONSCIOUS CONSUMPTION

Author(s): Emre ÖZSALMAN,Sami SEVER,Kahraman Çatı / Language(s): English Issue: 30/2024

The transition from a production society to a consumption society has increased the destruction of the world's ecosystem. However, a growing number of customers are making efforts to lessen the impact of their purchases on the environment. To identify the determinants of influence on purchasing behavior, the mediating role of materialism and hedonic consumption in the relationship between conscientiousness and environmentally conscious consumption was investigated in this study. Quantitative research was used to collect data from 562 people through a survey technique. While environmentally conscious consumption and hedonism were investigated in one dimension, materialism was investigated in the dimensions of luxury tendency and feeling of deprivation, and the personality trait of conscientiousness was investigated in the dimensions of being planned and careful. Results of the study reveal that the luxury consumption tendency has a mediating impact on the relationship between subdimensions of conscientiousness personality traits (being careful, being planned) and environmentally conscious consumption behavior.

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AN IMPLEMENTATION FOR THE FUTURE OF MOTOR VEHICLE TAX IN THE SHADOW OF THE PARIS CLIMATE SUMMIT: THE EXAMPLE OF TÜRKİYE

Author(s): Yasin Söğüt,Veysel İNAL,Hakan YAVUZ,Ahmet BAĞCI / Language(s): English Issue: 30/2024

Türkiye is committed to lowering its greenhouse gas emissions, adhering to the terms of the Paris Climate Agreement, which it has endorsed. In this context, there is significant interest in environmental tax reform that merges carbon regulation with reducing other taxes that are distorting. This study assesses the effects of motor vehicle tax (MVT), energy consumption, and economic growth on Türkiye’s carbon footprint from 1995 to 2020, framed by the Environmental Kuznets Curve (EKC). The research uses the ARDL technique to analyze time series data, and reveals that the EKC hypothesis does not apply. Additionally, the study finds that MVT, as an included variable in the EKC model, does not significantly influence the carbon footprint. It is crucial to acknowledge that all variables in the model interact and collectively influence the analysis of variable relationships. As a result, crafting policy recommendations on this matter requires a comprehensive, multidisciplinary approach. Therefore, adjusting and implementing MVT in a manner consistent with the objectives of the Paris Climate Agreement could serve as a pivotal strategy for advancing both Türkiye’s economic and environmental goals.

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İKLİM DEĞİŞİKLİĞİNİN ÖNLENMESİNDE GIDA VE TARIMA İLİŞKİN DAVRANIŞ DEĞİŞİKLİĞİ TEMELLİ AZALTIM STRATEJİLERİ

Author(s): Mehmet Akalın / Language(s): Turkish Issue: 30/2024

The impact climate change on Earth due to increasing anthropogenic activities after the Industrial Revolution is increasing day by day. Research shows that the climate change crisis has now reached the tipping point. Exceeding this point, which has huge devastating effects on ecosystems, global surface temperatures and climate systems, means facing irreparable consequences for our planet. This situation has further increased the importance of reducing greenhouse gas emissions, which are known to be the main cause of climate change over the next century. Study focused on mitigation strategies based on behavioral change regarding food and agriculture in order to achieve the net zero carbon target set in the Paris Agreement. The effects of behavioral changes are explained within the framework of moderate and optimistic scenarios. Finally, it was concluded that mitigation strategies based on behavioral change regarding food and agriculture can be successful if certain conditions are met.

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KAHRAMANMARAŞ METROPOLITAN MUNICIPALITY'S APPROACH TO SUSTAINABLE SOLID WASTE MANAGEMENT: AN ANALYSIS BASED ON PLANS, PROJECTS, AND REPORTS

Author(s): Yeter AVŞAR / Language(s): English Issue: 30/2024

This study aims to analyze the approach of Kahramanmaraş Metropolitan Municipality regarding solid waste management, focusing on its plans, projects, and reports. Utilizing document analysis as a qualitative research method, the study systematically evaluates the municipality's documents related to solid waste management. The findings indicate that Kahramanmaraş Metropolitan Municipality has made significant efforts to address the solid waste issue, particularly following the February 6th earthquakes, which heightened the city's challenges in this area. The municipality's commitment to sustainable waste management is demonstrated through key initiatives, such as the implementation of the “Kürtül Solid Waste Integrated Facility”, marking a notable improvement in waste management practices. Furthermore, progress on the “Northern Districts Integrated Solid Waste Facility Project”, now nearing completion, reinforces the municipality’s ongoing dedication to enhancing solid waste management and sustainability. These initiatives are vital for tackling the environmental challenges faced by the city and promoting a more sustainable future.

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Risks and Prospects for Russian Regional Export Development in the Face of the Global Energy Transition

Author(s): Yulia D. Sokolova / Language(s): English Issue: 4/2024

Export development is a priority for the Russian economy, as it plays a crucial role in ensuring sustainable economic growth. In this context, understanding the determinants of regional export development is essential. In their export activities, Russian companies face a range of limiting factors, many of which have been thoroughly examined, with corresponding mitigation strategies incorporated into export plans. However, the role of the global climate agenda and the energy transition in shaping export development remains largely unexplored for Russian regions. The shift of focus to fulfilling environmental goals creates a new type of economic risk for exporters — transitional climate risks, which intensified after February 2022. This study investigates the comprehensive impact of the global energy transition on export flows in Russian regions and identifies region-specific factors that influence how the energy shift affects export levels. The hypothesis is that the global energy transition creates both risks and opportunities for Russian regions, with varying effects depending on the specific components of the energy shift and the socio-economic and environmental characteristics of each region. Using the gravity equation with the Poisson Pseudo-Maximum Likelihood (PPML) technique, the study finds that the impact of the global energy transition on Russian regional exports is multidirectional. First, environmental regulations in partner countries reduce exports from many Russian regions by 0.3 %, though regions with favorable socio-economic conditions for innovation and active regional environmental policies see an increase in exports—by 0.3 % and 0.7 %, respectively. Second, the production of alternative energy in partner countries decreases Russian exports by 0.2 %. Finally, exports from mineral-abundant Russian regions benefit from the global energy transition. These findings contribute to the literature on Russian export promotion and offer valuable policy insights for addressing the challenges and opportunities posed by the global energy transition.

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Resilience Leadership: Bouncing Forward with Efficiency

Author(s): Julia M. Puaschunder / Language(s): English Publication Year: 0

The article is designed to aid academics and practitioners envisioning the future of resilient leadership in the finance world. In the aftermath of substantial crises, resilience is key for survival. The system dynamics of resilience are associated with fast-paced decision making under uncertainty, which predestines resilience more to be housed in a muddling-through approach rather than slow-thinking optimality control. Given the nature of resilience to gravitate towards satisficing crisis management, the marriage of resilience with leadership offers to imbue invaluable efficiency and rationality in market survival. Resilience leadership draws attention to leadership features in resiliency, such as clear goal attainment and rational execution plan strategy. This article provides an overview of resilience leadership in finance by the contemporary governmental, corporate and global governance efforts of three cases: (1) The Green New Deals as governmental resilience finance leadership; (2) Socially Responsible Finance as a corporate and financial sector resilience endeavor as well as (3) climate justice redistribution pledges as an international sustainable development strategy. The new age of resilience leadership in finance captures monetary means as a source of politics, diplomacy and international aid. Our new resilience leadership features the contemporary societal impact of the current outpouring of rescue and recovery funds and a boom in socially responsible investments that integrate environmental, social, and governance criteria in portfolio choices imbuing sustainable value of finance for society. Climate change resilience in redistribution funds serves as additional resilience leadership example at the forefront of sustainable development.

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Uloga središnjih banaka u procesu klimatske tranzicije

Author(s): Biljana Balog,Luka Brkić / Language(s): Croatian Issue: 1-2/2024

Climate changes represent one of the biggest challenges that today’s society faces. Climate transition is considered a global challenge that requires urgent actions to reduce greenhouse gas emissions and adapt society to environmental changes. Central banks, as key institutions of monetary policy, have the potential and responsibility to contribute to climate transition. This paper is based on research of the role of central banks in the climate transition towards carbon neutrality. The main functions of central banks, maintenance of price stability and supervision of the financial system, are faced with new challenges. In a world where every sector faces the need for a transition to a more sustainable economy, central banks are becoming increasingly aware and active in their role during this transition. The aim of this paper is to contribute to a better understanding of the role of central banks in the context of the climate transition towards carbon neutrality. Consequently, relevant research queries were raised during the preparation of this paper: 1. should central banks deal with the topic of climate change and why? 2. what are the mechanisms of central banks that can be used to encourage sustainable development? 3. how do central banks cooperate with each other and with other relevant institutions? 4. do climate changes affect macroeconomic trends?

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ARDUINO IOT FUNCTIONS IN THE SMART POWER GRID SYSTEM

Author(s): Sofiu Vehebi / Language(s): English Issue: 2/2024

The purpose of this study is to evaluate the IoT function of Arduino within the framework of the Smart Grid system in the electric power grid. A major advantage of this function is the automatic connection of the entire energy infrastructure in the transition period to the smart grid, which integrates technologies to increase the efficiency and management of the electric grid. There are several options for monitoring, controlling and sophisticated automation of traditional energy generation operations with the Arduino system, an open hardware and software platform. Identification of Arduino functions related to the collection of sensor data for temperature, voltage, energy consumption, and other relevant variables will be the main focus of this study. Benefits and disadvantages of automation and control of electric grid devices with Arduino and the integrated grid with renewable energy. The findings of the study will help in understanding the potential and integrity issues of Arduino in the electrical industry. They will provide recommendations for its successful future implementation in this sustainable environment.

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