Challenges of green startups in the post-soviet economies

Abstract

This article delves into the difficulties faced by environmentally conscious startups in the post-Soviet economies. The breakup of the USSR gave rise to a period characterized by economic restructuring and a shift towards market-based economies, but green startups encounter numerous obstacles arising from a lack of entrepreneurial expertise, insufficient funding, and complex regulations. In Russia, the dominance of the oil and gas industry hampers the drive for alternative energy ventures, while Ukraine, Belarus, and Moldova grapple with funding gaps and infrastructure deficiencies. The South Caucasus countries face issues related to oil dependency, burdensome regulations, and limited access to funding, while the Baltic states prioritize swift innovation and adeptly navigating regulations. Central Asian nations, blessed with abundant natural resources, face challenges including regulatory restrictions and geopolitical complexities that impede the transition to green practices. Collaborative efforts are vital in overcoming these hurdles, enabling regulatory reform, strengthening sustainable initiatives, and fostering innovation to promote the growth of green startups in these economies.