Sustainable Energy Development in the Russian Arctic. Prospects for Smart Solutions to Mitigate Climate Change

Abstract

AbstractThe constantly growing pace of development of the world economy has led to the fact that the whole world is now under the threat of climate change. As a result, today, sustainable development is a very important topic on the geopolitical agenda, while international energy companies are now looking for balanced solutions to mitigate the negative impact on the environment. Russian Arctic region was chosen due to its significant potential to mitigate climate change by developing climate solutions in this region. The purpose of this study is to analyze the prospects for creating smart climate innovations designed to mitigate climate change. Research objectives: A brief analysis of the current trends in sustainable development in the energy complex of the Russian Arctic; analysis of promising climate innovations that have the potential for effective work in the Arctic; and an assessment of the prospects for smart climate solutions to combat climate change have been successfully achieved. Among such innovations, the article discusses CCS projects, the production of hydrogen from natural gas, the conversion of waste into energy, the synthesis of biofuel from CO2. The study used data published in regular print media by Russian energy companies operating in the Arctic and research in the field of CCS projects. The methodology of the article includes carbon dioxide emissions calculations when comparing different power plants. Being of an overview and analytical nature, this article also includes observation of climate technologies, potentially suitable for the objectives of the study. The key findings are a primary analysis of the prospects for the creation and implementation of smart solutions to mitigate climate change, which can be further used for deeper and more thorough applied research; an attempt to present a “circular energy system” of different climate technologies designed to mitigate climate change.KeywordsSmart solutionsClimate innovationClimate changeCCS projectHydrogenConversion of waste into energyCO2JEL ClassificationP18P28Q4Q42