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Risks for the Development of a Circular Model of the Economy in Conditions of Instability of the World Market
Nesterova K. S., Shcherbata M. Y., Hryshova R. V.

Nesterova, Kateryna S., Shcherbata, Maryna Yu., and Hryshova, Rymma V. (2023) “Risks for the Development of a Circular Model of the Economy in Conditions of Instability of the World Market.” Business Inform 1:48–53.
https://doi.org/10.32983/2222-4459-2023-1-48-53

Section: Ecology and Environmental Management

UDC 338.2

Abstract:
The purpose of the article is to identify and substantiate the risks in the global energy market, which limit the further development of the circular economy model in the leading countries of the world. The relevance of introducing a circular model of the economy due to aggravation of environmental crises, lack of natural resources to ensure sustainable development of economies is explained. The COVID-19 pandemic has led to an additional round of interest in the introduction of a circular model of the economy. Russia’s armed aggression against Ukraine has led to significant transformations in world markets, primarily the energy market, which will have long-term consequences for the global economy. Countries in today’s conditions are facing the problem of finding the best option for ensuring energy security and «green» development. One of these negative consequences is the emergence of risks for the further development of the circular model of the economy. The energy market is one of the backbone for the effective functioning of the world economy, so the current turbulence of the energy market poses significant threats. The actual factors of influence are analyzed; the key risks for the development of a circular model of the economy are systematized. It is determined that the current instability of the energy market has necessitated an increase in ESG investments, the aggravation of the confrontation between key actors in international relations leads to an increase in military spending in the budgets of countries. This situation increases the urgency of improving the mechanism of the State regulation of the economy, balancing instruments in order to reduce the growing number of global challenges. As a result of the study, the directions of the State regulation aimed at minimizing the risks for the development of a circular model of the economy caused by russia’s military aggression against Ukraine are identified. It is substantiated that the circular model of the economy will contribute to the more efficient use of resources, ensure sustainable development, increase the level of ecological safety.

Keywords: circular economy, risks, ESG policy, sustainable development, resources.

Fig.: 2. Bibl.: 18.

Nesterova Kateryna S. – Candidate of Sciences (Economics), Associate Professor, Department of Economics and International Economic Relations, International Humanitarian University (33 Fontanska doroha Str., Odesa, 65009, Ukraine)
Email: е[email protected]
Shcherbata Maryna Yu. – Candidate of Sciences (Economics), Senior Research Fellow, Institute of Climate-Oriented Agriculture of the National Academy of Sciences of Ukraine (9 Omelianovycha-Pavlenka Mykhaila Str., Kyiv, 01010, Ukraine)
Email: [email protected]
Hryshova Rymma V. – Junior Researcher, Department of State Creation Problems, Institute of Legislation of the Verkhovna Rada of Ukraine (4 Nestorivskyi Ln., Kyiv, 04053, Ukraine)
Email: [email protected]

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