REGULATIONS FOR EFFICIENCY ASSESSMENT OF INVESTMENT PROJECTS IN THE ENERGY SECTOR: BRIEF OVERVIEW AND COMPARATIVE ANALYSIS
Author(s)
ANZHELIKA KARAEVA, ELENA MAGARIL, HUSSAIN H. AL-KAYIEM
Abstract
The policy of decarbonization and eco-modernization of the energy industry adopted by many countries implies a serious selection of investment projects primarily on the environmental pillar: projects aimed at reducing the negative impact on the environment or projects whose environmental damage from the implementation might be minimal, become priority. Therefore, the environmental impact assessment of investment projects became mandatory in the efficiency assessment process. Nowadays, there is no generally acclaimed methodology in the world for assessing the environmental and economic efficiency of investment projects: each country may have and apply its own requirements and methods or use recommendations developed and prepared by the international organizations. To ensure high efficiency of environmental and economic assessment, numerous normative tools, including recommendations and/or requirements for their implementation, are recommended that may vary significantly in different countries. The present study aims on comparative analysis of normative documents adopted in Russia, the USA and the EU to assess the environmental and economic efficiency of investment projects. In addition, the results of the analysis will help to identify the key differences in regulations and the main problems and difficulties of conducting an environmental and economic assessment of investment projects. Finally, this may enable further assessment of the possibilities of creating a unified global approach.
Keywords
efficiency assessment, investment project, regulations, energy efficiency, economic efficiency, environmental impact assessment, circular economy
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