Global climate challenges, structural shifts in the economy and the development of initiative-taking strategies by businesses to achieve carbon neutrality

Abstract

Working with trends reflecting the ongoing aggravation of the climate situation, the authors evaluate countermeasures taken at the interstate and national levels, as well as those implemented by large businesses in priority sectors that are important emitters greenhouse gases. In this context, the article makes several points. First, it provides an overview of legal regulations implemented at the interstate and state levels aimed at preventing and minimizing adverse climate change. Second, the authors examine the impact of climate challenges and new regulatory mechanisms on sectors of the modern economy that are a priority for achieving carbon neutrality, as well as on businesses operating in these sectors. This includes analyzing ESG strategies and ratings of companies, as well as rating-related failures in solving problems of the climate agenda. Third, using the example of ferrous metallurgy enterprises, the article examines decarbonization strategies implemented by business and conducts a comparative assessment of them as one means of achieving carbon neutrality. Special attention is paid to systematizing existing and projected tools for the decarbonization of production and technological processes in the steel industry, an assessment is made of their technological maturity, as well as the impact on increasing the product cost and the possibility of reducing greenhouse gas emissions. The authors propose ways to further refine the mechanism of climate regulation in Russia, as well as methods for selecting proactive business strategies that provide an effective solution to the problems of decarbonization and achieve sustainable competitiveness in the context of the structural restructuring of the modern economy.