engleski

Geopolitics of Energy and Climate Change in South East Europe

Located between the regions rich in fossil fuels (Russia, Caspian states and the Middle East) and main Central and West European markets, South-East European (SEE) countries might become increasingly important as an alternative transit route for energy supplies. Transit is a key factor in project planning and investment decisions. In addition to the geographical position, transit countries and regions have to be politically stable with supportive investment climate, including legally ensured rights of way in order to be attractive for investors. On the other hand, the investments have to be environmentally sustainable and economically viable to be attractive for transit countries. As following the construction phase the roles and negotiating powers change, legally binding and enforceable rules have significant impact on investment decisions. The South East Europe is in this respect an interesting case. By adhering to Energy Community, countries of the region have signed to the EU competition, environment and transit rules. The aim of the paper is to outline a complex relationship between energy and climate change considerations in decision making relevant for SEE. Relevant decision making is analyzed from perspective of domestic decision-making ; project decision making at international level (e.g. investment decisions) and on the level of international legal instruments that can have significant impact on energy security and environmental sustainability in SEE. The paper starts with brief overview of major planned infrastructure projects. Based on formal support for selected projects it is examined how interests of energy security and environmental sustainability are balanced in decision-making process in South East Europe. Second, the role of international instruments (primarily Kyoto and post-Kyoto regime, Aarhus convention, the Energy Community and the Energy Charter Treaty) for decision – making at national and project level is examined. Next, the importance of commercial, political and environmental considerations for decision making is outlined. As a result, geopolitics of energy and climate change of SEE is outlined.

geopolitics; energy; climate change; South East Europe

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