Geo-economic factors of energy development in the Far East in the context of national and global trends

Abstract

Identifying and assessing the main geo-economic factors in the development of the Far East and, specifically, the stable growth of its energy sector is of fundamental importance today. Within the context of national and global trends, the importance of this region for the Russian Federation, both in economic terms and in strategic development, is significant. Implementing technological and organizational innovations in the Far East’s energy sector will positively impact the economy if renewable and non-renewable energy resources are used in a balanced manner. This will guarantee additional solutions to several issues typical of the Russian Far East, as well as boost economic growth in the region and positively affect the export component, which ought to satisfy ESG standards considering its emphasis on several friendly countries in the Asia-Pacific area. Therefore, the article focuses on the established and emerging ESG philosophy and its corresponding investment framework in such countries as the People’s Republic of China, India, and several others. Within the framework of national and international solutions, the author suggests practical advice on encouraging and implementing a range of solutions aimed at growth of energy reliability, local economy, and environmental safety in the Far East region. Furthermore, the article assesses the prospects of the energy sector’s impact on the socio-economic sphere of the region and approaches to attracting additional investments.