КОНЦЕПТУАЛЬНА МОДЕЛЬ ІНВЕСТИЦІЙНО-ПІДПРИЄМНИЦЬКИХ РИЗИКІВ СТАРТАПІВ У СФЕРІ ЗЕЛЕНОЇ ЕНЕРГЕТИКИ
Анотація
Глобальний енергетичний перехід зумовлює зростання ролі стартапів у сфері зеленої енергетики як агентів технологічних та бізнес-інновацій. Водночас діяльність таких стартапів характеризується підвищеною ризиковістю, що поєднує капіталомісткість, тривалі горизонти окупності, регуляторну чутливість та залежність від ESG-сумісності. Метою статті є розробка багаторівневої концептуальної моделі інвестиційно-підприємницьких ризиків стартапів у сфері зеленої енергетики. Методологія дослідження спирається на системний аналіз, наукову абстракцію, логічне узагальнення та концептуальне моделювання. Запропонована модель інтегрує три виміри аналізу – просторово-інституційний, функціональний та динамічний, – і дозволяє перейти від описового до пояснювального підходу в аналізі ризик-профілю стартапу. Модель розкриває ризики у двох взаємодоповнюючих проєкціях: структурній (через рівні виникнення та суб'єктів впливу) і вимірній (через інвестиційний та підприємницький виміри). Отримані результати мають як теоретичну, так і прикладну значущість.
Посилання
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Nejabat R., Van Geenhuizen M. Entrepreneurial risk-taking in sustainable energy: University spin-off firms and market introduction in Northwest Europe. Sustainability. 2019. Vol. 11, No. 24. Article 6952. DOI: https://doi.org/10.3390/su11246952
Shadmand S., Nankoo D. Critical risk factors associated with investment in a renewable energy scheme (a life cycle risk analysis of an offshore wind farm in a net-zero community). European Academy of Management Conference. Dublin, 2023. URL: https://research-portal.uws.ac.uk/en/publications/critical-risk-factors-associated-with-investment-in-a-renewable-e
Abba, Z. Y. I., Balta-Ozkan, N., & Hart, P. (2022). A holistic risk management framework for renewable energy investments. Renewable and Sustainable Energy Reviews, 160, 112305. https://doi.org/10.1016/j.rser.2022.112305
Aghion, P., Dechezleprêtre, A., Hémous, D., Martin, R., & Van Reenen, J. (2016). Carbon taxes, path dependency, and directed technical change. Journal of Political Economy, 124(1), 1–51. https://doi.org/10.1086/684581
Bergset, L. (2018). Green start-up finance – where do particular challenges lie? International Journal of Entrepreneurial Behavior & Research, 24(2), 451–575. https://doi.org/10.1108/IJEBR-11-2015-0260
Bergset, L., & Fichter, K. (2015). Green start-ups – a new typology for sustainable entrepreneurship and innovation research. Journal of Innovation Management, 3(3), 118–144. https://doi.org/10.24840/2183-0606_003.003_0009
BloombergNEF. (2024). Energy Transition Investment Trends 2024. Bloomberg Finance L.P. https://assets.bbhub.io/professional/sites/24/Energy-Transition-Investment-Trends-2024.pdf
BloombergNEF. (2025). Energy Transition Investment Trends 2025. Bloomberg Finance L.P. https://assets.bbhub.io/professional/sites/24/951623_BNEF-Energy-Transition-Trends-2025-Abridged.pdf
BloombergNEF. (2026). BloombergNEF Finds Global Energy Transition Investment Reached Record $2.3 Trillion in 2025, Up 8% from 2024. Bloomberg Finance L.P. https://about.bnef.com/insights/clean-energy/bloombergnef-finds-global-energy-transition-investment-reached-record-2-3-trillion-in-2025-up-8-from-2024/
Campiglio, E., Dafermos, Y., Monnin, P., Ryan-Collins, J., Schotten, G., & Tanaka, M. (2018). Climate change challenges for central banks and financial regulators. Nature Climate Change, 8, 462–468. https://doi.org/10.1038/s41558-018-0175-0
Criscuolo, C., & Menon, C. (2014). Environmental policies and risk finance in the green sector: Cross-country evidence (OECD Science, Technology and Industry Working Papers No. 2014/01). OECD Publishing. https://doi.org/10.1787/5jz6wn918j37-en
Dikau, S., & Volz, U. (2021). Central bank mandates, sustainability objectives and the promotion of green finance. Ecological Economics, 184, 107022. https://doi.org/10.1016/j.ecolecon.2021.107022
Gatzert, N., & Kosub, T. (2016). Risks and risk management of renewable energy projects: The case of onshore and offshore wind parks. Renewable and Sustainable Energy Reviews, 60, 982–998. https://doi.org/10.1016/j.rser.2016.01.103
Gatzert, N., & Kosub, T. (2017). Determinants of policy risks of renewable energy investments. International Journal of Energy Sector Management, 11(1), 28–45. https://doi.org/10.1108/IJESM-11-2015-0001
Koutsandreas, D., Kleanthis, N., Flamos, A., Karakosta, C., & Doukas, H. (2022). Risks and mitigation strategies in energy efficiency financing: A systematic literature review. Energy Reports, 8, 1789–1802. https://doi.org/10.1016/j.egyr.2022.01.006
Lee, C. W. (2014). Risk management methods applied to renewable and sustainable energy: A review. Journal of Electrical and Electronic Engineering, 3(1), 1–12. https://doi.org/10.11648/j.jeee.s.2015030101.11
Nanda, R., Younge, K., & Fleming, L. (2021). Innovation and entrepreneurship in renewable energy. NBER Chapters, in: The Changing Frontier: Rethinking Science and Innovation Policy, pages 199-232, National Bureau of Economic Research, Inc. Avalible at https://www.nber.org/system/files/chapters/c13048/c13048.pdf
Nejabat, R., & Van Geenhuizen, M. (2019). Entrepreneurial risk-taking in sustainable energy: University spin-off firms and market introduction in Northwest Europe. Sustainability, 11(24), 6952. https://doi.org/10.3390/su11246952
Shadmand, S., & Nankoo, D. (2023). Critical risk factors associated with investment in a renewable energy scheme (a life cycle risk analysis of an offshore wind farm in a net-zero community) [Paper presentation]. European Academy of Management Conference, Dublin. https://research-portal.uws.ac.uk/en/publications/critical-risk-factors-associated-with-investment-in-a-renewable-e
