Energy Sectors on Capital Market – Financing the Process “Towards Sustainability”
Purpose: The world economy continues its energy transformation towards sustainability. It is a complex, costly and time-consuming process. The transition of energy sectors towards sustainability wil require enormous financial outlays. The use of the capital market and gain of public support will be the basis of any successful Polish energy transformation. The objectives of the article are: presentation of experiences and possibilities of using Polish capital market in financing the transformation of the energy sector towards sustainability and to identify risk limit of this process. The article hypothesis is, usage of capital market by the energy sector in Poland is essential for financing of transformation energy towards sustainability. Design/Methodology/Approach: In the article, the following research methods were used: analysis of the literature of the subject, analysis of the legal acts and desk research as well. The theory was complemented with empirical studies using: case study, comparative analysis and questionnaire methods. Activity on capital market from key energy companies listed on WIG-Energy was analysed. Afterwards, questionnaire methods were applied on sample of individual investors and representative sample of the Polish society. Findings: Capital market is key source in financing energy transformation towards sustainability. Source of capital are both issue of shares and bonds. The awareness and attitude of investors and consumers regarding CSR, including RES, are not satisfactory. Promotion of the energy transformation of the economy is necessary. Practical Implications: Four key applicable conclusions were formulated: promote the CSR concept, including RES; reduce political risk; use of capital market in wider scale; control the cost of RES for society. Originality/value: Activity of energy sector companies was presented on capital market to obtain financing for transformation towards sustainability. Another advantage is consideration of attitude of both individual investors and representative sample of consumers. Investments in financial instruments of energy companies and consumption of goods and services connected with energy, could impact the process of energy transformation towards sustainability.