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In respect to CO2 emissions, the post-Soviet states are a scientifically interesting object of research, as each of the countries has developed via different paths since reclaiming independence from the Soviet Union. Given that each country has a different approach to the use of fossil resources, it is essential to assess their input to global carbon footprint individually. Such assessment then allows to find certain actions in the development of legislation and to apply focused techniques to reduce carbon emissions. The aim of this study was to evaluate the fossil CO2 emissions produced in the Baltic States from 1991 onward, describing challenges relating to sustainability and socio-economic, scientific, and integrated approaches to sustainable development, including clean and efficient use of energy, and thus addressing climate challenges. This paper reports on data on CO2 emissions in the Baltic States. The results show that the transition of the Baltic States from the specificities of the Soviet Union's economy to an economy integrated into global markets has led to a significant reduction in CO2 emissions. However, the development and implementation of national policies for sustainable development are still crucial for mitigation of the climate crisis. Further actions must include the implementation and monitoring of policies for sustainable development, changing of the consumption and production patterns, education and awareness of sustainability, and adaptation to global climate change, while also addressing sustainability challenges. [ABSTRACT FROM AUTHOR]

Mergers and acquisitions (M&A) may serve as a catalyst in energy transition by accelerating this trend and "greenwashing" the deals. M&A are often used by large energy companies as a tool to explore potential synergy benefits. Recently, M&A strategies in the energy industry have been pursued to transform traditional business models into more "sustainable" models. On the one hand, it may be observed that companies are taking a proactive rather than reactive approach towards environmental-, social-, and governance (ESG)-related M&A deals. On the other hand, sustainable M&A deals do not interest activist shareholders and regulatory authorities only anymore. Inclusion of a sustainability framework and managing ESG-related risks have become part of the overall strategy of most companies within the energy industry. This research addresses the problem of how energy M&A are contributing to sustainable development on the one hand and reflecting sustainable developments on the other hand. The current research focuses on the systematic literature on the M&A deals in the energy industry through the lens of sustainability by applying the SALSA methodology. Further, we applied a SWOT analysis of M&A in the energy industry from the perspective of sustainable development. Thomson Reuters DataStream 5.1 database was used for developing a case study. A sample of Lithuanian, Latvian, and Estonian energy companies that were involved as acquirers or targets in the M&A events from 1995 to 2020 was developed. Establishing a methodological approach construed of SALSA, SWOT, and case study analyses allowed us to bridge a gap in the existing literature and provoke further discussion in regards to market developments through the lens of sustainable development. The research results showed that there are relatively few M&A of renewable companies as the M&A market is dominated by traditional energy companies within Baltic states. However, companies in the Baltic states are pursuing energy security, have set targets for emission reductions, renewables and energy efficiency, are supporting EU climate neutrality, and put great emphasis on climate change mitigation. [ABSTRACT FROM AUTHOR]