O filarach wiedzy wykorzystywanej w analizach obecnych i przyszłych zmian środowiska, niezbędnych do realizacji inwestycji hydrotechnicznych.

Planning a construction project, the investor frequently faces the choice of the option of the planned investment. Assessment of options is difficult due to the complex nature of construction projects. Various methods of multicriteria evaluation are successfully applied in the assessment and analysis of options. For those methods to work, a handful of information must be prepared beforehand. Among others, it is necessary to establish the assessment criteria and determine their weight for specific cases. This stage is implemented in cooperation with experts. The results of evaluations, obtained on the basis of the experts' opinions, must be processed and prepared. The paper will discuss one possible option for assessing the experts' opinion.

Sufficient national fossil resources and an independent water supply system are indispensable elements of the security structure of any state. Energy independence, as a factor in determining self -sufficiency, is now a basic requirement for countries or regions wishing to develop independently and freely. The purpose of this research is to identify the specifics of the European energy strategy in the Central Asian region by considering the basic areas of cooperation between the parties in this sector of the economy. This research paper has been prepared primarily using the following methods: historical, statistical, prognostic, synthesis, comparison and system analysis methods. The research delves into the intricate dynamics of foreign policy activities of European Union members concerning energy resources, particularly in a historical context. Analyzing the collaboration between Brussels and Central Asian nations, both positive and adverse facets of this alliance in the energy domain have been pinpointed. Special attention is paid to the relationship between the European Union and the Republic of Kazakhstan, emphasizing its role within the broader security framework of the region and the continent. The study offers practical recommendations for enhancing state energy strategies and fostering productive bilateral and multilateral energy partnerships.
The results and conclusions of the presented work can be used as a foundation for the development of practical recommendations to establish and improve the energy strategies of the states, and for planning bilateral and multilateral mutually beneficial cooperation in the energy sector.

Cities in recent times suffer from deterioration, suburbanization and depopulation, although as the historically evolved townscapes, they bring economic, social and cultural assets. The reurbanization activates and renews the areas, which lost their functional and formal attractiveness and actuality. The public investments, which protect and capitalize the historical heritage of the cities are the main tool to implement this vector of development. This paper, on the example of analysis of selected group of public investments, which took place in a historic townscape of Szczecin, focuses on significance of the cultural and historical values and presents their catalytic effect on further city development.

The article considers the issues of the value of invested capital, methods of its measurement and its growth mechanisms. The author draws attention to relationship between the value of capital and the paradigm of economics, which ultimately indicates the existence of connections between the effectiveness of investment and the philosophy of economics. The main purpose of the article is to identify abnormalities in the valuation of assets by investors due to their incorrect or incomplete understanding of the value growth mechanism, the effects of which may assume significance on a macroeconomic scale.

The rapid development of the global economy has led to an increasing demand for resources. The disparity between the supply and demand of resources continues to be prominent and shows a situation of short supply. Resource investment projects with large amounts and long construction periods face many risks due to various unpredictable factors. Cultural, legal, economic and other environments vary between different countries. Therefore, comprehensive risk identification, understanding, evaluation, and analysis are important prerequisites for the success of mineral investment. In this paper, the risk of mineral resources investment in host countries is identified. A risk evaluation index system is established to objectively evaluate the risk environment of the host country. The risk evaluation index system includes four first-level indexes: political and legal risk, social and cultural risk, economic and financial risk, and natural risk. The subjective weight was determined by sending questionnaires to experts and scholars in the industry and conducting data processing. The entropy method was used to determine the objective weight. Finally, the subjective weight and the objective weight were combined to obtain a group of scientific and accurate combined weights. The matter-element theory was introduced into the cloud model and a risk assessment model based on the cloud matter-element theory was constructed with comprehensive consideration of the fuzziness and randomness of risks. Eight countries with relatively rich mineral resources were taken as cases to verify the model application. The research results provide a theoretical basis and decision-making methods for mineral enterprise investment.

During the planning and controlling of the construction process, most attention is focu sed on risk analysis, especially in the context of final costs and deadlines of the investment. In this analysis, the primary and most significant concern is the proper identification and quantification of events, which on a certain level of probability may affect the development process. This paper presents the result of a risk analysis for a particular building object, made after completion of the investment and accepting it for use. Knowledge of the planned values and the actual investment process allowed for the identification of the events and their effects that in this case have significantly disrupted the investment process. The limited total cost of the investment project in question had a considerable impact on the progress of the project execution. Despite three transitions of administrative procedures, the opening date of the shopping centre was delayed by only three weeks.

Prezentowany artykuł porównuje światowe rynki złota i ropy naftowej w celu wyjaśnienia zaskakująco wysokiej korelacji cen obu surowców od roku 1970 oraz imponującego ich wzrostu w porównaniu z cenami praktycznie wszystkich pozostałych surowców. Autorzy sugerują, że rozwój sytuacji na rynku naftowym i wynikające z niego skutki makroekonomiczne wpłynęły na inwestycje w złoto, zapewniając w ten sposób najbardziej wiarygodne wyjaśnienie dla synchronizacji zmian cen obu towarów. Analizując nadzwyczajne wzrosty cen ropy naftowej i złota, w szczególności w porównaniu z cenami innych metali i innych surowców mineralnych, autorzy zakładają, że najpierw nastąpił wzrost cen ropy, wywołany przez zewnętrzne ograniczenia dotyczące zdolności produkcyjnych. W konsekwencji wzrosła cena złota, niejako odpowiadając na potrzebę bezpiecznych inwestycji dla zachowania wartości środków inwestycyjnych, co jest cechą charakterystyczną złota, której nie posiadają inne metale i surowce mineralne. Prezentowany artykuł omawia także prawdopodobną ewolucję cen tych ważnych surowców argumentując, że ceny ropy w najbliższych dziesięcioleciach utrzymają swój poziom lub obniżą się, a ceny złota będą nadal kontynuowały wzrost, co doprowadzi do zniesienia związku pomiędzy cenami ropy i złota.

The Act of July 5, 2018 on Facilitating of Preparation and Implementation of Housing and Accompanying Investments allows such investments irrespective of the existence of a local development plan or determination of use of land in the local development plan. In other words, the abovementioned investments may be implemented on land with a completely different designation according to the local development plan, as for example the mining of minerals. The location of the investment is decided by a resolution of the municipal council. If the planned location is to be situated within the boundaries of documented mineral deposits and the so-called „mining areas”, it needs, among others, to be agreed with the appropriate geological administration authority. Not taking a position within 21 days is considered as a consent. With reference to the deposits not covered by mining licenses, the Act does not indicate the premises that should be taken into consideration while providing such consent. There is a concern that this may lead to the development of the land in a way that will cause the subsequent extraction of the mineral impossible.

The extraction of mineral deposits is usually charged with additional taxes or royalty fees that go beyond the general income tax. As a rule, countries prefer stable sources of fiscal revenues based on the volume of raw material extraction, and investors prefer models based on profit tax, i.e. taking operating costs and risks lower than the expected profitability of the project into account. As a rule, too high a burden for the mining sector affects investors’ decisions regarding the introduction of new investments. There are a number of examples where excessive fiscal burdens force investors to move to countries with more favorable tax systems. An analysis of various forms of taxation of mining enterprises around the world has been presented and compared with the system implemented in Poland. Usually, the countries that apply the royalty fee in the mining sector at the same time introduce a number of adaptation mechanisms. This is crucial for new investments due to the fact that they may to some extent compensate for the high costs of transition from the investment to the operational phase. In most cases, several incentive mechanisms are used at the same time, e.g. the accelerated settlement of investment expenditures and the unlimited settlement of losses. The copper and silver mining tax introduced in Poland increased the discounted effective tax rate (ETR) from 38.5% to 89% for the entire investment period, which resulted in a 11-year return on investment, as well as a drop in the internal rate of return (IRR).There are currently no mechanisms in Poland which would balance the burden of this tax for a new investor. In order to balance the extraction tax for certain minerals in terms of the IRR and ETR key indicators, the introduction of several adaptation mechanisms has been proposed. For new investments the most essential mechanism is the preferential settlement of capital expenditures incurred in the pre-production phase of an investment. The others include accelerated amortization, the ability to deduct certain expenses for the exploration phase from the tax base, along with an extended tax loss settlement period, or a mechanism for deducting a certain percentage of investment expenses directly from the tax.

The article presents probable consequences for the protection of deposits and other mining needs, related to the entry into force of the Act of July 5, 2018 on the Facilitation of the Preparation and Implementation of Housing Investments and Accompanying Investments. This act introduces facilities for the preparation and implementation of housing as well as related projects, including the possibility of introducing investments incompatible with the existing local plans. In addition, it does so in a situation where land reserves for housing development, both in local plans and in studies of conditions and directions of spatial development, many times exceed the future needs of our country.

The article presents the fundamental changes introduced by the Act to the existing planning and spatial planning system, as well as the risks associated with the mining industry. Among the latter, the following can be mentioned: lower stability of local law regulations, the possibility of resolving changes in spatial development at a very fast pace, without providing an effective way to inform subjects that may be threatened by these changes and increase the probability of the appearance of investments in the area of mining, the neighborhood of which may lead to limit or even liquidate these installations, due to even their disadvantages to housing. Some remedies have been proposed to mitigate some of the threats in the article.

The Act in question was prepared and passed at an express pace, with a large opposition from many environments. At the same time, a number of legal solutions were applied in it, which were not applied in the Polish law. As a result, there are many doubts about the effects of its introduction.

This paper presents the main dilemma of development of the Polish energy sector on the 20th anniversary of the first liberalization directive of the European Union, which created the energy market. The situation in the Polish energy sector based on fossil fuels, its transformation into lower emission one is closely connected to the process of restructuring and further development of the mining sector. On the other hand, we are witnessing the development of RES, household installations producing electricity with storage and the electrification of public transport. The investments in new, large scale fossil fuel fired power plants are very expensive and not economically proven when electricity prices are low. Until the new direction of investment in energy sector will be decided, the option of the lasting of the operating existing power units seems to be a good proposal. Is the thesis: “The energy security of Poland should be fully based on indigenous sources, generation and distribution assets, delivering electricity to end users. Ensuring competitive energy prices to the economy and households, the market should be fully open to producers and consumers, including chip electricity arising from the European single market” the right assumption for the Polish energy policy?

In the early 1990s, the first questions began to arise about the legitimacy of large-scale projects, made on a grand scale for sports events, lasting only a short period. Doubts were not only raised about the organizers’ budgets and the debts often left behind, but also about the impact of these projects on the environment and society. During this time, the word ‘legacy‘ also appeared — in academic discourse, defining the remnants of these competitions. The two most recent editions of the Summer Olympics in Europe were analysed, which did not differ in scale, but due to being played over a longer interval, differed in the awareness of the organizers and the knowledge of how to plan projects more sustainably. The purpose of this work is to demonstrate that the design of Olympic venues in the context of the idea of an Olympic legacy should take into account elements of a strategy for the duration of these venues over time. It is only over a longer period of time that one can assess whether these original assumptions were correct, and the region gained valuable spaces for recreation, or whether they led to the creation of costly unfunctional sports facilities.