Abstract
Renewable energy enterprises in Kazakhstan operate in a challenging institutional and economic environment characterized by significant policy and regulatory barriers. These challenges include outdated energy infrastructure, the continued dominance of fossil fuels in the national energy mix, and relatively low tariffs for conventional energy sources, which reduce the economic attractiveness of renewable projects. In this context, strategic management accounting (SMA) can play a critical role in aligning corporate strategies with external constraints and long-term sustainability objectives by integrating both financial and non-financial information into decision-making processes. This study reviews the current state of renewable energy development in Kazakhstan and conceptualizes SMA as the systematic provision and analysis of management accounting data to support strategic planning and control. The analysis reveals notable gaps in existing accounting practices, particularly the limited incorporation of environmental performance indicators and competitor-related information into managerial reports. Drawing on international literature and selected case examples, the paper proposes a set of improvements to strengthen SMA mechanisms, including the adoption of a sustainability-oriented balanced scorecard for monitoring environmental key performance indicators, the integration of risk analysis into management accounting systems, and the use of digital information technologies to enable real-time data collection and analytics. In addition, the study highlights the growing importance of green finance policies in influencing strategic investment decisions in the renewable energy sector. The implementation of these measures would enhance the quality of strategic planning and investment evaluation, thereby supporting the achievement of Kazakhstan’s national sustainability goals and improving the long-term competitiveness of renewable energy enterprises.