financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2020-24-2-39-49finance-979Research ArticleПРОЕКТНОЕ ФИНАНСИРОВАНИЕPROJECT FINANCE«Зеленое» финансирование в России: современное состояние и перспективы развитияGreen Financing in Russia: Current Status and Development Prospectshttps://orcid.org/0000-0002-2270-256XСеменоваН. Н.SemenovaN. N.

Надежда Николаевна Семенова — доктор экономических наук, заведующая кафедрой финансов и кредита

Саранск

Nadezhda N. Semenova — Dr. Sci. (Econ.), Head of the Department of Finance and Credit

Saransk

nnsemenova@mail.ruhttps://orcid.org/0000-0002-7712-519XЕреминаО. И.EreminaO. I.

Ольга Ивановна Еремина — кандидат экономических наук, доцент кафедры финансов и кредита

Саранск

Olga I. Eremina — Cand. Sci. (Econ.), Assoc. Prof., Department of Finance and Credit

Saransk

o.i.eremina@mail.ruhttps://orcid.org/0000-0002-9840-4147СкворцоваМ. А.SkvortsovaM. A.

Марина Александровна Скворцова — кандидат экономических наук, заведующая кафедрой экономики

Саранск

Marina A. Skvortsova — Cand. Sci. (Econ.), Head of the Department of Economics

Saransk

skvorcova_ma@mail.ruНациональный исследовательский Мордовский государственный университет им. Н. П. ОгареваРоссияNational Research Ogarev Mordovia State UniversityRussian FederationСаранский кооперативный институт (филиал) АНОО ВО Центросоюза РФ «Российский университет кооперации»РоссияSaransk Cooperative Institute (branch), ANOO VO Central Union of the Russian Federation “Russian University of Cooperation”Russian Federation2020240420202423949Copyright © Семенова Н.Н., Еремина О.И., Скворцова М.А., 20202020Семенова Н.Н., Еремина О.И., Скворцова М.А.Semenova N.N., Eremina O.I., Skvortsova M.A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/979

The aim of the work is to assess the current state of green financing in the Russian Federation and develop proposals to stimulate its further development. The methodological basis of the research was modern economic and mathematical methods: cluster analysis, building a regression model. This helped obtain results that possess both a certain scientific novelty and practical significance. The authors considered the evolution of scientific consensus about the concept of sustainable development and the formation of a green economy. They analyzed the current state of green financing in the Russian Federation for 2000–2018. Clustering the constituent entities of the Russian Federation by environmental investments and current environmental expenditures allowed for identifying the regions, leaders and outsiders in these processes, as well as revealing a high regional differentiation in financing green projects. The regression model helped prove that with increased investments in fixed assets aimed at environmental protection and rational use of natural resources by 1 million rubles, Russia’s GDP will increase by 0.1 billion rubles. Increasing current environmental expenditures in organizations by 1 million rubles will raise Russia’s GDP by 0.3 billion rubles. The authors concluded that to stimulate the development of green financing in Russia, it is necessary to implement policies providing for an appropriate regulatory framework; development and use of new tools for financing green projects; creation of a specialized banking institution.

«зеленое» финансирование«зеленые» финансы«зеленая» экономикаэкологические инвестицииРоссийская Федерацияgreen financinggreen financegreen economyenvironmental investmentsRussian FederationReferencesСтиглиц Д., Сен А., Фитусси Ж.-П. Неверно оценивая нашу жизнь: Почему ВВП не имеет смысла? Доклад Комиссии по измерению эффективности экономики и социального прогресса. Пер. с англ. М.: Изд-во Института Гайдара; 2016. 216 с.Stiglitz J. E., Sen A., Fitoussi J.-P. Mis-measuring our lives: Why GDP doesn’t add up. The report by the Commission on the Measurement of Economic Performance and Social Progress. New York, London: The New Press; 2010. 176 p. (Russ. ed.: Stiglitz J. E., Sen A., Fitoussi J.-P. Neverno otsenivaya nashu zhizn’: Pochemu VVP ne imeet smysla? Doklad Komissii po izmereniyu effektivnosti ekonomiki i sotsial’nogo progressa. Moscow: Gaidar Institute Publ.; 2015. 464 p.).Nordhaus W. D. Economic growth and climate: The case of carbon dioxide. The American Economic Review. 1977;67(1):341–346.Nordhaus W. D. Economic growth and climate: The case of carbon dioxide. The American Economic Review. 1977;67(1):341–346.Brundtland G. H. Our common future: Report of the World Commission on Environment and Development. Oxford, New York: Oxford University Press; 1987. 383 p.Brundtland G. H. Our common future: Report of the World Commission on Environment and Development. Oxford, New York: Oxford University Press; 1987. 383 p.Fücks R. Intelligent wachsen: Die grüne Revolution. München: Carl Hanser Verlag; 2013. 262 p.Fücks R. Intelligent wachsen: Die grüne Revolution. München: Carl Hanser Verlag; 2013. 262 p.Pearce D. W., Markandya A., Barbier E. R. Blueprint for a green economy. Abingdon, New York: Earthscan Publications; 1989. 192 p.Pearce D. W., Markandya A., Barbier E. R. Blueprint for a green economy. Abingdon, New York: Earthscan Publications; 1989. 192 p.Bierman F., Kanie N., Kim R. E. Global governance by goal-setting: The novel approach of the UN sustainable development goals. Current Opinion in Environmental Sustainability. 2017;26–27:26–31. DOI:10.1016/j.cosust.2017.01.010Bierman F., Kanie N., Kim R. E. Global governance by goal-setting: The novel approach of the UN sustainable development goals. Current Opinion in Environmental Sustainability. 2017;26–27:26–31. DOI:10.1016/j.cosust.2017.01.010Rinne J., Lyytimäki J., Kautto P. From sustainability to well-being: Lessons learned from the use of sustainable development indicators at national and EU level. Ecological Indicators. 2013;35:35–42. DOI:10.1016/j.ecolind.2012.09.023Rinne J., Lyytimäki J., Kautto P. From sustainability to well-being: Lessons learned from the use of sustainable development indicators at national and EU level. Ecological Indicators. 2013;35:35–42. DOI:10.1016/j.ecolind.2012.09.023Яшалова Н. Н. «Зеленая» экономика: вопросы теории и направления развития. Национальные интересы: приоритеты и безопасность. 2013;9(11):33–40.Yashalova N. N. “Green” economy: Theory and development issues. Natsional’nye interesy: prioritety i bezopasnost’= National Interests: Priorities and Security. 2013;9(11):33–40. (In Russ.).Demirel P., Li Q. C., Rentocchini F. Tamvada J. P. Born to be green: New insights into the economics and management of green entrepreneurship. Small Business Economics. 2019;52(4):759–771. DOI: 10.1007/s11187–017–9933-zDemirel P., Li Q. C., Rentocchini F. Tamvada J. P. Born to be green: New insights into the economics and management of green entrepreneurship. Small Business Economics. 2019;52(4):759–771. DOI: 10.1007/s11187–017–9933-zD’Orazio P., Popoyan L. Fostering green investments and tackling climate-related financial risks: Which role for macroprudential policies? Ecological Economics. 2019;160:25–37. DOI: 10.1016/j.ecolecon.2019.01.029D’Orazio P., Popoyan L. Fostering green investments and tackling climate-related financial risks: Which role for macroprudential policies? Ecological Economics. 2019;160:25–37. DOI: 10.1016/j.ecolecon.2019.01.029Семенова Н. Н. «Зеленая экономика»: новые подходы к финансированию. Финансовая жизнь. 2019;(2):30–35.Semenova N. N. “Green economy”: New approaches to financing. Finansovaya zhizn’ = Financial Life. 2019;(2):30–35 (In Russ.).Banga J. The green bond market: A potential source of climate finance for developing countries. Journal of Sustainable Finance and Investment. 2019;9(1):17–32. DOI: 10.1080/20430795.2018.1498617Banga J. The green bond market: A potential source of climate finance for developing countries. Journal of Sustainable Finance and Investment. 2019;9(1):17–32. DOI: 10.1080/20430795.2018.1498617Zimmerman R., Brenner R., Abella J. L. Green infrastructure financing as an imperative to achieve green goals. Climate. 2019;7(3):39–52. DOI: 10.3390/cli7030039Zimmerman R., Brenner R., Abella J. L. Green infrastructure financing as an imperative to achieve green goals. Climate. 2019;7(3):39–52. DOI: 10.3390/cli7030039Raberto M., Ozel B., Ponta L., Teglio A., Cincotti S. From financial instability to green finance: The role of banking and credit market regulation in the Eurace model. Journal of Evolutionary Economics. 2019;29(1):429–465. DOI: 10.1007/s00191–018–0568–2Raberto M., Ozel B., Ponta L., Teglio A., Cincotti S. From financial instability to green finance: The role of banking and credit market regulation in the Eurace model. Journal of Evolutionary Economics. 2019;29(1):429–465. DOI: 10.1007/s00191–018–0568–2Criscuolo C., Menon C. Environmental policies and risk finance in the green sector: Cross-country evidence. Energy Policy. 2015;(83):38–56. DOI: 10.1016/j.enpol.2015.03.023Criscuolo C., Menon C. Environmental policies and risk finance in the green sector: Cross-country evidence. Energy Policy. 2015;(83):38–56. DOI: 10.1016/j.enpol.2015.03.023Безсмертная Е. Р. Выпуск «зеленых» облигаций как элемент системы защиты окружающей среды. Экономика. Налоги. Право. 2019;12(5):61–69. DOI: 10.26794/1999–849X-2019–12–5–61–69Bezsmertnaya E. R. Issue of green bonds as an element of environmental protection system. Ekonomika. Nalogi. Pravo. = Economics, Taxes & Law. 2019;12(5):61–69. (In Russ.). DOI: 10.26794/1999–849X-201912–5–61–69Рубцов Б. Б., Гусева И. А., Ильинский А. И., Лукашенко И. В., Панова С. А., Садретдинова А. Ф., Алыкова С. М. «Зеленые финансы» в мире и России. М.: РУСАЙНС; 2018. 170 с.Rubtsov B. B., Guseva I. A., Il’inskii A.I., Lukashenko I. V., Panova S. A., Sadretdinova A. F., Alykova S. M. “Green finance” in the world and in Russia. Moscow: RuScience; 2018. 170 р. (In Russ.).Дворецкая А. Е. Зеленое финансирование как современный тренд глобальной экономики. Вестник Академии. Московская академия предпринимательства при Правительстве Москвы. 2017;(2):60–65.Dvoretskaya A. E. Green financing as a modern trend in the global economy. Vestnik Akademii. Moskovskaya akademiya predprinimatel’stva pri Pravitel’stve Moskvy = Academy’s Herald: Scientific Journal of Moscow Academy of Entrepreneurship under Government of Moscow. 2017;(2):60–65. (In Russ.).Порфирьев Б. Н. «Зелёные» тенденции в мировой финансовой системе. Мировая экономика и международные отношения. 2016;60(9):5–16. DOI: 10.20542/0131–2227–2016–60–9–5–16Porfir’ev B.N. “Green” trends in the global financial system. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations. 2016;60(9):5–16 (In Russ.). DOI: 10.20542/0131–2227–2016–60–9–5–16Cadman T. Climate finance in an age of uncertainty. Journal of Sustainable Finance and Investment. 2014;4(4):351–356. DOI: 10.1080/20430795.2014.971097Cadman T. Climate finance in an age of uncertainty. Journal of Sustainable Finance and Investment. 2014;4(4):351–356. DOI: 10.1080/20430795.2014.971097Худякова Л. С. Реформа глобальных финансов в контексте устойчивого развития. Мировая экономика и международные отношения. 2018;62(7):38–47. DOI: 10.20542/0131–2227–2018–62–7–38–47Khudyakova L. S. Reform of global finance in the context of sustainable development. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations. 2018;62(7):38–47. (In Russ.). DOI: 10.20542/0131–2227–2018–62–7–38–47Zhang D., Zhang Z., Managi S. A bibliometric analysis on green finance: Current status, development, and future directions. Finance Research Letters. 2019;29:425–430. DOI: 10.1016/j.frl.2019.02.003Zhang D., Zhang Z., Managi S. A bibliometric analysis on green finance: Current status, development, and future directions. Finance Research Letters. 2019;29:425–430. DOI: 10.1016/j.frl.2019.02.003Богачева О., Смородинов О. Проблемы «зеленого» финансирования в странах G20. Мировая экономика и международные отношения. 2018;61(10):16–24. DOI: 10.20542/0131–2227–2017–61–10–16–24Bogacheva O., Smorodinov O. Challenges to green finance in G20 countries. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations. 2017;61(10):16–24. (In Russ.). DOI: 10.20542/0131–2227–2017–61–10–16–24Баженов И. Н. «Зелёное» финансирование: мировые тенденции и российская практика. Проблемы национальной стратегии. 2018;(5):172–186.Bazhenov I. N. “Green” financing: Global trends and Russian practice. Problemy natsional’noi strategii = National Strategy Issues. 2018;5:172–186. (In Russ.).Soundarrajan P., Vivek N. Green finance for sustainable green economic growth in India. Agricultural Economics. 2016;62(1):35–44. DOI: 10.17221/174/2014-AGRICECONSoundarrajan P., Vivek N. Green finance for sustainable green economic growth in India. Agricultural Economics. 2016;62(1):35–44. DOI: 10.17221/174/2014-AGRICECON

The authors declare that there are no conflicts of interest present.