New priorities for the economy and green finance

Abstract

The unsustainability of the global economy and environmental risks were in many ways the trigger that led to the formation of new priorities and models of the economy, both in theory and in real economic life. The paper discusses crucial issues of green finance in the context of the greening of the world economy, in particular, the increasingly significant low-carbon trends. The green finance market is growing at an enormous rate every year. A significant part of the green funds is invested in the reduction of the carbon intensity of economy, the energy efficiency, development of the renewable energy. A growing number of countries, banks and corporations are pursuing green investment policies to achieve ambitious carbon neutrality goals. The development of a green financing system is also taking place in Russia. Such structures as VEB.RF, the Central Bank and the Ministry of Economic Development are participating in its development. However, within the framework of an unstable commodity-exporting model of the economy, it is difficult to build an effective system of green financing. Russia needs to develop a long-term strategy for the country’s development, which can be based on the principles of sustainable development, balancing social, economic, financial and environmental factors.