INSTITUTIONAL FEATURES OF THE FORMATION OF A GREEN ECOSYSTEM OF INTERNATIONAL FINANCE

Abstract

The purpose of the article is to determine the principles and specific features of building a green financial ecosystem that stimulates the development of circular business models in the context of promoting sustainable development. The new ecosystem of global finance is being formed - a system of responsible financing (ESG-finance), including a system of "green" finance, which is based on three risk factors - environmental, social and governance (ESG). Ecosystem of "green" financing was created to achieve the 17 sustainable development goals set out in the UN 2030 Agenda for Sustainable Development. As part of the new approach, UN member states are committed not only to begin implementing measures to green the economy, but also to support new methods of financing and overall “greening” of the financial system. The specificity of “green” investments is that the principal customer, guarantor and co-investor is the state, which bridges the gap between the individual interests of investors and the collective problems of society. ESG investing is an approach to investing that considers a broad range of environmental, social and governance factors and their impact (both positive and negative) on performance. The integration of ESG factors is used to enhance traditional financial analysis by identifying potential risks and opportunities beyond technical assessments. The implementation of the “green” concept requires the mobilization of public and private sources of financing and the development of “green” financial instruments that can provide the necessary flows of “green” investments. Green lending is part of this concept. It has a significant impact on the country's economy, developing its banking industry, making commercial banks important participants in the green model and more competitive in the global financial market. The popularization of the principles of the “green” economy has led to an increase in the demand for financial institutions capable of structuring and directing investments for environmental protection. Therefore, the formation of a portfolio of “green” loans, which provides for the financing of environmental projects and activities in the field of energy efficiency, renewable energy sources, environmentally friendly industry and other areas of activity that are related to environmental protection, is one of the tasks of banks in various countries. Among other initiatives for greening the financial system: Sustainable Stock Exchange Initiative, Financial Centers for Sustainability, Sustainable Insurance Forum, Sustainable Digital Finance Alliance. An important role in the formation of the "green" investment market is played by international institutions - international multilateral banks and various environmental and climate funds. Necessary measures to green the financial system include: development and support of specialized institutional investors (“Green” development banks, funds, evolutionary institutions); monetary and fiscal policy measures in the field of “green” finance (Preferential “green” loans; bonds); development and strengthening of “green” financial infrastructure (development of a low-carbon economy, rating system, “green” stock indices, non-profit databases and cost analysis systems, global network of institutional investors); development of “green” legal infrastructure (insurance, creditors’ liability, mandatory requirement for disclosure of environmental information).