Financial instruments of “green” economy development in Russia

Abstract

Environmental problems are getting worse every year. The root cause of green finance is the climate change, pollution and the depletion of natural capital that threaten Russia’s competitiveness and productivity. Green financing means providing finance while enhancing the resource efficiency and reducing the impact on the environment and the global climate. Balanced adherence to financial, economic and environmental criteria is the main foundation. The new emerging financial instruments of a green economy do not have technical fundamental differences, but qualitatively form new conditions for the responsible investment process. The Russian green finance market emerged in 2018. The past period can be characterized by both a quantitative and a qualitative breakthrough in the system of green finance in Russia. At the same time, the issues of developing a mechanism of state support for the activities of non-profit organizations in the field of green finance, the participation of non-profit organizations in the implementation of environmental projects through the development of green financing instruments require consideration.