Abstract
The concept of green growth and sustainable development is turning into a global ideology guiding the transformation of national economies. The focus is shifting from quantitative assessments of performance to rational choice conditions. Rationality is becoming the decisive factor behind sustainable green growth, and a change in the financial model that supports such growth may be needed. Therefore, the most urgent problems relating to sustainable growth are the transformation of the finance system, on the one hand, and the creation of a new financial paradigm based on the principles of responsible investment and corporate social responsibility, on the other. This study aims to consider the theoretical and practical aspects of creating a national green finance model ensuring sustainable growth in the Russian Federation. The development of a green finance mechanism and a green bond market in Baltic Sea countries is analysed to determine national features and explore the possibility of translating the Baltic experience into practice in Russia. The research uses methods such as economic observations, economic description, structural and logical analysis, and systems analysis. Perhaps the most significant finding is the description of a methodological framework for sustainable development theory, as seen by major schools of economic thought. Studying the experience of Baltic Sea countries in creating a new finance model of responsible investment helped detect national features and development priorities that can be used in Russia in devising the ideology, principles, and mechanism of green growth and sustainable growth financing.
Highlights
Sustainable growth and green development may fall off the agenda in a pandemic economy when business activity is shrinking everywhere, even in developed countries
This study aims to consider the theoretical and practical aspects of creating a national green finance model ensuring sustainable growth in the Russian Federation
Trends towards a new management ideology and social development paradigm are closely linked to sustainable development goals, the green growth concept, and, as a result, the principles of responsible investment, which create the financial framework for global change
Summary
Sustainable growth and green development may fall off the agenda in a pandemic economy when business activity is shrinking everywhere, even in developed countries. The Concept of a Russian Methodological Framework to Advance Green Financial Instruments and the Responsible Financing[5] stresses that the UN es timates the cost of measures to attain the sustainable development goals (SDG) at USD 30tn Spending on this scale needs a change in the current financial in vestment model and a new global finance ecosystem — a system for responsible and green finance, which might be underpinned by the three ESG factors (envi ronmental, social, and governance). Both experts and the general public are debating green finance technology and its transformation. 107 of 169 SDG objec tives had been covered
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