Foreign Experience of Bank Financing of Sustainable Ecological Economic Development and Prospects of its Utilization in Russia

Abstract

The subject of the research is foreign experience of bank participating with different business strategies in guaranteeing of sustainable ecological economical country development. The purpose of the work is to elaborate suggestions for contemporary credit institutions to realize projects and products with the emphasis on the environment protection, climate impact minimization and resources saving.The importance of the problem of environment protection financing is determined by the necessity of major overhaul for domestic banks to reconsider the approach to their efficiency evaluation on the basis of foreign experience to comply with the social, ecological and climatic standards in attracting resources and their allocation on markets of capital and loans. Nowadays many foreign banks widely use such standards defining creditworthiness of major corporations, small and medium businesses and deciding whether to credit them, as well as in the accounting to oversight bodies. This approach is typical for so-called green, ecological, “alternative” banking institutions. The article demonstrates that Russian banks do not usually follow such strategies. The fact that some Russian banks realize a number of ecologically oriented projects does not influence the overall level of the sustainable ecological economic development of the country. It is concluded that it is absolutely necessary to study and adopt the foreign experience of forming, transformation and realization of new banking business strategy in which along with economic efficiency ecological and social aspects equally matter.