Green Investment Promotion Policies as a Regulatory Direction for the Green Finance Market

Abstract

In recent years, the topic of green finance has received great attention in the world. It is also gaining popularity in Russia, both in scientific discourse and in practical work. The global investment and financial system is also deeply involved in this process. ESG (environmental, social and governance) factors, which take into account the three pillars of sustainable development (environmental, social and corporate governance responsibility), formed the basis of the concept of “responsible/green investment.” Many financial markets around the world now have a strong interest in sustainable development. With good government support, securities markets can play a huge role in achieving the Sustainable Development Goals related to green investment. In 2016–2017, 132 countries, which account for 82% of all harmful emissions, at the state level adopted a number of national initiatives in the field of green financing development. In the implementation of environmental, climatic and socially significant projects, independent specialized experts assess their compliance with green finance principles and standards. In addition, they are subject to special requirements for disclosure and isolation of cash flows. Countries that do not participate in the formulation of rules and standards in this not yet regulated market will eventually be forced to accept the conditions of play formed without their participation. The work emphasizes that green finance is an important factor for sustainable development. The subject of the study is green investment as one of the key elements characterizing the balanced socio-ecological-economic development of the country. The objective of the study is responsible/green financing of the national economy, viewed in the context that balanced sustainable development is the fundamental objective of macroeconomic policies of the State. The methodological basis of the study was the general scientific methods and techniques. The empirical basis of the study was statistics on the green investment market. The formation of a green investment market is an important factor contributing to the balanced development of the country as part of the achievement of the Sustainable Development Goals.