Mobilization of innovation and investment resources for environmental management in Russian federation regions

Abstract

AbstractInvestments in environmental management and environmental protection have a decisive influence on the future of a region and its place in the economic development of the country as a whole. In this article, the principal differences between investment in environmental management and the financing of other projects are discussed. It is proven that, at present, the investment policy in the field of environmental protection of a region is oriented primarily toward current results. In such cases, it is possible to achieve only short‐term goals, and ultimately, to miss the prospect of further conservation of resources. Hence, short‐term investments in environmental protection activities and the achievement of rapid results are replaced by the commitment to promising, long‐term strategic growth. This article notes that the most effective form of implementing environmental monitoring is through environmental auditing, as auditing is performed at the expense of customers and does not require public financing. Furthermore, the effects of implementing environmental policies based on the results of environmental auditing can be even more significant than the results achieved under the State's environmental protection measures