INSTITUTIONAL INSTRUMENTS OF GREEN FINANCING DEVELOPMENT AND REGULATION

To the present day, green financing in Russia is in the status of projects, along with the active discussion at the state level and the scientific community. Abroad, an active greening of the financial sector began in the last 3—5 years. The leaders in this area are: Brazil, China, France, Sweden, India, the Netherlands, the Philippines, Indonesia, Peru, Nigeria and others, most of which are developing countries. The study of foreign experience allowed us to identify the main institutional instruments for the development and regulation of green financing at the national level (national plans / roadmaps for greening the financial sector, regulation and stimulation of green financing, national financial market regulators and financial control authorities, national central banks and banking associations, stock exchanges, state financial organizations and financial development institutions, as well as sovereign funds), along with the practice of their application, both in developed and developing economic systems. Based on the analysis of foreign experience, it was concluded that a comprehensive approach to the financial sector greening at the national level is necessary. A study from these positions indicates the presence of all potential institutional instruments for the green financing development and regulation in Russia. However, they do not perform the functions performed by the relevant foreign institutions, in particular government programs, the regulatory framework, financial market regulators and financial institutions. Emphasis was placed on the use of Voluntary Principles for Green Finance and market-based incentive instruments consistent with the economic relations market system.

“green” financing, greening the financial sector, development and regulation institutional instruments, financial regulatory institutions, financial markets regulators, national central banks, stock markets, development financial institutions, state financial organizations, sovereign wealth fund.

Tyutyukina A. A. Institutional instruments of green financing development and regulation. Business. Education. Law, 2020, no. 2, pp. 137–143. DOI: 10.25683/VOLBI.2020.51.232.