Научная статья на тему 'GREEN FINANCING: GLOBAL UNDERSTANDINGS AND RUSSIAN PRACTICES REVIEW'

GREEN FINANCING: GLOBAL UNDERSTANDINGS AND RUSSIAN PRACTICES REVIEW Текст научной статьи по специальности «Экономика и бизнес»

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«ЗЕЛЕНАЯ» ЭКОНОМИКА / «ЗЕЛЕНОЕ» ФИНАНСИРОВАНИЕ / УСТОЙЧИВОЕ РАЗВИТИЕ / «ЗЕЛЕНЫЙ» КРЕДИТ / «ЗЕЛЕНЫЕ» ИНВЕСТИЦИИ / GREEN ECONOMY / GREEN FINANCING / SUSTAINABLE DEVELOPMENT / GREEN LOAN / GREEN INVESTMENT

Аннотация научной статьи по экономике и бизнесу, автор научной работы — Tarkhanova E. A., Fricler A. V.

The success of the green economy crucially depends on whether there is a strong financial system, which allows attracting and distributing financial resources to implement environmental projects. Challenging tasks in the sphere of ecology require stimulating the attraction of funds from extra-budgetary sources, creating and designing tools for these activities. The state’s focus on the development and application of green financing tools in Russia is likely to increase the inflow of Russian and foreign investments, and thus reduce the cost of funds borrowed to carry out environmental projects. The study explores the problematic aspects related to the development of green financing as a basis for sustainable development. The research methodology relies on the concept of sustainable development and a problem-oriented approach. The study uses synthesis, analysis and statistical methods. The authors draw on the definitions of green financing provided by various international organizations, for instance, Bloomberg, UNEP, Green Finance Study Group (GFSG) and others. The researchers systemitise the understandings of the green financing, its areas, and based on this, investigate the development of green finance in Russia. The paper examines Russia’s Federal State Statistics Service data that describes the dynamics and structure of green investment in Russia during 2008-2019. To evaluate the results of green investments the authors compare the green growth indicators taken from the Global Green Economy Index and the Global Innovation Index. An overview of the development of the green financing in Russia demonstrates that the characteristic features of the country’s green investment system relate to the structure of sources of green financing. In particular, Russian green investments significantly consist of the companies’ own funds. This fact totally contradicts other counties’ practice, where the main part of financing is provided by the public sector and specialized manufacturers.

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Текст научной работы на тему «GREEN FINANCING: GLOBAL UNDERSTANDINGS AND RUSSIAN PRACTICES REVIEW»

DOI: 10.29141/2658-5081-2020-21-4-3

JEL classification: Q56, Q57, G00

E. A. Tarkhanova A. V. Fricler

University of Tyumen, Tyumen, Russia University of Tyumen, Tyumen, Russia

Green financing: Global understandings and Russian practices review

Abstract. The success of the green economy crucially depends on whether there is a strong financial system, which allows attracting and distributing financial resources to implement environmental projects. Challenging tasks in the sphere of ecology require stimulating the attraction of funds from extra-budgetary sources, creating and designing tools for these activities. The state's focus on the development and application of green financing tools in Russia is likely to increase the inflow of Russian and foreign investments, and thus reduce the cost of funds borrowed to carry out environmental projects. The study explores the problematic aspects related to the development of green financing as a basis for sustainable development. The research methodology relies on the concept of sustainable development and a problem-oriented approach. The study uses synthesis, analysis and statistical methods. The authors draw on the definitions of green financing provided by various international organizations, for instance, Bloomberg, UNEP, Green Finance Study Group (GFSG) and others. The researchers systemitise the understandings of the green financing, its areas, and based on this, investigate the development of green finance in Russia. The paper examines Russia's Federal State Statistics Service data that describes the dynamics and structure of green investment in Russia during 2008-2019. To evaluate the results of green investments the authors compare the green growth indicators taken from the Global Green Economy Index and the Global Innovation Index. An overview of the development of the green financing in Russia demonstrates that the characteristic features of the country's green investment system relate to the structure of sources of green financing. In particular, Russian green investments significantly consist of the companies' own funds. This fact totally contradicts other counties' practice, where the main part of financing is provided by the public sector and specialized manufacturers.

Keywords: green economy; green financing; sustainable development; green loan; green investment.

Acknowledgements: The paper is prepared as part of the Grant Competition of the Vladimir Potanin Fellowship Program 2019/2020.

For citation: Tarkhanova E. A., Fricler A. V. (2020). Green financing: Global understandings and Russian practices review. Journal of New Economy, vol. 21, no. 4, pp. 45-62. DOI: 10.29141/2658-5081-2020-21-4-3 Received September 18, 2020.

The transition to the green economy becomes increasingly popular in all countries of the world and attracts avid scholarly interest [Fuks, 2016; Loiseau et al., 2016; Zhivotovskaya et al., 2016; Weng, Xu, Ji, 2018; Falcone, Sica, 2019; Falcone, 2020; Tarkhanova, Fricler, Babu-rina, 2020]. According to Bobylev and Perelet [2013], the search for a new development model has resulted in the evolution of the sustainable development paradigm, emergence of the concept "green economy", and a deeper understanding that the economy and society should fit into natural systems and their limitations but not vice versa. Undoubtedly, the advent of the

Introduction

modern industrial revolution and massive overproduction have led to large-scale environmental degradation [Tarkhanova, 2018, p. 75]. Therefore, the greenhouse gas emissions need to be reduced; waste to be recycled and sources of renewable energy to be widely used [Bazaluk et al., 2020].

Nowadays there is a global tendency that the responsibility for preserving biodiversity falls on the economically developed countries [Barbier, 1987; Korochkin, 2006; Dmitrieva, 2018]. This group of countries actively launches green projects aimed at stablising and improving the environment and for this uses various financial instruments [Pearce, 1992; Peeters, 2005; Kiry-ushin, 2014; Martynov, 2014; Pattberg, Zelli, 2015; Little et al., 2015].

International experience shows that the key role in the formation of the green finance system is assigned to the state, which sets national priorities in the field of sustainable development. These priorities are based on economic factors stimulating green economy and sufficient financial resources [Loiseau et al., 2016; Benz, 2019; Moumen et al., 2019; Muktadir-Al-Mukit, Hossain, 2020; Mazzoni, 2020].

The importance of green finance lies in that it provides financial instruments and related services for the development and implementation of sustainable business models, investments, trade, policies, economic, environmental, and social projects [Chechevishnikov, 2012; Arkh-ipova, 2017; Hafner et al., 2019]. The financial sector plays a strategic role in promoting sustainable economic development through mediation and risk management and by channelling investment into the real economy. The intertwining of these two factors is crucial. Many countries are very active and successful in instituting policies to improve the environment and employ various financial instruments for that [Linnenluecke, Smith, McKnight, 2016; Porfiriev, 2016; Kissinger et al., 2019].

Tereshina [2019] argues that at present, green financing is turning into an integral component of achieving global and national sustainable development goals and forming a green economy, defining new environmentally sustainable contours and outlining prospects for the development of the international financial system. All is due to the steady growth of the green segment in the global financial market and responsible investments. In fact, each country devises its way to form a mechanism to financially support innovation and investment in green modernisation and incur structural changes towards sustainable production and consumption in accordance with the global goals and national development priorities [Tereshina, 2019].

In the paper, we investigate the development of green finance in Russia. The study is based on an extensive scientific literature that allows making comparisons, providing relevant examples, and extrapolating our ideas and results. The particular purpose of the research is to examine global ideas about the content and essence of green finance and identify specific features of green finance in Russia.

In line with this, the objectives of the study are to:

• systematise global theoretical and methodological approaches to the study of the green financing essence and express authors' viewpoint;

• summarize the most important areas of green financing globally;

• provide a brief overview of green finance in Russia;

• determine Russia's role in green financing by calculating the green growth indicators.

The green financing and its main directions

Green finance as an independent direction of investment activity is considered one of the fundamental changes in the existing global financial system. Its main goal is to ensure sustainable growth in conjunction with solving social, economic and environmental problems [Bazhenov, 2018]. The demand for green finance tools rises proportionally to the interest in

the concept of green economy. However, there is much less research done on green finance than on green economy. Table 1 shows a variety of approaches to the content of the green finance concept.

Table 1. Approaches to defining the green finance by international organizations

Таблица 1. Подходы к определению понятия «зеленое финансирование» в международных организациях

Institution Definition

Bloomberg Investments in sustainable development projects and production of eco-friendly goods and services

Swiss Federal Office for the Environment (FOEN) A set of different financial services and products used in making loan decisions, monitoring and managing risks, taking into account environmental factors and contributing to the implementation of environmentally oriented investments

German Development Institute Activities of specific institutions related to investments in environmentally oriented projects, as well as government policy in the field of financing measures aimed at adaptation and mitigation of the negative consequences of climate change

G20 Green Finance Study Group (GFSG) Financing of investments that provide environmental benefits in the broader context of environmentally sustainable development.

Climate Mundial (a sustainable development firm) Any financial instrument or investment - including equity, debt, grant, purchase & sale or risk management tool issued under contract to a firm, facility, person, project or agency, public or private, in exchange for the delivery of positive environmental externalities that are real, verified and additional to business as usual, whereby such positive externalities result in the creation of transferrable property rights recognised within international, regional, national and sub-national legal frameworks

UN Environment Programme (UNEP) Financing that increase the level of financial flows (from banking, microcredit, insurance and investment) from the public, private and non-profit sectors to sustainable development priorities to better manage environmental and social risks, take up opportunities that bring both a decent rate of return and environmental benefit and deliver greater accountability

Global Environment Facility Economic activity that supports the improvement of the environment and can cope with climate change and use resources efficiently

Green Finance Initiative Funding any means of reducing carbon emissions or raising resource efficiency; it incorporates green crowdfunding for small-scale, community schemes right up to green bond issuance for major infrastructure projects or corporate energy-efficiency schemes

Organisation for Economic Co-operation and Development (OECD) Finance for achieving economic growth while reducing pollution and greenhouse gas emissions, minimising waste and improving efficiency in the use of natural resources

People's Bank of China Using series of policy and institutional arrangements to attract private capital investments into green industries such as environmental protection, energy conservation and clean energy through financial services -including lending, private equity funds, bonds, shares and insurance

European Banking Federation Green finance includes but is not limited to: environmental aspects (pollution, greenhouse gas emissions, biodiversity, water or air quality issues); climate change-related aspects (energy efficiency, renewable energies, prevention and mitigation of climate change connected severe events)

The presented interpretations of green financing can be divided into three main groups. According to the dentitions of the first group, green financing is a set of tools and mechanisms. The second group understands green financing as the provision of funds. The third group identifies the concept of green financing with green investments. Classical economics assumes that financing is a gratuitous provision of funds to perform certain tasks. The investment generates income (which is not a motive for financing) to its owner. It is important to note that in international practice, green financing and green investment are very close concepts. They both provide capital inflows to projects or activities within environmental initiatives, and thus it can be difficult to distinguish between them.

Funding is traditionally understood as the provision of funds and other financial resources to economic sectors for implementing projects. The green finance specializes in funding projects and initiatives addressing diverse environmental problems (environment improvement, climate change mitigation, more efficient use of natural resources). The green finance concept describes the interaction between the environment, finance, and investment. The goal of green investments is not to get the desired income, but to sponsor projects developing the green economy and contributing to sustainable development.

The principal goal of green finance is to mobilise financial resources from the public, private and non-profit sectors. The raised capital can be used in numerous ways. Each organisation or country chooses the most promising areas for financing. For example, the World Bank funds projects in six areas as a part of green financing: renewable energy and energy efficiency; clean transportation; water and wastewater management; solid waste management; agriculture, land use, forests and ecological resources; resilient infrastructure and built environment1. Table 2 shows most important directions of green financing outlined by the UN Environment Programme2.

Table 2. The most important directions of the UNEP green financing within the green economy concept Таблица 2. Основные направления «зеленого» финансирования ЮНЕП в концепции «зеленой» экономики

Area Description

Air Improving air quality to protect the environment and human health

Biosafety Assisting in management of the potential adverse effects and benefits of modern biotechnology, with a focus on protecting biological diversity and human health

Chemicals and waste management Ensuring the rational use of chemicals and waste

Climate change Minimising the scale and impact of climate change

Energy Promoting energy efficiency and use of energy from renewable sources

Forests Protecting forests for social, economic, and environmental benefits

Oceans and seas Protecting and promoting sustainable management of the world's marine and coastal environments

Transport Promoting low-emission transport to reduce the sector's contribution to air pollution and climate change

Water Protecting and restoring freshwater and marine ecosystems to ensure their maintenance for future generations

1 The World Bank. (2019). Green Bond Impact Report. Available at: http://pubdocs.worldbank.org/ en/790081576615720375/IBRD-Green-Bond-Impact-Report-FY-2019.pdf.

2 The UN Environment Programme. UN Environment Topics. Available at: https://www.unenvironment.org/ explore-topics /.

The directions of green financing listed by the UN Environment Programme and the World Bank Group allow concluding that international organisations consider the directions of financing from a global perspective without focusing on details of each direction. We suggest eight directions of green financing and elaborate on them (table 3).

Table 3. Main directions of the green financing

Таблица 3. Основные направления «зеленого» финансирования

Area Specific directions

Agriculture, land use, and forests Use of raw materials for biofuels

Conservation of forest stands

Green building Environmentally responsible construction

Modernisation of existing buildings (introduction of eco-friendly technologies)

Alternative energy Wind energy

Solar energy

Hydropower

Greening fisheries System for processing substandard fish waste

Replenishing the species diversity using aquaculture

Solid waste management Waste collection

Waste recycling

Clean transportation Alternative fuel infrastructure

Low-carbon transport

Water resources management Returnable consumption of water resources

Fresh and sea water treatment

Ecological tourism Creation of new types of ecotourism

Development of green infrastructure

Within the Agriculture, land use, and forests direction it is advisable to focus on financing projects on forest plantation and conservation, afforestation control, and use of renewable raw materials from agriculture for producing biofuels and biogas. The latter have potential to partially replace fossil energy sources along with other alternative energy sources. The replacement of fossil energy sources is one of the most often financed green initiatives. Large-scale investments are directed to the alternative energy sector with a record introduction of new capacities, and as a result, clean energy share is increasing in the total volume of the generated electricity [Lipina, Agapova, Lipina, 2018; Klavdienko, Zubareva, 2020]. Alternative energy is a set of ways to generate energy with a low impact on the environment [Streimikiené et al., 2016]. The main areas of alternative energy are wind energy, solar energy, hydroelectric power and others.

Green building is design, construction, and operation of buildings with the minimal impact on the environment. This principle applies to both new construction and the reconstruction of the existing buildings. "Greening" fisheries involves preserving and replenishing the species diversity using aquaculture, and creating mechanisms to process substandard fish waste.

Solid waste management includes measures for collecting, transporting and processing waste produced as a result of human activities. The main direction is waste recycling, which consists in transforming household and industrial waste in order to partly return it to production. Waste management thus aims at obtaining extra raw materials, energy, and products, and preventing the disposal of potentially useful for the national economy materials.

Transport stimulates economic activity and is of fundamental value to people's welfare, but this sector has a significant adverse impact on the environment and human health. The Clean

transportation direction of green financing involves the creation of low-carbon vehicles and use of alternative energy sources for transport, which will reduce energy consumption and minimise the sector's impact on the environment.

Projects in the field of Water resources management target their protection, conservation, prevention of water pollution as well as measures to combat pollution. In addition, within these projects the systems that help return water to consumption are actively developed. Such systems allow using water after treatment. Ecotourism is visiting territories preserved in their original state without anthropogenic influence. Part of this direction is the opportunity to go to the territories with natural objects.

The system of green financing is considered in terms of three basic components: participants (national governments, state-owned enterprises, private and institutional investors, stock exchanges), funding sources (public and private) and green financing tools (green bonds, green loans, green purchasing, green insurance, green crowdfunding).

Green bonds were first issued by the World Bank in 2008, and today they are the most widely applied tool in the world [Panda, 2017; Obruch, Tarkhanova, 2019]. Green loans and green bonds are relevant instruments of green financing in Russia as well. Green loan is a financial instrument for financing or refinancing environmental projects. This tool can only function properly if commercial banks are interested as suppliers of financial resources. In the new realities, their role increases substantially [Miroshnichenko, Mostovaya, 2019].

Green purchasing is a relatively new tool for funding environmental projects. Traditionally, the term "green" is considered identical to the term "environmental". The purchase must meet the requirements of environmental friendliness to the greatest extent possible (harm prevention to the environment, human health). To judge whether purchasing is "green", it is necessary to consider the whole purchasing process. Goods, works, and services should be analysed in terms of price-quality ratio throughout their life cycles, and their impact on the environment should be assessed. Green purchases can be made by individuals, companies, and government agencies.

Green insurance refers to liability insurance for environmental pollution. Environmental liability insurance covers business responsibility for pollution-related damages, which can be caused by a third party or be a result of a pollution-related accident.

Green crowdfunding is the latest funding tool; today, many national and international crowdfunding platforms are formed. Crowdfunding in the green economy field is a process that allows anyone to become an investor or request funding for their project without the banks' assistance. Alternative finance helps small and medium-sized businesses, which are often rejected by large banks. Thus, crowdfunding platforms create competition for banks. Some European banks support sustainable crowdfunding platforms or even launch their own.

Shershneva, Kondyukova, Saifutdinov [2017] also describe eco-leasing. Eco-leasing is an opportunity to purchase a resource-saving equipment without significant expenses or use of company's current assets. The researchers also identify green budgetary financing tools that are employed in strategically important state projects and generate social effects. Investment can be made directly in the form of equity or a public-private partnership. It should be noted that such financial flows are very limited [Shersheneva et al., 2017].

The green financing tools depend on many factors: the project size, the development of the national investment sector, and the availability of financial instruments, the economic situation, legal factors, and others. The important thing is that the attracted funding is directed exclusively to the implementation of eco-friendly projects and activities [Koscielniak, Górka, 2016; Andreeva, Vovchenko, 2017]. In other words, the financial instrument's greenness is acquired during its application and depends on the financing assets' goals.

Overview of green financing in Russia

The British analytical company FTSE Russell indicated in its 2018 report that the volume of the green economy grew to 4.4 trillion US dollars, which equals to 6 % of the global economy1. The green sector's share in the global economy is equivalent to the mining sector's. International investors search for the investment companies taking into account environmental and social risks, corporate governance practices. They move to responsible investment [Porfiriev, 2016; Gurova, 2019]. The Russian green economy is being developed with active participation of Western companies. These companies integrate green tools into their business processes in the countries of their presence. However, there is no effective model for supporting green growth as yet. Such model is still being formed [Bokarev, Yakovlev, Kabir, 2017].

Several organisations actively develop green financing mechanisms in Russia today. The Expert Council on Long-term Investment at the Bank of Russia prepared a Diagnostic Overview in 2018. It analysed green trends in the global economy, the prerequisites for creating a green finance market in Russia, the organisational and legal frameworks for its formation and development. The document estimated the market size, and provided an expert sample of potential issuers of green bonds in Russia. Later in 2019, the methodological document in this field was conceptualised2 to promote environmentally friendly financial tools and responsible financial projects in Russia. It examined components of the methodological support for the modern green finance and responsible investment ecosystem emerging abroad. There are also some elements required to form the methodological basis of responsible investment and green financial tools in the Russian Federation. For instance, the road map for the system's development is being prepared, and the list of methodological materials produced in both in Russia and abroad is being compiled.

It is noteworthy that in September 2019 Russia ratified the Paris Climate Agreement signed in 2016. The Paris Climate Agreement contains a set of measures to reduce the level of carbon dioxide in the atmosphere starting from 2020. Despite a long debate, countries did not agree on new carbon market rules in December 2019, and the implementation of the agreement was postponed.

The expediency of fostering green economy is determined by its impact on the economic growth. The transition to green economy provides an opportunity to integrate not only environmental, but also social imperatives into the economy. Yet the modernisation spurts entail massive financial expenditures. Thus, the key obstacle to the eco-friendly economy creation is the lack of funding.

Moving to a sustainable development model requires devising a system of indicators for assessing the different countries' success in this venture [Bobylev, 2008]. To determine the green economy's role in an economy and a country's role in the green financing, indicators of green growth are used, for instance, the Global Innovation Index and the Global Green Economy Index.

The Global Innovation Index (GII) is a ranking of countries based on the level of their innovative development. The index is a cost-effectiveness ratio and consists of 82 different variables (starting from the number of applications for intellectual property rights and created

1 FTSE Russel. (2018). Investing in the global green economy: Busting common myths. Available at: https://content.ftserussell.com/sites/default/files/research/fr_investing_in_the_global_green_economy.pdf?_ ga=2.257573707.1707480403.1608122544-393666782.1608122544.

2 Bank of Russia. (2019). Kontseptsiya organizatsii v Rossii metodologicheskoi sistemy po razvitiyu zelenykh finansovykh instrumentov i proektov otvetstvennogo investirovaniya [The concept of organizing a methodological system in Russia for the development of green financial instruments and responsible investment projects]. Available at: https://cbr.ru/Content/Document/File/84163/press_04102019.pdf. (in Russ.)

mobile applications right up to the amount of spending on education and the number of scientific and technical publications) that characterise countries' innovative development. The transition to the green economy is impossible without innovation. The rate of transition depends directly on the effective implementation of the innovation projects1. Fig. 1 shows that Switzerland is the leader in innovation. This country follows the policy that allows getting innovation benefits in all economic sectors.

Turkey Georgia Ukraine Russia Montenegro Norway France Japan China Germany Finland Great Britain Netherlands USA Sweden Switzerland

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Fig. 1. Countries' scores in the Global Innovation Index 2019 Рис. 1. Значение Глобального индекса инноваций в разрезе стран (2019)

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The Russian Federation belongs to the group of countries with a high level of innovation activity and ranks the 46th. Experts point to high quality of scientific publications in Russia and strong performance of three major universities: Moscow State University, Saint Petersburg State University, and Novosibirsk State University. In addition, the 2019 report highlighted Russia's strengths and weaknesses concerning innovation (table 4). Unfortunately, ecological sustainability is Russia's weak point.

Table 4. Strengths and weaknesses of the Russian Federation according to the Global Innovation Index 2019

Таблица 4. Сильные и слабые стороны Российской Федерации в соответствии с Глобальным индексом инноваций (2019)

Strengths Weaknesses

Indicator Rank Indicator Rank

Females employed with advanced degrees 7 Political & operational stability 91

Mobile app creation 26 Rule of law 111

Patents by origin 20 Logistics performance 74

Domestic market scale 6 Ecological sustainability 101

Intellectual property payments 18 Venture capital deals 77

Knowledge creation 30 GDP/unit of energy use 113

Source: Global Innovation Index 2019. The Russian Federation. Available at: https://www.wipo.int/ edocs/pubdocs/en/wipo_pub_gii_2019/ru.pdf.

1 The Global Innovation Index 2019. Available at: https://www.globalinnovationindex.org/userfiles/file/ reportpdf/gii-full-report-2019.pdf.

Another index is the Global Green Economy Index (GGEI). It uses quantitative and qualitative indicators to measure country's performance on four key dimensions: leadership and climate change, efficiency sectors, markets and investment, and the environment. The GGEI was introduced in 2010 and is the first green economy index globally. Today it is widely used by politicians, international organisations, civil society, and the private sector. Russia's index was first calculated in 2016.

Fig. 2 shows the Global Green Economy Index scores for countries in 20181. It is important to note that there were 130 countries in 2018. The presented data signify that the development of green financing is a modern global trend. The first places belong to the countries implementing an active environmental policy at the national level. Nowadays, Russia is still far from occupying the leading positions and registers a poor result on GGEI. There is a strong need to assess the current state of affairs in this area to identify problems and barriers that hinder the green financing development.

Ukraine Moldova Poland Russia Japan Netherlands Great Britian France Germany Finland Norway Iceland Switzerland Sweden

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0.59 0.59 0.62 0.64 0.69 0.7 0.7 0.71

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Fig. 2. Countries' scores in the Global Green Economy Index 2018 Рис. 2. Значение Глобального индекса зеленой экономики в разрезе стран (2018)

There are several valid points to note about the research of the green finance in the Russian Federation. Traditionally, the key financial products of green financing are bank financing and joint investment (combining several investors to implement a specific investment project). In other words, green investment is an integral part of green finance. The other countries' practice shows that green financing is often identified with green investments. Many international organisations publish their reports on green finance and include green investments in it.

Analysis of the Russian green finance market is complicated by the lack of data on green finance. The information available from Russia's Federal State Statistics Service allows only investigating such indicator as "investments in fixed assets aimed at environmental protection and rational use of natural resources in the Russian Federation" [Yashalova, Ruban, 2016].

According to Fig. 3, the period of 2008-2019 saw the growth of green financing in Russia. The volume of green financing went up from 102.39 billion rubles to 175.03 billion rubles for the period under consideration2. The rise in green investments was due to the environmental

1 The Global Green Economy Index 2018. Available at: https://dualcitizeninc.com/global-green-economy-index.

2 Russia's Federal State Statistics Service. Environment protection in Russia. Available at: http://www.gks.ru/ wps/wcm/connect/rosstat_main/rosstat/ru/statistics/publications/ca talog/doc_1139919459344. (in Russ.)

agenda's popularization among large national companies. Large-scale environmental projects were undertaken by Russian business. Heedless to the fact that the significant contribution to air pollution is made by them. The Russian business community initiated environmental projects within its enterprises, local and regional programs.

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Fig. 3. Dynamics of green financing (investment) in the Russian Federation Рис. 3. Динамика «зеленого» финансирования (инвестирования) в Российской Федерации

Fig. 4 illustrates a downward trend in the green investment's share in the total volume of investment in fixed assets1. Despite an increase in the absolute value of green investment, its share in the total volume of investment in fixed assets has decreased from 1.17 % to 0.91 % over the past 10 years.

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Fig. 4. Dynamics of the volume and share of the green investment in the total volume of investment in fixed assets in the Russian Federation Рис. 4. Динамика общего объема и доли «зеленых» инвестиций в Российской Федерации в общем объеме инвестиций в основной капитал

Traditionally, green investments are divided into several key groups in the Russian practice. These are protection and rational use of water resources, protection and rational use of land, environmental protection from the harmful effects of production and consumption waste, atmospheric air protection, and some other. The review of the green financing shows that the biggest part of financial resources is directed to the water resources protection and the atmospheric air protection in Russia. In 2018, the share of these groups of investment amounted to 40 % and 42 % respectively. Investments largely target improving technological processes, increasing the efficiency of existing and commissioning new treatment plants, as well as eliminating pollution sources.

1 Russia's Federal State Statistics Service. Investments in Russia. Available at: http://www.gks.ru/wps/wcm/ connect/rosstat_main/rosstat/ru/statistics/publications/ca talog/doc_1136971099875; Russia's Federal State Statistics Service. Investments in Russia. Available at: http://www.gks.ru/wps/wcm/connect/rosstat_main/rosstat/ ru/statistics/enterprise/inve stment/nonfinancial. (in Russ.)

Fig. 5 shows a trend in the distribution of green investments by the sources of financing1. Only 29.3 % of green investment was made by the state in 2008. Ten years later, the proportion of funds provided by the state decreased to just 8.9 %. The major part of green investments comes from companies' own funds. This trend is completely opposite to other countries' practice, where the main part of financing is provided by the state.

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Other sources

2016 2017 2018

Fig. 5. Changes in the structure of green investments in the Russian Federation

by sources of financing, % Рис. 5. Изменение структуры «зеленых» инвестиций в Российской Федерации по источникам финансирования, %

This trend embodies the polluter pays principle. It means that the companies that exert a negative impact on the environment through their economic activities take responsibility and bear the costs of measures taken to compensate for the damage done. Companies' management understands that the state imposes stricter sanctions for those who do not give attention to the environmental protection. Therefore, a company can significantly save in the future, if it invests in the environmental protection at present. The trend for the environmental protection is only gaining momentum. However, the flow of investment in environmental protection can decrease due to companies lacking temporarily available funds because of the deteriorating financial situation.

Summarizing the above, the thesis that the green economy is a special tool for achieving sustainable development and solving a number of socioeconomic problems finds an increasing number of arguments and justifications. Today, Russia is transiting to a new type of economic model. It is necessary to coordinate the state and the business community's actions in order to seize the opportunity to build an effective model for managing green finance based on the dialogue.

Results and discussion

The overall picture seems to be that the green finance is the major element of the green economy, because it is in charge of providing financial resources to respond to various environmental challenges (environment improvement, climate change mitigation, and rational use of natural resources). Green finance aims to mobilise financial resources from the public, private and other sources to sponsor environmental projects and initiatives. The review of the green financing identified its eight main areas: agriculture, land use, and forests; green building; alternative energy; "greening" fisheries; solid waste management; clean transportation; water resources management; and ecological tourism.

1 Russia's Federal State Statistics Service. Environment protection in Russia. Available at: http://www.gks.ru/ wps/wcm/connect/rosstat_main/rosstat/ru/statistics/publications/ca talog/doc_1139919459344. (in Russ.)

The assessment of global indicators of the green growth reveals an active policy of foreign countries on the economy greening. Therefore, we can conclude that tools to green the Russian economy can be taken from the international experience and be based on cooperation with European environmental associations and organisations. The study findings indicate that Russia is gradually being included in the contemporary global ecosystem. In terms of the content and aims, Russia's national projects coincide with the UN Sustainable Development Goals. They are a complex of measures and support a three-component balance of sustainable development.

The analysis of the green financing development in Russia evidences that the domestic companies are interested in the environmental investments, which is particularly noticeable from an increase in the share of green financing coming from companies' own funds. On the other hand, there is a problem of state investment support of environmentally important projects.

Conclusion

The study of green financing in Russia demonstrates it grew progressively from 2005 to 20182019. At the same time, the share of green investment in the total volume of investment in fixed assets decreased steadily over that period. By the end of 2019, it amounted to only 0.91 %. The greatest part of green financing goes from the companies' own funds, not from the state, or specialised manufacturers. This trend contradicts international practice, where the state is the main investor in the field of environmental protection. Today, Russia's priority should be to create and develop the environmentally friendly industry, which uses natural resources rationally, and the infrastructure featuring a low level of emissions.

The presented considerations allow us to conclude that domestic companies' interest in green financing should be maintained by the state more properly. It is necessary to establish the regulatory framework for investing environmentally important projects directly. At the moment, the government support is inconsistent and is made up of fragmented solutions. There are no agreed definitions, assessment methodologies, hence the whole process follows a path of natural development. The extensive international experience in the green financing allows Russia to learn from it and implement the already approved tools in the financial system more effectively.

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Information about the authors

Elena A. Tarkhanova, Cand. Sc. (Econ.), Associate Prof., Associate Prof. of Economics and Finance Dept., University of Tyumen, 6 Volodarskogo St., Tyumen, 625003, Russia Phone: +7 (3452) 44-94-37, e-mail: [email protected]

Anhelica V. Fricler, Cand. Sc. (Econ.), Associate Prof., Associate Prof. of Economics and Finance Dept., University of Tyumen, 6 Volodarskogo St., Tyumen, 625003, Russia. Phone: +7 (3452) 59-74-29, e-mail: [email protected]

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Е. А. Тарханова Тюменский государственный университет, г. Тюмень, Российская Федерация А. В. Фрицлер Тюменский государственный университет, г. Тюмень, Российская Федерация

«Зеленое» финансирование: глобальные представления и обзор российской практики

Аннотация. Основой успешного перехода к «зеленой» экономике является формирование прочной финансовой системы, позволяющей привлекать и распределять финансовые ресурсы на реализацию экологических проектов. Решение широкомасштабных задач в экологической сфере требует создания и проработки инструментария по привлечению средств из внебюджетных источников. Усилия государства в области развития и применения инструментов «зеленого» финансирования в России позволят увеличить приток и повысить привлекательность российских и иностранных инвестиций, что снизит стоимость заемных средств при реализации проектов экологической направленности. В статье рассмотрены проблемные вопросы в сфере «зеленого» финансирования как основы устойчивого развития в глобальном аспекте. Методология исследования базируется на концепции устойчивого развития и проблемно-ориентированном подходе. В работе использованы анализ, синтез, статистические методы. Основой исследования послужили глобальные представления о «зеленом» финансировании различных международных организаций, таких как Bloomberg, ЮНЕП, G20 по изучению вопросов зеленого финансирования и других. Авторы опирались также на сравнительный анализ данных Федеральной службы государственной статистики, характеризующих динамику и структуру «зеленых» инвестиций в России за период 2008-2019 гг. Для анализа и оценки результатов применения «зеленых» инвестиций использовалась методика сравнения рассчитанных показателей «зеленого» роста: Глобального индекса зеленой экономики и Глобального индекса инноваций. Расширены теоретические представления о содержании и направлениях «зеленого» финансирования, представлен краткий обзор

его развития в России. Выявлены специфические особенности российской системы «зеленого» инвестирования, связанные со структурой источников финансирования: значимую часть занимают собственные средства компаний, в отличие от зарубежной практики, где финансирование осуществляют преимущественно государственный сектор и специализированные производители.

Ключевые слова: «зеленая» экономика; «зеленое» финансирование; устойчивое развитие; «зеленый» кредит; «зеленые» инвестиции.

Благодарности: Статья подготовлена в рамках грантового конкурса Стипендиальной программы В. Потанина 2019/2020.

Для цитирования: Tarkhanova E. A., Fricler A. V. (2020). Green financing: Global understandings and Russian practices review // Journal of New Economy, Т. 21, № 4. С. 45-62. DOI: 10.29141/2658-5081-2020-21-4-3 Дата поступления: 18 сентября 2020 г.

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Информация об авторах

Тарханова Елена Александровна, кандидат экономических наук, доцент, доцент кафедры экономики и финансов Тюменского государственного университета, 625003, РФ, г. Тюмень, ул. Володарского, 6

Контактный телефон: +7 (3452) 44-94-37, е-mail: [email protected]

Фрицлер Анжелика Викторовна, кандидат экономических наук, доцент, доцент кафедры экономики и финансов Тюменского государственного университета, 625003, РФ, г. Тюмень, ул. Володарского, 6

Контактный телефон: +7 (3452) 59-74-29, е-mail: [email protected]

© Tarkhanova E. A., Fricler A. V., 2020

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