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Current trends in the development of a green finance system: methodology and practice
Современные тенденции формирования системы зеленого финансирования: методологический и практический аспекты
[journal article]
Abstract The concept of green growth and sustainable development is turning into a global ideology guiding the transformation of national economies. The focus is shifting from quantitative assessments of performance to rational choice conditions. Rationality is becoming the decisive factor behind sustainable... view more
The concept of green growth and sustainable development is turning into a global ideology guiding the transformation of national economies. The focus is shifting from quantitative assessments of performance to rational choice conditions. Rationality is becoming the decisive factor behind sustainable green growth, and a change in the financial model that supports such growth may be needed. Therefore, the most urgent problems relating to sustainable growth are the transformation of the finance system, on the one hand, and the creation of a new financial paradigm based on the principles of responsible investment and corporate social responsibility, on the other. This study aims to consider the theoretical and practical aspects of creating a national green finance model ensuring sustainable growth in the Russian Federation. The development of a green finance mechanism and a green bond market in the Baltic Sea countries is analysed to determine national features and explore the possibility of translating the Baltic experience into practices usable in Russia. The research uses economic observations, economic description, structural and logical analysis, and systems analysis. Perhaps the most significant finding is the description of a methodological framework for sustainable development theory, as seen by major schools of economic thought. Studying the experience of the Baltic Sea countries in creating a new finance model of responsible investment helped detect national features and development priorities that can be used in Russia in devising the ideology, principles, and mechanism of green growth and sustainable growth financing.... view less
Keywords
sustainable development; sustainability; funding; investment; growth; Russia; Baltic States; Baltic region
Classification
National Economy
Ecology, Environment
Free Keywords
green finance; responsible investment; socially responsible business; financial model for a sustainable economy; green growth
Document language
English
Publication Year
2021
Page/Pages
p. 64-89
Journal
Baltic Region, 13 (2021) 2
Issue topic
Sustainable Development of the Baltic Sea Region
DOI
https://doi.org/10.5922/2079-8555-2021-2-4
ISSN
2079-8555
Status
Published Version; peer reviewed