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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">etl</journal-id><journal-title-group><journal-title xml:lang="ru">Экономика. Налоги. Право</journal-title><trans-title-group xml:lang="en"><trans-title>Economics, taxes &amp; law</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">1999-849X</issn><issn pub-type="epub">2619-1474</issn><publisher><publisher-name>Финансовый университет при Правительстве Российской Федерации</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.26794/1999-849X-2026-19-4-6-16</article-id><article-id custom-type="elpub" pub-id-type="custom">etl-623</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ТЕМА НОМЕРА</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>TOPIC OF THE ISSUE</subject></subj-group></article-categories><title-group><article-title>Экономический рост и ущерб окружающей среде: выбор оптимального сочетания</article-title><trans-title-group xml:lang="en"><trans-title>Balancing Economic Growth and Environmental Harm: finding the Best mix</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-2144-3543</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Ерёмин</surname><given-names>В. В.</given-names></name><name name-style="western" xml:lang="en"><surname>Eremin</surname><given-names>V. V.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Владимир Владимирович Ерёмин — доктор экономических наук, ведущий научный сотрудник Института финансово- промышленной политики и проблем экономической безопасности факультета экономики и бизнеса</p><p>Москва</p></bio><bio xml:lang="en"><p>Vladimir V. Eremin — Dr. Sci. (Econ.), Leader Research Assoc., Institute of Financial and Industrial Policy and Economic Security Problems, Faculty of Economic and Business</p><p>Moscow</p></bio><email xlink:type="simple">villy9@rambler.ru</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-7678-1283</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Сильвестров</surname><given-names>С. Н.</given-names></name><name name-style="western" xml:lang="en"><surname>Silvestrov</surname><given-names>S. N.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Сергей Николаевич Сильвестров — доктор экономических наук, профессор, заслуженный экономист РФ, научный руководитель Института финансово- промышленной политики и проблем экономической безопасности факультета экономики и бизнеса</p><p>Москва</p></bio><bio xml:lang="en"><p>Sergey N. Silvestrov — Dr. Sci. (Econ.), Prof., Honored Economist of the Russian Federation, Scientific Director of the Institute of Financial and Industrial Policy and Economic Security Problems, Faculty of Economic and Business</p><p>Moscow</p></bio><email xlink:type="simple">ssilvestrov@fa.ru</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-4744-7198</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Чернышева</surname><given-names>Т. К.</given-names></name><name name-style="western" xml:lang="en"><surname>Chernysheva</surname><given-names>T. K.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Татьяна Константиновна Чернышева — младший научный сотрудник Института финансово- промышленной политики и проблем экономической безопасности факультета экономики и бизнеса</p><p>Москва</p></bio><bio xml:lang="en"><p>Tatiana K. Chernysheva — Junior Research Assoc., Institute of Financial and Industrial Policy and Economic Security Problems, Faculty of Economic and Business</p><p>Moscow</p></bio><email xlink:type="simple">TKChernysheva@fa.ru</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Финансовый университет при Правительстве Российской Федерации</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Financial University under the Government of the Russian Federation</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2026</year></pub-date><pub-date pub-type="epub"><day>24</day><month>08</month><year>2026</year></pub-date><volume>19</volume><issue>4</issue><fpage>6</fpage><lpage>16</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Ерёмин В.В., Сильвестров С.Н., Чернышева Т.К., 2026</copyright-statement><copyright-year>2026</copyright-year><copyright-holder xml:lang="ru">Ерёмин В.В., Сильвестров С.Н., Чернышева Т.К.</copyright-holder><copyright-holder xml:lang="en">Eremin V.V., Silvestrov S.N., Chernysheva T.K.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://etl.fa.ru/jour/article/view/623">https://etl.fa.ru/jour/article/view/623</self-uri><abstract><p>Актуальность исследования обусловлена необходимостью обеспечения роста национальной экономики при минимизации его негативного воздействия на окружающую среду. Предмет —  соотношение объемов генерируемого инвестициями в развитие обрабатывающей промышленности прироста ВВП и ущерба окружающей среде. Цель работы —  попытка создать методологию, позволяющую из нескольких вариантов распределения инвестиций в отрасли обрабатывающей промышленности выбрать вариант, оптимальный по соотношению «прирост ущерба окружающей среде / прирост ВВП». Был применён подход, в полной мере учитывающий влияние инвестиций на экономическую динамику и сопутствующий ей экологический ущерб, то есть учитывающий не только прямое, но и косвенное влияние инвестиций. В результате разработана линейка математических моделей, применение которых позволяет достичь поставленной цели. Авторы пришли к следующему выводу: поскольку из-за ресурсных ограничений оптимальная с позиций соотношения «прирост ущерба окружающей среде / прирост ВВП» модель отраслевого распределения инвестиций не всегда может быть реализована, необходимо использовать все другие варианты, таким ограничениям удовлетворяющие.</p></abstract><trans-abstract xml:lang="en"><p>The significance of this research lies in balancing economic expansion with environmental protection. The subject concerns the relationship between GDP growth from manufacturing investment and environmental harm. The research aims to establish a framework for selecting the preferred investment option among manufacturing industry choices, based on the “increase in environmental damage / increase in GDP” ratio. The authors implemented a method that completely considers the effect of investments on economic dynamics and the resulting environmental harm, including both direct and indirect effects of investments. Consequently, mathematical models were created to facilitate this goal. The authors concluded that when the optimal investment allocation model in terms of the “increase in environmental damage / increase in GDP” ratio cannot be achieved because of resource limitations and all other feasible options must be employed.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>инвестиции</kwd><kwd>ущерб окружающей среде</kwd><kwd>экологический ущерб</kwd><kwd>устойчивое развитие</kwd><kwd>ESG-принципы</kwd><kwd>экономическое развитие</kwd><kwd>мультипликатор инвестиций</kwd><kwd>экологическая безопасность</kwd></kwd-group><kwd-group xml:lang="en"><kwd>investments</kwd><kwd>environmental harm</kwd><kwd>ecological damage</kwd><kwd>sustainable development</kwd><kwd>ESG principles</kwd><kwd>economic growth</kwd><kwd>investment multiplier</kwd><kwd>environmental safety</kwd></kwd-group><funding-group><funding-statement xml:lang="ru">Статья подготовлена по результатам исследований, выполненных за счет бюджетных средств по государственному заданию Финансовому университету при Правительстве Российской Федерации. Финансовый университет при Правительстве Российской Федерации, Москва, Российская Федерация.</funding-statement><funding-statement xml:lang="en">The paper was prepared on the research results carried out at the expense of budgetary funds within the framework of the state research assignment to the Financial University under the Government of the Russian Federation. Financial University under the Government of the Russian Federation, Moscow, Russian Federation.</funding-statement></funding-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Марголин А. М., Вякина И. В. Риски, вызовы и механизмы ESG-трансформации систем управления. МИР (Модернизация. Инновации. Развитие). 2022;13(3):352-368. DOI: 10.18184/2079-4665.2022.13.3.352-368</mixed-citation><mixed-citation xml:lang="en">Margolin A. M., Vyakina I. V. Risks, threats and mechanisms of management systems ESG-transformation. 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