Financing of Low-Carbon Development in Russia: Approaches and Priorities of the Current Stage

An economy with a low level of greenhouse gas emissions is presented today both as a tool for achieving the goal of structural transformation of the economy and its technological modernization, and as a factor of economic growth. But to date, the process of transition to a low-carbon economy in Russia has not yet been launched, since the formation of the institutional environment of the carbon market has not been completed and the mechanism for financing low-carbon development projects has not been determined.

The subject of the study is the formation of a stable segment of the national financial market, which is reflected in the ongoing and planned expenditures of the state in accordance with budget plans. The purpose of the work is to form an objective opinion on the actions taken at the national level to form a new sustainable segment of the national financial market, which is designed to accumulate national climate finance. The study revealed a problematic situation: the perception of low-carbon development as a tool for solving accumulated problems, contributing to structural adaptation and technological re-equipment, is constrained by the politicization of the climate agenda, which slows down the process of forming a national carbon market and using its opportunities for the benefit of the national economy.

It is concluded that Russia has prospects for achieving national priorities of socio-economic development through the possibilities of financing low-carbon development, but for this it is necessary to complete the formation of an institutional framework for the national carbon market and coordinate its development strategy with the national investment policy.

1. Yakovlev I.A., Kabir L.S. Green investment financing mechanism as an element of the national strategy for sustainable development financing. Finansovyj zhurnal = Financial Journal. 2018;43(3):9–20. (In Russ.). DOI: 10.31107/2075–1990–2018–3–9–20

2. Porfiriev B.N. Sustainable development priorities and the climate agenda in the early 2020s in the world and in Russia. Report at the MAEF plenary meeting, Russian academy of science, JUNE 7, 2023. Nauchnye trudy Vol’nogo ehkonomicheskogo obshchestva = Scientific the works of Free Economic Society of Russia. 2023;241(3):72–80. (In Russ.). DOI: 10.38197/2072–2060–2023–241–3–72–80

3. Porfiriev B.N., Shirov А.А. Strategies of socio-economic development with low greenhouse gas emissions: scenarios and realities for Russia. Vestnik Rossijskoj Akademii nauk = Bulletin of the Russian Academy of Sciences. 2022;92(5):415–423. (In Russ.). DOI: 10.31857/S086958732205005X

4. Yakovlev I.A., Kabir L.S., Nikulina S.I. Organization of climate finance in Russia based on international experience. Ekonomika. Nalogi. Pravo = Economics, taxes & law. 2021;14(4):30–39. (In Russ.). DOI: 10.26794/1999–849X 2021–14–4–30–39

5. Pushkareva М.B., TeplyshevV.Yu., Pushkarev М.D.Assessment of the climate investment prospects for taking into account the decoupling effect. Nauchnye trudy Vol’nogo ehkonomicheskogo obshchestva Rossii = Scientific the works of Free Economic Society of Russia. (In Russ.). 2023;241(3):450–457. (In Russ.). DOI: 10.38197/2072–2060–2023–241–3–450–457

6. Skvortsova M.A., Tyaglov S.G. Formation and development of the russian market of carbon units. Journal of Economic Regulation. 2022;13(4):89–98. (In Russ.). DOI: 10.17835/2078–5429.2022.13.4.089–098

7. Sitnikov S.L.Carbon regulation in Russia: origins and peculiarities. Vestnik evrazijskoj nauki = The Eurasian Scientific Journal. 2022;14(6). URL: https://esj.today/PDF/44ECVN 622.pdf. (In Russ.).

8. Pakhomova N.V., Richter K.K., Vetrova M.A.Global climate challenges, structural shifts in the economy and the development of initiative-taking strategies by businesses to achieve carbon neutrality. Vestnik Sankt-Peterburgskogo universiteta. Ekonomika = St Petersburg University Journal of Economic Studies. (In Russ.). 2022;38(3):331–364. (In Russ.). DOI: 10.21638/spbu05.2022.301

9. Yakovlev I.A., Kabir L.S., Nikulina S.I. Climate policy of the russian federation: international cooperation and national approach. Finansovyj zhurnal = Financial Journal. 2020;12(4):26–36. (In Russ.). DOI: 10.31107/2075–1990–2020–4–26–36.