The Strategy of Low-Carbon Development of the European Union in the Context of the Transformation of the Global Financial System
Abstract
The subject of the study is the change in the strategy of low–carbon development in the European Union after the adoption of the «Green Course» in the context of the transformation of the global financial system and the growth of «green» investments. The ambitious policy of the European Union (EU) to achieve carbon neutrality by 2050 is hampered by the geopolitical and energy crises, trade and sanctions restrictions, and the destruction of energy infrastructure, which force governments to make adjustments to previously made strategic decisions. In crisis conditions, the EU did not abandon the previously set climate goals, making them even more ambitious. The aim of the work is to establish prospects for the continuation of the EU’s «Green Course» in new conditions in order to preserve and increase the competitiveness of their economies by strengthening climate regulation and extending it to other countries. To do this, the EU resorts to non-market measures and mobilizes various mechanisms: political economic, legal, financial, sanctions, scientific, technological and institutional. Directives and regulations aimed at decarbonization in the long term are being adopted. The article analyzes incentive measures for European producers and the most important initiatives taken both within the EU and internationally to promote their interests, ensure access to critical raw materials and maintain the competitiveness of the European economy. The conclusions are drawn that the variety of measures taken recently indicates that the EU policy on «green» development is becoming integrated and coordinated to ensure a leading position in the field of low-carbon goal setting and the development of legal norms and standards
About the Author
D. N. Ershov
Financial Research Institute of the Ministry of Finance of Russia, Moscow, Russia
Russian Federation
Russian Federation
Dmitry N. Ershov — Cand. Sci. (Phys.-Math.), Senior Researcher at the Center for International Finance
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Review
For citations:
Ershov D.N. The Strategy of Low-Carbon Development of the European Union in the Context of the Transformation of the Global Financial System. Economics, taxes & law. 2024;17(6):130-139. (In Russ.)
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