Institutionalization of the green finance market as an opportunity for the Modernization of the regional economy, and ecosystem preservation

Document Type : Research Paper

Authors

1 Department of Economics, Research Institute of perspective directions and technologies, Russian State Social University, Moscow, Russia, & Department of constitutional and administrative law, Kabardino-Balkarian State University named after Kh.M. Berbekov, Nalchik, Russia

2 Department of Sciences (Pedagogy), Surgut State University, Surgut, Russia

3 Doctor of Economics, professor, Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russia

4 Department of Economics, Financial University, Moscow, Russia

5 Department of economic sciences, Laboratory of Economics, Scientific and Educational Center for Applied Medicine and Food Safety, Lomonosov Moscow State University, Lomonosovsky prospect, 27-1 Moscow, Russia, & Department of Economics and Management, Tianjin Normal University, 393 Xiqing Binshui Road, Tianjin, China

Abstract

The green finance market, which began to emerge during the period of the well-known recession of the world stock market in 2007, has now crossed the mark of $500 billion. The rapid development of this new type of financial instrument is determined by the desire of the population, political leaders and investment funds to more rapid (and legally facilitated) fulfilment of the obligations by the countries of the world on programs to combat climate change and environmental protection that have been adopted more than once at global climate forums, where the total amount resources, according to some experts, should be at least $100 trillion. Currently available green finance markets in most countries of the world cannot yet fully provide affordable financing for the real sector of the export-oriented economy; this circumstance negatively affects the opportunities for their faster growth, competitiveness in the domestic and foreign arenas, and is ultimately determined by the growing shortage of foreign sources of financing during the sanctions war. The study put forward and substantiates the hypothesis of increasing the level and role of green markets in the transformation of the domestic economy as well as ecosystems during the post-coronavirus transformed world economic and financial systems.

Keywords

References

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Caspian Journal of Environmental Sciences
Volume 18, Issue 5
Special Issue: Environmental Aspects of Economic and Social Sustainable Development
December 2020
Pages 437-446

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