«ЗЕЛЁНОЕ ФИНАНСИРОВАНИЕ»: ПРИЧИНЫ РОСТА ПРИВЛЕКАТЕЛЬНОСТИ, СТИМУЛИРУЮЩИЕ И СДЕРЖИВАЮЩИЕ ФАКТОРЫ
Authors: Ершов Д.Н. 
Published: February 2025

Инструменты «зелёного» финансирования широко используются для привлечения средств при решении экологических проблем. В то же время их специфика сдерживает интерес инвесторов и накладывает ограничения на их доходность. В статье представлены данные о глобальном росте объёмов «зелёного» финансирования и рассмотрены факторы, влияющие на привлекательность этих инструментов в странах Группы 20. Сделан вывод о недостаточной привлекательности таких инструментов в России и о целесообразности применения мер государственной политики по их развитию. Перечислены шаги, предпринимаемые в России, по стимулированию инвесторов и созданию соответствующей инфраструктуры.

Introduction. The global financial system often experiences severe crisis tests that suggest the need for increased sustainability and reduced investment risks. One of the tools for this in recent years were the tools of green financing. They are well known in the global financial markets, are in demand, and are increasing their share in the total volume of debt financing instruments. The successful growth of their popularity is largely due to competent state and regulatory policies that allow investors to receive certain tax, reputation, and image advantages. Such opportunities, combined with the opportunities to diversify investment portfolios and reduce risks, allow “green” financial instruments to enhance investor sustainability. The goal of the study was to analyze the methodology for assessing the attractiveness level of “green” financial instruments and the factors affecting the growing interest of public and private investors in these instruments in foreign countries. Methods. When performing the research, the analytical, historical, statistical, systemic-structural and causal methods were used. All data were taken from open information sources. Results. The data on the growth of the issue of “green” financial instruments in the G20 countries were analyzed. The methodology for regular monitoring and assessment of their investment attractiveness, used in foreign countries and the result of a recent comparative assessment of G20 countries was offered. The most important criteria affecting the overall assessment of the attractiveness of “green” financing instruments were identified. The current state and development prospects of this segment of the financial market in Russia were analyzed. It was concluded about the insufficient level of development of “green” financial instruments in Russia, despite some recent positive changes in this area.Conclusion. Against the backdrop of the growing popularity of green financing instruments in G20 countries and globally, Russia is undergoing the first steps towards their development and application. Private investors are still eyeing them and are not in a hurry to use them in their investment activities in anticipation of clearer signals from the state. In order to increase the attractiveness and real development of the “green” financial instruments, it is necessary to increase the level of ambitiousness of state policy and give it a consistent focus on supporting the development of this segment of the financial market.