Prospects for the development of «green banking» in Russia
Authors: Goncharov A. I. , Matytsin D. E. , Kokoreva T. V. 
Published: November 2021

Introduction. The article analyzes the pros­pects for the development of the green banking taxonomy in Russia, its goals and significance for solving environmental and social problems.

The authors examine in detail the tools of green finance, such as green investment accounts, digi­talization products, such as the Internet and on­line banking, special bank cards, climate or envi­ronmental/green bonds. The authors also reveal the legal nature of the gradual formation and develop­ment of the taxonomy of "green banking" at the in­ternational and national level.

Materials and methods. The study uses in­ternational documents of the United Nations and the European Union on the environment, the work of reputable scientists that address the issues of green banking and green finance tools. The meth­odological basis of the research is based on inter­related techniques, means and methods of cognition of social phenomena. The study uses such general scientific methods and methods of cognition as induction and deduction, analysis and synthesis, analogy, comparison. In the course of this study, special attention was paid, in particular, to the method of comparative law, to the system and func­tional approaches, and also the formal legal method was used.

The authors relying on the system analysis, reveal the process of taxonomy development and identifies its principles, goals and objectives.

The results of the study. As a result of the analysis, the authors conclude that most business entities mistakenly believe that the consequences of climate change are relevant only in the long term, however, with the emergence of information about the global nature of the potential financial consequences of climate change, this approach is gradually changing in the direction of investors’ increasing attention to projects in green banking, in connection with which we can offer the following recommendations for the formation of the green fi­nance market and the development of environmen­tal management in the banking sector:

Development and implementation of regu­latory documents containing the rules and condi­tions for working with green finance instruments, which include green bonds, green loans and green project financing.

Creating a system of economic and social incentives from the state to increase the attrac­tiveness of green finance, including compensating banks for the difference between market rates on loans and the lower cost of green loans

Allocation of a separate section on the Moscow Exchange for the circulation of green gov­ernment and corporate securities.

Enhancing international cooperation in the field of environmentally sustainable finance

Discussion and conclusion. The materials of this article substantiate the stages and historical roots of the formation of green banking, as well as the specific tasks of the taxonomy for banks and fi­nancial institutions. The authors comes to the con­clusion that the tools of green finance are:

- climate or environmental/green bonds. Among the most popular areas of investment are projects aimed at the development of alternative energy sources, low-carbon transport, and energy efficiency;

- green lending, for example, green mort­gages are housing loans that meet certain environ­mental standards. Green lending is not limited to housing construction alone. Bank loans designed to finance sustainable projects are also used in agri­culture, industry and the service sector;

- special bank cards. For example, Pochta Bank offers to issue a Green World bank card to a savings account. When paying with a card for every 4,000 rubles spent, the bank finances the planting of one tree in one of the country's national parks. At the same time, the client receives an electronic certificate indicating the location of the planted trees;

- the tools of green banking can also include products in the field of digitalization, such as the Internet and online banking.