# Russian Companies' Motivations for Making Green Investments
## 3 Evaluation Method and Data
### Data  
Russia began to take the first steps towards greening the economy more than ten years ago. In 2010, the Decree of the Government of the Russian Federation No. 1016 \"On Approval of the Rules for the Selection of Investment Projects and Principals for the Provision of State Guarantees of the Russian Federation for Credits or Bonded Loans Raised for the Implementation of Investment Projects\" was adopted, which laid the foundation for the possibility of providing state guarantees to energy-saving projects. In 2012, the Fundamentals of State Policy in the Field of Environmental Development of the Russian Federation for the period up to 2030 were approved, where it was announced that environmentally oriented economic growth would be ensured. Thus, the study of green investments in the Russian regions was carried out for the period from 2011 to 2020. Data for 2010, 2021 and 2022 were not taken due to the lack of their publication in official resources. The analysis was carried out for 83 subjects of the Russian Federation. Panel data were balanced. Preliminarily, all statistical data in monetary terms were adjusted for the consumer price index (2015 was chosen as the base year). Data on foreign direct investment and exports, presented in US dollars, were converted into rubles. Data on the exchange rate and consumer price index were taken from the official website of the International Monetary Fund.3  
We used information that is publicly available. Statistics on investments in fixed capital aimed at environmental protection and rational use of natural resources, on exports, as well as on accumulated foreign direct investment, were taken from the database posted on the Unified Interdepartmental Information and Statistical System (EMISS) website ([[https://www.fedstat.ru/](https://www.fedstat.ru/)]([https://www.fedstat.ru/](https://www.fedstat.ru/)), accessed on 15 December 2022). Data on the expenditures of the consolidated budget of a subject of the Russian Federation for environmental protection and on receipts to the consolidated budget of a subject of the Russian Federation in the line \"payment for negative environmental impact\" were taken from the database posted on the website of the Federal Treasury of the Russian Federation ([[http://datamarts.roskazna.ru/konstruktor/](http://datamarts.roskazna.ru/konstruktor/)]([http://datamarts.roskazna.ru/konstruktor/](http://datamarts.roskazna.ru/konstruktor/)), accessed on 15 December 2022). The rest of the data were taken from the website of the Federal State Statistics Service (Rosstat) ([[https://rosstat.gov.ru/folder/210/document/47652](https://rosstat.gov.ru/folder/210/document/47652)]([https://rosstat.gov.ru/folder/210/document/47652](https://rosstat.gov.ru/folder/210/document/47652)), accessed on 15 December 2022). It should be noted that data on accumulated foreign direct investment are presented on the EMISS website ([[https://www.fedstat.ru/indicator/31231](https://www.fedstat.ru/indicator/31231)]([https://www.fedstat.ru/indicator/31231](https://www.fedstat.ru/indicator/31231)), accessed on 15 December 2022) only for the period from 2011 to 2013. Therefore, it was decided to extend the time series from 2011 through information on incoming foreign direct investment in Russia (Rosstat statistics). At the same time, data on the outflow of FDI were not included in the calculations because they can distort the situation. The reason is that the outflow is dominated by direct investments sent by Russian residents abroad, rather than those withdrawn back by nonresident investors. Detailed descriptive statistics for the dataset are presented in Table 1.  
The [PERSON] et al. (2002) test for the stationarity of the panel data was performed beforehand on the variables included in the model. When testing, individual fixed effects were taken into account. The variables are found to be stationary except for IndProdElectrAndWater and FixedAssets.