Green economy and esg in russia: project evaluation criteria, risk analysis and management methods
Keywords:Green economy, ESG, Investments, Sustainable development, risk management
Objective: The purpose of the article is to develop an effective approach to rating Russian companies and financial instruments based on ESG factors, which makes it easier to promote the sustainable development concept in Russia and contributes to the implementation and financing of "green" projects.
Methods: The article examines the role and place of the ESG agenda at the present stage of economic and social development. Authors used methods of synthesis, analysis, classification and systematization of information.
Results: The main provisions formulated by scientists and practitioners from all over the world are summarized. The list of criteria characterizing the company, society and the state in terms of compliance with the principles of sustainable development is highlighted. The author's weights distribution model of the described characteristics is proposed in order to form parametric systems for evaluating issuers for compliance with ESG criteria. The international and Russian experience of rating "green" projects is analyzed, and options for improving Russian practice are proposed. The list of risks inherent in the "green" financial instruments issues is highlighted.
Conclusion: Particular attention is paid to the impossibility of all factors comprehensive consideration by an individual investor, in connection with which the idea is put forward about the expediency of using innovative technologies, such as neural networks, for rating issues of "green" financial instruments and issuers themselves, in order to facilitate the investor's asset selection process. General conclusions are drawn about the state and prospects of the sustainability market in the world and in Russia, recommendations are given to the investors.
ACRA – Rating agency. (2023). Retrieved from: https://www.acra-ratings.ru
Banga, J. (2019). The green bond market: A potential source of climate finance for developing countries. Journal of Sustainable Finance and Investment, 9(1), 17-32. http://dx.doi.org/10.1080/20430795.2018.1498617 DOI: https://doi.org/10.1080/20430795.2018.1498617
Biermann, F., Kanie, N., Kim, R.E. (2017). Global governance by goal-setting: The novel approach of the UN sustainable development goals. Current Opinion in Environmental Sustainability, 26-27, 26-31. http://dx.doi.org/10.1016/j.cosust.2017.01.010 DOI: https://doi.org/10.1016/j.cosust.2017.01.010
Climate Bonds Initiative. (2023). Retrieved from: https://www.climatebonds.net
Cruz, C.A., Matos, F. (2023). ESG maturity: A software framework for the challenges of ESG data in investment. Sustainability, 15(3) 2023. http://dx.doi.org/10.3390/su15032610
Finogenova, Y.Y, Kokarev, M.A., Neiman, R.A. (2022). Development of ESG investments in the Russian market. Sustainable and Innovative Development in the Global Digital Age, 3. http://dx.doi.org/10.56199/dpcsebm.fnwi4854 DOI: https://doi.org/10.56199/dpcsebm.fnwi4854
Frydrych, S. (2021). Green bonds as an instrument for financing in Europe. Ekonomia i Prawo [Economics and Law], 20(2), 239-255. http://dx.doi.org/10.12775/EiP.2021.014 DOI: https://doi.org/10.12775/EiP.2021.014
Infragreen – Expert-analytical platform. (2023). Retrieved from: https://infragreen.ru
Migliorelli, M. (2021). What do we mean by sustainable finance? Assessing existing frameworks and policy risks. Sustainability, 13(2). http://dx.doi.org/10.3390/su13020975 DOI: https://doi.org/10.3390/su13020975
Moscow Stock Exchange. (2023). Retrieved from: https://www.moex.com
Niyazbekova, S., Moldashbayeva, L., Kerimkhulle, S., Dzholdoshev, N., Dzholdosheva, T., Serikova, M. (2021). “Green” bonds - A tool for financing “green” projects in countries, In E3S Web of Conferences 244. http://dx.doi.org/10.1051/e3sconf/202124410060 DOI: https://doi.org/10.1051/e3sconf/202124410060
Pankova, L.N. (2020). Paradigma global'noj jekologicheskoj jekonomiki [Paradigm of the global environmental economy]. Innovation and Investment, 11, 81-84.
S&P Global – Rating agency. (2023). Available in: https://www.spglobal.com
Semenova, N.N., Semenov, M.A. (2022). Jekologizacija finansovoj sistemy: Novaja paradigma jekonomicheskogo razvitija [Greening of the financial system: A new paradigm of economic development]. Economics, Taxes & Law, 15(3), 80-88. DOI: https://doi.org/10.26794/1999-849X-2022-15-3-80-88
Shahbaz, M., Nasir, M.A., Hille, E., Mahalik, M.K. (2020). UK's net-zero carbon emissions target: Investigating the potential role of economic growth, financial development, and R&D expenditures based on historical data (1870–2017). Technological Forecasting and Social Change, 161. http://dx.doi.org/10.1016/j.techfore.2020.120255 DOI: https://doi.org/10.1016/j.techfore.2020.120255
Shkiperova, G.T., Kurilo, A.E., Prokopiev, E.A. (2019). Razvitie “zelenoj” jekonomiki: Sravnitel'nyj analiz regionov Severo-Zapada [Development of the “green” economy: A comparative analysis of the regions of the North-West]. Economy and Society: Modern Models of Development, 9(3), 344-364. https://doi.org/10.18334/ecsoc.9.3.41443 DOI: https://doi.org/10.18334/ecsoc.9.3.41443
Sustainalytics – Sustainability rating company. (2023). Retrieved from: https://www.sustainalytics.com
Wen, H., Ho, K.C., Gao, J., Yu, L. (2022). The fundamental effects of ESG disclosure quality in boosting the growth of ESG investing. Journal of International Financial Markets, Institutions and Money, 81. http://dx.doi.org/10.1016/j.intfin.2022.101655 DOI: https://doi.org/10.1016/j.intfin.2022.101655
Yakovlev, I.A, Kabir, L.S., Rakov, I.D. (2017). Zelenye investicii v Rossii: osnovnye tendencii [“Green” investments in Russia: main trends]. Economy: Theory and Practice, 3(47), 66-75.
Zimmerman, R., Brenner, R., & Abella, J. L. (2019). Green infrastructure financing as an imperative to achieve green goals. Climate, 7(3), 39-52. https://doi.org/10.3390/cli7030039 DOI: https://doi.org/10.3390/cli7030039
How to Cite
Copyright (c) 2023 Ivan Tolkachev, Alexander Kotov, Natalia Chelukhina, Elmira Asyaeva, Denis Perepelitsa
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Authors who publish in this journal agree to the following terms: the author(s) authorize(s) the publication of the text in the journal;
2. The author(s) ensure(s) that the contribution is original and unpublished and that it is not in the process of evaluation by another journal;
3. The journal is not responsible for the views, ideas and concepts presented in articles, and these are the sole responsibility of the author(s);
4. The publishers reserve the right to make textual adjustments and adapt texts to meet with publication standards.
5. Authors retain copyright and grant the journal the right to first publication, with the work simultaneously licensed under the Creative Commons Atribuição NãoComercial 4.0 internacional, which allows the work to be shared with recognized authorship and initial publication in this journal.
6. Authors are allowed to assume additional contracts separately, for non-exclusive distribution of the version of the work published in this journal (e.g. publish in institutional repository or as a book chapter), with recognition of authorship and initial publication in this journal.
7. Authors are allowed and are encouraged to publish and distribute their work online (e.g. in institutional repositories or on a personal web page) at any point before or during the editorial process, as this can generate positive effects, as well as increase the impact and citations of the published work (see the effect of Free Access) at http://opcit.eprints.org/oacitation-biblio.html
• 8. Authors are able to use ORCID is a system of identification for authors. An ORCID identifier is unique to an individual and acts as a persistent digital identifier to ensure that authors (particularly those with relatively common names) can be distinguished and their work properly attributed.