Green Economy in Russia: Leadership and Financial Aspects

Abstract

Nowadays, European countries pursue an active policy in the field of greening the economy, expanding the practice known as “green finances”. The main goal of this activity is, above all, in the achievement of environmentally sustainable economic growth. However, it has to be noted that in the Russian Federation the movement towards greening the economy began later than in other countries. Therefore, specific measures and mechanisms are required to implement the concept of transition from a brown economy to a green one. In order to modernize the Russian economy, financial resources are needed, including those originating in the private sector. All in all, it becomes appropriate to consider the composition of financial instruments for green financing, in which temporarily available cash is allocated in such a way that as a result a synergy of economic effect and environmental benefit is achieved. Our paper focuses on these problematic economic issues concerning leadership in the green economy of Russia and the development of green financing as the basis for environmentally sustainable evolution.