The prospects for ecological modernization of Russian economy

Development of the Russian economy over the last 20 years was based on intensive exploitation of natural resources that has led to a signifi cant increase of negative impacts on the environment, including growth of pollution and emissions of greenhouse gases. The environmental problems are also worsening on the global level, and the international community adopted several treaties aimed at reaching the goals of sustainable, socially, and environmentally balanced development. The “green” transformation of world economy leads to the fundamental changes in energy, industries, transport systems, switch to the eco-friendly business models, orientation of fi nancial fl ows and investments towards decarbonization of world economy. Phasing-out of fossil fuels and pollution-intensive products may result in signifi cant losses of export revenues, lack of access to capital and investment for Russia, if the ecological modernization of its economy would not happen. The projections based on TIMES model showed that Russia is capable to reduce greenhouse gas emissions by 75–88% below 1990 level by 2050, while GDP per capita would increase threefold. It would ensure reaching the carbon neutrality goal by 2060 and compliance with the international commitments under the ecological conventions and agreements.