Green finance instruments: international experience and development in the Republic of Belarus
Keywords:
green finance, green bonds, green stocks and funds, green loans, crowdinvestingAbstract
The article analyzes the development of green finance instruments at the global and national levels. It is shown that the market of green finance has developed effective in terms of profitability and environmental impact tools to support the green economy. The article considers the advantages and disadvantages of green finance instruments. It is concluded that modern instruments of green finance allow to give environmental benefits a market character and take the “green” sector out of the sphere of exclusively public expenditures.
References
Парижское соглашение согласно Рамочной конвенции Организации Объединенных Наций об изменении климата. – ООН, Париж, сентябрь 2015 – [Электронный ресурс]. – Режим доступа: https://unfccc.int/files/essential_background/convention/application/pdf/russian_paris_agreement.pdf.
Богачева, О. В. «Зеленые» облигации как важнейший инструмент финансирования «зеленых» проектов / О. В. Богачева, О. В. Смородинов. // Финансовый журнал. – 2016. – №2. – С. 70-81. – [Электронный ресурс]. – Режим доступа : https://elibrary.ru/download/elibrary_25811388_73063943.pdf.
Антонов, А. Выпуск зеленых облигаций (для небанковских организаций) / А. Антонов [и др.] / Процесс подготовки эмиссии облигаций / Московская биржа – [Электронный ресурс]. – Режим доступа: https://bondguide.moex.com/articles/bond-preparation-process/42.
Green Bond Principles. Voluntary Process Guidelines for Issuing Green Bonds. June 2021 (with June 2022 Appendix 1) – [Электронный ресурс]. – Режим доступа: https://www.icmagroup.org/assets/documents/Sustainable-finance/2022-updates/Green-Bond-Principles-June-2022-060623.pdf
Аналитическая записка «Сравнительный анализ механизмов финансирования «зелёных» и «грязных» инвестиционных проектов». Часть 1. Механизмы финансирования «зелёных» инвестиций: организация и развитие рынка «зеленых» облигаций (зарубежный и отечественный опыт) / ФГБУ «Научно-исследовательский финансовый институт» (НИФИ). Центр международных финансов – [Электронный ресурс]. – Режим доступа: https://minfin.gov.ru/common/upload/library/2018/06/main/2016_part_1.pdf
Sustainable Debt Global State of the Market 2022. Prepared by Climate Bonds Initiative, April 2023. – [Электронный ресурс]. –Режим доступа: https://www.climatebonds.net/files/reports/cbi_sotm_2022_03e.pdf. – Дата доступа: 23.03.2024).
Завьялова, Т. ESG с восточным акцентом / Т. Завьялова // Банковское обозрение. – 2023. – №07 июль (293) – [Электронный ресурс]. – Режим доступа: https://bosfera.ru/bo/esg-s-vostochnym-akcentom.
Leaders in Cleantech Stock Portfolio / InvestingPro – [Электронный ресурс]. – Режим доступа: https://ru.investing.com/pro/ideas/cleantech-leaders?entry=content-analysis).
Going Green With Exchange-Traded Funds (ETFs) By Jean Folger / Investopedia. – [Электронный ресурс]. – Режим доступа: https://www.investopedia.com/articles/exchangetradedfunds/11/going-green-with-etfs.asp
ESG-отчет 2022 / ОАО «Сбербанк» – [Электронный ресурс]. – Режим доступа: https://www.sber-bank.by/page/esg.
Экологическая и социальная политика ОАО «Белинвестбанк». Утверждено протоколом Правления ОАО «Белинвестбанк». 18.03.2019. – № 48 – [Электронный ресурс]. – Режим доступа: https://www.belinvestbank.by/files/19940403_011126_12464445_ekologicheskaja_i_socialnaja_politika_belinvestbank_ru_2019_03_18.pdf
Программа кредитования «Зеленая экономика»/ Программа кредитования ОАО «Приорбанк» – [Электронный ресурс]. – Режим доступа: https://www.priorbank.by/credits-green-economy.
Поддержка экологических проектов/ ОАО Банк развития Республики Беларусь – [Электронный ресурс]. – Режим доступа: https://brrb.by/activity/support-to-smes/podderzhka-ekologicheskikh-proektov-2/.
Мусихин, В.Н., Рогатных, Е.Б. Современная система торговли квотами на выбросы и углеродными единицами / В. Н. Мусихин, Е.Б. Рогатных // Российский внешнеэкономический вестник. – 2024. – № 1. – С. 39-56. – [Электронный ресурс]. –Режим доступа: https://cyberleninka.ru/article/n/sovremennaya-sistema-torgovli-kvotami-na-vybrosy-i-uglerodnymi-edinitsami?ysclid=lvsfijjkz5341862031.
Пэрри, И. Пять вещей, которые нужно знать о тарификации выбросов углерода / И. Пэрри // Финансы и развитие, сентябрь 2021. – С. 10-11. – [Электронный ресурс]. –Режим доступа: https://www.imf.org/external/russian/pubs/ft/fandd/2021/09/pdf/fd0921r.pdf
Машнина, Е. Кредитный риск банка в контексте ESG-повестки: снижение или рост?/ Е. Машнина, Л. Германович // Банковский вестник. – 2024. – № 171/726. – С. 16-22.
References
Parizhskoe soglashenie soglasno Ra-mochnoj konvenczii Organizaczii Ob`edinenny`kh Naczij ob izmenenii klimata [Paris Agreement under the United Nations Framework Convention on Climate Change]. UN, Paris, September 2015. (In Russian). Available at: https://unfccc.int/files/essential_background/conven-tion/application/pdf/russian_paris_agreement.pdf.
Bogacheva O. V., Smorodinov O. В. Zeleny`e» obligaczii kak vazhnejshij instrument finansirovaniya «zeleny`kh» proektov ["Green" bonds as the most important tool for financing "green" projects]. Finansovy`j zhurnal [Financial Journal]. 2016, no. 2, pp. 70-81. (In Russian). Available at: https://elibrary.ru/download/elibrary_25811388_73063943.pdf.
Antonov A., Tsumerova A., Tabachnikov E., Volgarev V. Vy`pusk zeleny`kh obligaczij (dlya nebankovskikh organizaczij) [Issue of green bonds (for non-banking organizations)]. Process of bond issue preparation. Moscow Exchange. (In Russian). Available at: https://bondguide.moex.com/articles/bond-preparation-process/42.
Green Bond Principles. Voluntary Process Guidelines for Issuing Green Bonds. June 2021 (with June 2022 Appendix 1). Available at: https://www.icmagroup.org/assets/documents/Sustainable-finance/2022-updates/Green-Bond-Principles-June-2022-060623.pdf.
Analiticheskaya zapiska «Sravnitel`ny`j analiz mekhanizmov finansirovaniya «zelyony`kh» i «gryazny`kh» investiczionny`kh proektov». Chast` 1. Mekhanizmy` finansirovaniya «zelyony`kh» investiczij: organizacziya i razvitie ry`nka «zeleny`kh» obligaczij (zarubezhny`j i otechestvenny`j opy`t) [Analytical note "Comparative analysis of financing mechanisms for "green" and "dirty" investment projects". Part 1. Mechanisms of financing "green" investments: organization and development of the market of "green" bonds (foreign and domestic experience)]. FGBU "Research and Development Financial Institute" (NIFI). Center for International Finance] (In Russian). Available at: https://minfin.gov.ru/common/upload/library/2018/06/main/2016_part_1.pdf.
Sustainable Debt Global State of the Mar-ket 2022. Prepared by Climate Bonds Initiative, April 2023. Available at: https://www.climatebonds.net/files/reports/cbi_sotm_2022_03e.pdf. (accessed: 23.03.2024).
Zavyalova T. ESG s vostochny`m akczentom [ESG with oriental accent]. Bankovskoe obozrenie [Banking Review]. 2023, no. 7. (In Russian). Available at: https://bosfera.ru/bo/esg-s-vostochnym-akcentom.
Leaders in Cleantech Stock Portfolio / InvestingPro Available at: https://ru.investing.com/pro/ideas/cleantech-leaders?entry=content-analysis).
Going Green With Exchange-Traded Funds (ETFs) By Jean Folger. Investopedia. Available at: https://www.investopedia.com/articles/exchangetradedfunds/11/going-green-with-etfs.asp
ESG-otchet 2022 [ESG Report 2022]. Sberbank (In Russian). Available at: https://www.sber-bank.by/page/esg.
E`kologicheskaya i soczial`naya politika OAO «Belinvestbank». Utverzhdeno protokolom Pravleniya OAO «Belinvestbank» [Environmental and Social Policy of Belinvestbank OJSC. Approved by the minutes of the Management Board of Belinvestbank]. 2019, no.48. (In Russian). Available at: https://www.belinvestbank.by/files/19940403_011126_12464445_ekologicheskaja_i_socialnaja_politika_belinvestbank_ru_2019_03_18.pdf.
Programma kreditovaniya «Zelenaya e`konomika». Programma kreditovaniya OAO «Priorbank» [Green Eco-Nomics Loan Program. Lending Program of Priorbank] (In Russian). Available at: https://www.priorbank.by/credits-green-economy.
Podderzhka e`kologicheskikh proektov.OAO Bank razvitiya Respubliki Belarus`[ Support of environmental projects. Development Bank of the Republic of Belarus]. (In Russian). Available at: https://brrb.by/activity/support-to-smes/podderzhka-ekologicheskikh-proektov-2/.
Musikhin V.N. Rogatnykh E.B. Sovremennaya sistema torgovli kvotami na vy`brosy` i uglerodny`mi ediniczami [Modern system of trading in emissions quotas and carbon units]. Rossijskij vneshnee`konomicheskij vestnik [Russian Foreign Economic Bulletin]. 2024, no. 1, pp. 39-56. (In Russian). Available at: https://cyberleninka.ru/article/n/sovremennaya-sistema-torgovli-kvotami-na-vybrosy-i-uglerodnymi-edinitsami?ysclid=lvsfijjkz5341862031.
Parry I. Pyat` veshhej, kotory`e nuzhno znat` o tarifikaczii vy`brosov ugleroda [Five things you need to know about carbon pricing]. Finansy` i razvitie [Finance and Development]. 2021, pp. 10-11. (In Russian). Available at: https://www.imf.org/external/russian/pubs/ft/fandd/2021/09/pdf/fd0921r.pdf.
Mashnina E., Germanovich L. Kreditnyy risk banka v kontekste ESG-povestki: snizheniye ili rost? [Bank credit risk in the context of the ESG agenda: decline or growth?]. Bankovskij vestnik [Banking Bulletin]. 2024, no.171/726, pp. 16-22. (In Russian)
Downloads
Published
How to Cite
Issue
Section
License
he author provides the Editorial Board of the journal for the entire duration of the exclusive rights to the Work the following rights:
1. the right to reproduce the Work (publication, publication, duplication, duplication or other reproduction of the Work) without restriction of copies. In addition, each copy of the Work must contain the name of the author of the Work;
2. the right to distribute the Work in any way;
3. the right to be included in the composite work;
4. the right to be communicated to the public;
5. the use of metadata (title, name of the author (copyright holder), annotations, bibliographic materials, etc.) of the Works by distributing and making available to the public, processing and systematization, as well as inclusion in various databases and information systems.
6. the right to transfer, on a contractual basis, the rights partially or fully obtained under this contract to third parties without payment to the Author of remuneration.
The author transfers the rights to the Editorial Board under this Agreement on the basis of a non-exclusive license.
The editorial staff is obliged to observe the copyrights provided for by the current legislation, the rights of the Author, as well as to protect them and take all possible measures to prevent copyright infringement by third parties.
The territory in which the use of rights to the Works is allowed is not limited.
The author also provides the Editorial Board with the right to store and process the following personal data with no time limit:
• Full Name;
• Date of Birth;
• education information;
• information about the place of work and position;
• information on the availability of published works of literature, science and art.
Personal data are provided for their storage and processing in various databases and information systems, their inclusion in analytical and statistical reporting, the creation of reasonable interrelationships of objects of science, literature and art with personal data, etc.
The editorial board has the right to transfer the specified data for processing and storage to third parties, subject to notification of such a fact with the provision of information about a third party (name and address) to the Author.
The withdrawal of consent to the storage and processing of personal data is made by the Author by sending a written notice to the Editorial Board.
The author and the Editorial Board of the journal bear, according to the current legislation of the Republic of Belarus, property and other legal responsibility for non-fulfillment or improper fulfillment of their obligations.
The Party that improperly performed or did not fulfill its obligations is obliged to indemnify the losses incurred by the other Party, including lost profits.
All disputes and disagreements of the Parties arising from the terms of this Agreement shall be settled by negotiation, and if they fail, the indicated disputes shall be settled in court in accordance with the current legislation of the Republic of Belarus.
The termination of this agreement is possible at any time by mutual consent of the Parties, with the obligatory signing of the relevant agreement by the Parties.
Termination of this agreement unilaterally is possible in cases stipulated by the current legislation, or by a court decision.
In all that is not provided by this agreement, the Parties are guided by the norms of the current legislation of the Republic of Belarus.
