Prospects for the development of «green banking» in Russia

Introduction. The article analyzes the pros­pects for the development of the green banking taxonomy in Russia, its goals and significance for solving environmental and social problems.

The authors examine in detail the tools of green finance, such as green investment accounts, digi­talization products, such as the Internet and on­line banking, special bank cards, climate or envi­ronmental/green bonds. The authors also reveal the legal nature of the gradual formation and develop­ment of the taxonomy of "green banking" at the in­ternational and national level.

Materials and methods. The study uses in­ternational documents of the United Nations and the European Union on the environment, the work of reputable scientists that address the issues of green banking and green finance tools. The meth­odological basis of the research is based on inter­related techniques, means and methods of cognition of social phenomena. The study uses such general scientific methods and methods of cognition as induction and deduction, analysis and synthesis, analogy, comparison. In the course of this study, special attention was paid, in particular, to the method of comparative law, to the system and func­tional approaches, and also the formal legal method was used.

The authors relying on the system analysis, reveal the process of taxonomy development and identifies its principles, goals and objectives.

The results of the study. As a result of the analysis, the authors conclude that most business entities mistakenly believe that the consequences of climate change are relevant only in the long term, however, with the emergence of information about the global nature of the potential financial consequences of climate change, this approach is gradually changing in the direction of investors’ increasing attention to projects in green banking, in connection with which we can offer the following recommendations for the formation of the green fi­nance market and the development of environmen­tal management in the banking sector:

1. Development and implementation of regu­latory documents containing the rules and condi­tions for working with green finance instruments, which include green bonds, green loans and green project financing.
2. Creating a system of economic and social incentives from the state to increase the attrac­tiveness of green finance, including compensating banks for the difference between market rates on loans and the lower cost of green loans
3. Allocation of a separate section on the Moscow Exchange for the circulation of green gov­ernment and corporate securities.
4. Enhancing international cooperation in the field of environmentally sustainable finance

Discussion and conclusion. The materials of this article substantiate the stages and historical roots of the formation of green banking, as well as the specific tasks of the taxonomy for banks and fi­nancial institutions. The authors comes to the con­clusion that the tools of green finance are:

- climate or environmental/green bonds. Among the most popular areas of investment are projects aimed at the development of alternative energy sources, low-carbon transport, and energy efficiency;

- green lending, for example, green mort­gages are housing loans that meet certain environ­mental standards. Green lending is not limited to housing construction alone. Bank loans designed to finance sustainable projects are also used in agri­culture, industry and the service sector;

- special bank cards. For example, Pochta Bank offers to issue a Green World bank card to a savings account. When paying with a card for every 4,000 rubles spent, the bank finances the planting of one tree in one of the country's national parks. At the same time, the client receives an electronic certificate indicating the location of the planted trees;

- the tools of green banking can also include products in the field of digitalization, such as the Internet and online banking.

1. Avramenko, A.A., 2017. Klimaticheskie obligatsii: sektoral’niy I regionalnii analiz [Climate bonds: sectoral and regional analysis]. Online Zhurnal “NAUKOVEDENIE” [Online journal "NAUKOVEDENIE"]. Vol. 9. No. 3. URL: http://naukovedenie.ru/PDF/119EVN317.pdf. Access date: 15.02.2021.

2. Arkhipova, V.V., 2017. "Zelenie finansi" kak sredstvo dlya resheniya global’nikh problem ["Green finance" as a tool for solving global problems]. VSHE Economicheskiy Zhurnal [HSE Economic Journal]. № 2 (21). P. 312-332.

3. Brytkova, A. Investicii v tri scheta: kak vlasti hotjat priuchit' rossijan finansirovat' krupnye infrastrukturnye strojki i chto iz jetogo poluchitsja [Investments in three accounts: how the authorities want to teach the Russians to finance large infrastructure construction projects and what will come of it] [Electronic resource]. Forbes. URL: https://www.forbes.ru.

4. Zelyonoe finansirovanie. Metodologiya [Green financing. Methodology]. VEB RF. URL: https://veb.ru.

5. Zelenie finansi Rossii, Godovoy otchet-2020 ot 14.01.2021 [Green Finance of Russia, Annual Report-2020 of 14.01.2021]. URL: www.infragreen.ru

6. Green finance: the agenda for Russia. Expert Council on the long-term investment market at the Bank of Russia. Working Group on Responsible Financing (ESG-finance), including "green" financing. Diagnostic note. Moscow, October 2018.

7. Inshakova, A.O., 2015. Mezhdunarodnoe chastnoe pravo [International private law]. Moscow.

8. Inshakova, A.O., 2011. Pravovie mekhanizmi minimizatsii investitsionnikh riskov v protsesse investitsionnoy deyatel’nosti [Legal mechanisms for minimizing investment risks in the course of investment activity]. Zakoni Rossii: opit, analiz, praktika [Laws of Russia: experience, analysis, practice]. No. 1. P. 13-16.

9. Karta “Zeleniy mir” [Map "Green World"] [Electronic resource]. Pochta Bank. URL: https://www.pochtabank.ru.

10. The concept of organizing a methodological system for the development of green financial instruments and responsible investment projects in Russia. Expert Council on the long-term investment market at the Bank of Russia. Working Group on Responsible Financing (ESG-finance), including "green" financing. Moscow, 2019.

11. Porfiriev B., Vladimirova I., Dmitriev A., Tsygankova A., 2015. Sistemy sertifikatsii po standartam " zelenogo stroitel'stva” v mire i v Rossii [Certification systems according to the standards of “green construction "in the world and in Russia]. Standarti I kachestvo [Standards and quality]. No. 10. P. 26-31.

12. hudyakova L.S., 2017. Mezhdunarodnoe sotrudnichestvo v razvitii «zelenogo» finansirovanija [International cooperation in the development of "green" financing]. Den’gi I kredit [Money and credit]. No. 7. P. 10-18.

13. Shershneva E.G., Kondyukova E.S., Saifutdinov N.A., 2017. Perspektivy jekoorientirovannyh finansovyh instrumentov v processe perehoda k «zelenoj jekonomike» [Prospects of eco-oriented financial instruments in the process of transition to the "green economy"]. Vestnik Severo-Osetinskogo gosudarstvennogo universiteta imeni K. L. Hetagurova [Bulletin of the North Ossetian State University named after K. L. Khetagurov]. No. 2. P. 181-185.

14. Bhardwaj B.R., Lai K.-H. Drivers of green strategy for enhancing sustainable techno-preneurship in emerging economies. Handbook of Research on Techno-Entrepreneurship, Second Edition: How Technology and Entrepreneurship are Shaping the Development of Industries and Companies. P. 337-346. http://doi.org/10.4337/9781781951828.00022.

15. Bukhari, S.A.A., Hashim, F. and Amran, A., 2020. "Green Banking: a road map for adoption". International Journal of Ethics and Systems. Vol. 36. No. 3. P. 371-385. https://doi.org/10.1108/IJOES-11-2019-0177.

16. Iqbal, M., Nisha, N., Rifat, A., Panda, P., 2018. Exploring client perceptions and intentions in emerging economies: The case of green banking technology. International Journal of Asian Business and Information Management. 9 (3). P. 14-34. https://doi.org/10.4018/IJABIM.2018070102.

17. Inshakova, A.O., Inshakova, E.I., Ryzhenkov, A.J., Sevostyanov, M.V., 2020. Civil Law in the Digital Economy: Analysis of Doctrinal Adaption Trends. Lecture Notes in Networks and Systems. Volume 110. P. 421-429. https://doi.org/10.1007/978-3-030-45913-0_49.

18. Shumskaya, E.I., 2019. Ekonomicheskij potencial chetvertoj promyshlennoj revolyucii [The economic potential of the fourth industrial revolution]. Moscow.

19. Shumskaya E.I., Shumskaya A.I., 2019. Cifrovaya ekonomika: voprosy bezopasnosti i kiberprestupleniya [Digital Economy: Security Issues and Cybercrime]. Filosofiya hozyajstva [Philosophy of Economy]. № 6 (126). P. 167-175.