Using Tools to Regulate the Transition to a Green Economy and Preserve the Environment for Countries Exporting Raw Materials
Abstract
This article considers the tools that form the organizational and financial basis for the green economy transition and the features of their application. Currently, most countries of the world have taken a course towards the green economy transition to ensure a decent life for society while preserving the environment. The study aims at seeking the most effective tools for managing such a transition in a certain order and on time. The article dwells on the state regulation of environmentally oriented industries and support for green investments, as well as social orientation towards the environment. A special emphasis is laid on market-based instruments for financing the development of the green economy, including green bonds. The authors of the article have presented a model of transition to green growth with minimum losses for commodity-exporting countries using special financial instruments that ensure the green economy transition for enterprises in the fuel and energy complex. They also have formed proposals for improving the regulatory potential of environmental legislation and the main objects influenced by the state environmental policy.
References
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[4] Dorfleitner, G., Utz, S. and Zhang, R. 2022. The pricing of green bonds: External reviews and the shades of green. Review of Managerial Science, 22: 797-834. DOI: https://doi.org/10.1007/s11846-021-00458-9
[5] Dudin, M.N., Zasko, V.N., Dontsova, O.I. and Osokina, I.V. 2022. Methodology for assessing financial results of implementation of energy innovations depending on their progressiveness. International Journal of Energy Economics and Policy, 12(1): 110-9. DOI: https://doi.org/10.32479/ijeep.11991
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[8] Gostev, A., Demidova, S., Shchepanskiy, S. and Teivāns-Treinovskis, J. 2022. Regulatory mechanism for increasing the level of public responsibility in manufacturing companies in information society. Revista Relações Internacionais do Mundo Atual, 2(35): 74-94.
[9] Grigoriev, D.E. 2017. On green financial instruments. Bank of Russia. Available at: https://www.mnr.gov.ru/docs/gr_19052017.pdf (in Russian)
[10] Isenov, A.S. 2021. Formation of the institutional structure of the global green finance market. Upravleniye, 9(4): 100-11. DOI:https://doi.org/10.26425/2309-3633-2021-9-4-100-111
[11] Islamutdinov, V.F., et al. 2021. Institutional environment for the "Green" economy development in Khanty-Mansi Autonomous Okrug-Yugra. Journal of Environmental Management and Tourism, 12(7): 1882-92.
[12] Kabir, L.S. 2019. The state support of green investments and market-based green financing: Foreign experience. Innovatika i ekspertiza: Nauchnye trudy, 1(26): 97-108. (in Russian)
[13] Kazantseva, A.N. 2015. Green investments as tools ensuring the transition to sustainable development. Izvestiya Peterburgskogo gosudarstvennogo ekonomicheskogo universiteta, 4(94): 86-90. (in Russian)
[14] Korten, D. 2015. Change the story, change the future: A living economy for a living earth. Berrett-Koehler Publishers.
[15] Mochalova, L.A., Ternovskii, Ya.V. and Borisov, A.V. 2013. Conditions for the implementation of the concept of sustainable development and green economy. Izvestiya Uralskogo gosudarstvennogo gornogo universiteta, 2(30): 66-73. (in Russian)
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[17] Novikova, E.V. 2020. The conceptual legal foundations of regulating the green economy in Russia. Ekologicheskoe pravo, 5: 3-10. (in Russian)
[18] Plotnikov, V.A., and Khalil, M.R.A. 2019. The policy regulating sustainable development and forming the green economy: theoretical approaches. Izvestiya Yugo-Zapadnogo gosudarstvennogo universiteta. Seriya: Ekonomika. Sotsiologiya. Menedzhment, 9(6): 57-66. (in Russian)
[19] Rakov, I.D. 2021. The specific attraction of green investments in Nigeria. Ekonomicheskie otnosheniya, 11(3): 485-504. DOI: https://doi.org/10.18334/eo.11.3.113432 (in Russian)
[20] Sannikova, L.V. 2021. The legal regulation of the green financing in the European Union and Russia. Finansovyi zhurnal, 13(5): 29-43. DOI: https://doi.org/10.31107/2075-1990-2021-5-29-43 (in Russian)
[21] Sedash, T.N., Tyutyukina, E.B. and Lobanov, I.N. 2019. Directions and instruments of financing green projects within the concept of sustainable development. Ekonomika. Nalogi. Pravo, 12(5): 52-60. (in Russian)
[22] Sysoeva, S.V., and Kuur, O.V. 2019. Green bonds: Problems and prospects for development in the Republic of Kazakhstan. In: Strategii razvitiya sovremennoy nauki. Materialy Mezhdunarodnoy (zaochnoy) nauchno-prakticheskoy konferentsii [Strategies for the development of modern science. Materials of the International (Correspondence) Scientific and Practical Conference], A.I. Vostretsov (ed.), 92-101. Neftekamsk: Scientific Publishing Center "World of Science" (IP Vostretsov Alexander Ilyich). (in Russian)
[23] Taghizadeh-Hesary, F., and Yoshino, N. 2019. The way to induce private participation in green finance and investment. Finance Research Letters, 31: 98-103. DOI: https://doi.org/10.1016/j.frl.2019.04.016
[24] Tsenina, E.V., et al. 2022. Cluster analysis of the expenditures for environmental and technological innovations in sustainable development policy formation. Journal of Environmental Management and Tourism, 13(1): 63-74.
[25] Tyaglov, S.G., Bogdanova, R.M. and Parada, E.V. 2019. The development of the green economy within the implementation of the national project "Environment". Finansovye issledovaniya, 2(63): 13-22. (in Russian)
[26] Yerkinbayeva, L., et al. 2021. Legal regulation of Kazakhstan's transition to the green economy. Journal of Environmental Management and Tourism, 12(5): 1335-1342.
[27] Zakharova, T.V. 2011. The green economy as a new development vector: global and regional aspects. Vestnik Tomskogo gosudarstvennogo universiteta. Ekonomika, 4(16): 28-38. (in Russian)
[28] Climate Bonds Initiative. n.d. Available at: https://www.climatebonds.net
[29] Decree of the President of the Republic of Kazakhstan of May 30, 2013 No. 577 “On the Concept for the Transition of the Republic of Kazakhstan to a Green Economy”. Available at: https://adilet.zan.kz/rus/docs/U1300000577
[30] European Commission. 2021. Proposal for a Regulation of the European Parliament and of thе Council on European green bonds. COM/2021/391. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52021PC0391
[31] European Commission. n.d. US taxomony for sustainable activities. Available at: https://ec.europa.eu/info/business-economy-euro/banking-and-finance/sustainable-finance/eu-taxonomy-sustainable-activities_en
[32] Forbes. February 2020. 44% of the state budget of Kazakhstan is formed by the oil and gas sector. Available at:https://forbes.kz/process/energetics/44_gosudarstvennogo_byudjeta_kazahstana_formiruet_neftegazovyiy_sektor
[33] HSBC, Sustainable Digital Finance Alliance. 2019. Blockchain. Gateway for sustainability linked bonds. Available at: https://greendigitalfinancealliance.org/wp-content/uploads/2019/12/blockchain-gateway-for-sustainability.pdf
[34] International Capital Market Association (ICMA). 2018. The Green Bond Principles. Available at: https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/Translations/2018/Russian-GBP2020-06-280920.pdf
[35] UK Green Investment Bank Limited. 2017. Annual report and financial statements 2016-2017. Available at: https://www.greeninvestmentgroup.com/assets/gig/corporate-governance/Green%20Investment%20Bank%20Annual%20Report%202017.pdf
Published
2022-12-02
How to Cite
TATIBEKOVA, Aida et al.
Using Tools to Regulate the Transition to a Green Economy and Preserve the Environment for Countries Exporting Raw Materials.
Journal of Environmental Management and Tourism, [S.l.], v. 13, n. 7, p. 2002 - 2009, dec. 2022.
ISSN 2068-7729.
Available at: <https://journals.aserspublishing.eu/jemt/article/view/7407>. Date accessed: 26 apr. 2024.
doi: https://doi.org/10.14505/jemt.v13.7(63).20.
Section
Article
Copyright© 2023 The Author(s). Published by ASERS Publishing 2023. This is an open access article distributed under the terms of CC-BY 4.0 license.