Development of Marketing Tools to Raise Funds for Green Projects. Experience of the Republic of Kazakhstan
Abstract
The large-scale implementation of climate protection projects, the latest resource-saving and environmentally friendly technologies, and ecological construction measures for the green growth of national economies requires sound financial backing. The mobilization of financial resources for investment and innovation in the environmental area is currently carried out through increased operational activity on the part of banking institutions to stimulate the implementation of green projects along the principles of environmental and socially responsible financing. The development of the green investment market entails the emergence of new innovative marketing services, green investment marketing, which raises the need to develop the respective theoretical and methodological provisions of its use. The study demonstrates that the primary goals of green investment marketing are: the popularization and promotion of green investment among potential stakeholders to attract additional funds for the implementation of measures to achieve the indicative sustainable development goals; the provision of stakeholders with reliable, complete, up-to-date, and credible marketing information on green financial market trends, the structure and dynamics of demand for green investments, and the priorities of corporate and private investors; the development of an effective set of marketing communications to ensure the targeted promotion of green investments.
References
[1] Bezpalov, V.V., et al. 2021. Formation of an intelligent control system in the field of electric power industry based on the technological development of power supply components. Periodicals of Engineering and Natural Sciences 9(3): 218-35.
[2] Bokenchin, K., et al. 2022. Management of recreational areas. The impact of management of the development of Shchuchinsko-Borovsky resort area on the improvement of the level of financial and economic sustainability in the region. Journal of Environmental Management and Tourism, 13(6): 1565-73.
[3] Cherian, J., and Jacob, J. 2012. Green marketing: A study of consumers’ attitude towards environmentally friendly products. Asían Social Science, 8(12): 117-26.
[4] Choi, I. 2001. Unit root tests for panel data. Journal of International Money and Finance, 20: 249-72.
[5] Chowdhury, T.U., Datta, R. and Mohajan, H.K. 2013. Green finance is essential for economic development and sustainability. International Journal of Research in Commerce and Management Studies, 3: 104-8.
[6] Degtev, G., Gladilina, I. Zhukov, V. and Vorontsov, A. 2022. Opportunities for public administration regulation tools to increase the sustainability of territorial development. Revista Jurídica, 1(68): 868-82.
[7] Dodonov, V. 2018. Kazakhstan in the system of global investment flows. Russia and New States of Eurasia, 4: 96-110. (in Russian)
[8] Dokholyan, S., et al. 2022. Influence of management automation on managerial decision-making in the agro-industrial complex. International Journal of Advanced Computer Science and Applications, 13(6): 597-603. DOI: http://dx.doi.org/10.14569/IJACSA.2022.0130672
[9] Doval, E., and Negulescu, O. 2014. A model of green investments approach. Procedia Economics and Finance, 15: 847-52.
[10] Du, H.S., Zhan, B., Xu, J. and Yang, X. 2019. The influencing mechanism of multi-factors on green investments: A hybrid analysis. Journal of Cleaner Production, 239: 117977.
[11] Duran, C.D., Gogan, LM. Artene, A. and Duran, V. 2015. The components of sustainable development - A possible approach. Procedia Economics and Finance, 26: 806-11.
[12] Eneizan, B.M., Wahab, K. Abd. and Obaid, T.F. 2016. Effects of green marketing strategy on the financial and non-financial performance of firms: A conceptual paper. Arabian Journal of Business and Management Review (Oman Chapter), 5(12): 14-27.
[13] Eyraud, L., Clements, B. and Wane, A. 2013. Green investment: Trends and determinants. Energy Policy, 60: 852-65.
[14] Ganda, F., Ngwakwe, C.C. and Ambe, C.2015. The role of corporate green investment practices on sustainable development. Environmental Economics, 6(1): 33-44.
[15] Grant, J. 2008. Green marketing. Strategic Direction, 24(6): 25-7.
[16] Holden, E., Linnerud, K. and Banister, D. 2014. Sustainable development: Our common future revisited. Global Environmental Change, 26: 130-9.
[17] Im, K.S., Pesaran, M.H. and Shin, Y. 2003. Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115: 53-74.
[18] Islamutdinov, V., 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.
[19] Kalymbek, B., Yerkinbayeva, L. Bekisheva, S. and Saipinov, D. 2021. The effect of digitalization on environmental safety. Journal of Environmental Management and Tourism, 12(5): 1299-306.
[20] Karásek, J., and Pavlica, J. 2016. Green investment scheme: Experience and results in the Czech Republic. Energy Policy, 90: 121-30.
[21] Katrandjiev, H. 2016. Ecological marketing, green marketing, sustainable marketing: Synonyms оr аn evolution оf ideas? Economic Alternatives, 1: 71-82.
[22] Klarin, T. 2018. The concept of sustainable development: From its beginning to the contemporary issues. Zagreb International Review of Economics & Business, 21(1): 67-94.
[23] Manuylenko, V.V., et al. 2022. Generation and assessment of intellectual and informational capital as a foundation for corporations’ digital innovations in the “open innovation” system. International Journal of Advanced Computer Science and Applications, 13(9): 1022-32. DOI:http://dx.doi.org/10.14569/IJACSA.2022.01309118
[24] Martirosyan, A.V., Ilyushin, Y.V. and Afanaseva, O.V. 2022. Development of a distributed mathematical model and control system for reducing pollution risk in mineral water aquifer systems. Water, 14(2): 151. DOI: https://doi.org/10.3390/w14020151
[25] Ospangaliyev, A., et al. 2022. Impact of urban landscaping on improving the sustainable development of the urban environment. The case of Nur-Sultan. Journal of Environmental Management and Tourism, 13(5): 1459-66.
[26] Patel, R.P. 2016. Green marketing: As tool for sustainable development. IOSR Journal of Business and Management, 18(8): 139-42.
[27] Peattie, K. 2001. Towards sustainability: Third age of green marketing. The Marketing Review, 2(2): 129-46.
[28] Pedroni, P. 2004. Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory, 20: 597-625.
[29] Pekovic, S., Grolleau, G. and Mzoughi, N. 2018. Environmental investments: Too much of a good thing? The International Journal of Production Economics, 197: 297-302.
[30] Polonsky, M.J. 2011. Transformative green marketing: Impediments and opportunities. Journal of Business Research, 64(12): 1311-9.
[31] Vilkaitė-Vaitonė, N., and Skačkauskienė, I. 2019. Green marketing orientation: Evolution, conceptualization and potential benefits. Open Economics, 2(1): 53-62.
[32] Wang, Y., and Zhi, Q. 2016. The role of green finance in environmental protection: Two aspects of market mechanism and policies. Energy Procedia, 104: 311-6.
[33] Yan, Y.K., and Yazdanifard, R. 2014. The concept of green marketing and green product development on consumer buying approach. Global Journal of Commerce and Management Perspective, 3(2): 33-8.
[34] Zampese, E.R.S., Moori, R.G. and Caldeira, A. 2016. Green marketing as a mediator between supply chain management and organizational performance. Revista de Administracao Mackenzie, 17(3): 183-211.
[35] Zhang, Y., and Berhe, H.M. 2022. The impact of green investment and green marketing on business performance: The mediation role of corporate social responsibility in Ethiopia’s Chinese textile companies. Sustainability, 14(7): 3883. DOI: http://dx.doi.org/10.3390/su14073883
[36] Zhao, C.P., Gukasyan, G. Bezpalov, V. and Prasolov, V. 2020. Development of modern standards for energy efficiency of industrial enterprises within the European Union policy. International Journal of Energy Economics and Policy, 10(6): 451-9.
[37] *** KPMG. May 2019. Private equity market in Kazakhstan. KPMG in Kazakhstan and Central Asia. Available at: https://assets.kpmg/content/dam/kpmg/kz/pdf/2019/09/KPMG-Private-Equity-Market-in-Kazakhstan-RUS-2019.pdf (in Russian)
[38] *** Sberbank PJSC. 2022. Kazakhstan: ESG dossier. Report on the ESG Directorate. Available at: https://sber.pro/digital/uploads/2022/09/ESG_Kazakhstan_A3_65b0d19d82.pdf (in Russian)
[39] *** World Bank Group. 2018. Kazakhstan. The quest for a new growth model: The urgency of economic transformation. Country economic update. Available at: https://documents1.worldbank.org/curated/en/443681527664626790/pdf/Kazakhstan-The-quest-for-a-new-growth-model-the-urgency-of-economic-transformation-country-economic-update-Spring-2018.pdf
[2] Bokenchin, K., et al. 2022. Management of recreational areas. The impact of management of the development of Shchuchinsko-Borovsky resort area on the improvement of the level of financial and economic sustainability in the region. Journal of Environmental Management and Tourism, 13(6): 1565-73.
[3] Cherian, J., and Jacob, J. 2012. Green marketing: A study of consumers’ attitude towards environmentally friendly products. Asían Social Science, 8(12): 117-26.
[4] Choi, I. 2001. Unit root tests for panel data. Journal of International Money and Finance, 20: 249-72.
[5] Chowdhury, T.U., Datta, R. and Mohajan, H.K. 2013. Green finance is essential for economic development and sustainability. International Journal of Research in Commerce and Management Studies, 3: 104-8.
[6] Degtev, G., Gladilina, I. Zhukov, V. and Vorontsov, A. 2022. Opportunities for public administration regulation tools to increase the sustainability of territorial development. Revista Jurídica, 1(68): 868-82.
[7] Dodonov, V. 2018. Kazakhstan in the system of global investment flows. Russia and New States of Eurasia, 4: 96-110. (in Russian)
[8] Dokholyan, S., et al. 2022. Influence of management automation on managerial decision-making in the agro-industrial complex. International Journal of Advanced Computer Science and Applications, 13(6): 597-603. DOI: http://dx.doi.org/10.14569/IJACSA.2022.0130672
[9] Doval, E., and Negulescu, O. 2014. A model of green investments approach. Procedia Economics and Finance, 15: 847-52.
[10] Du, H.S., Zhan, B., Xu, J. and Yang, X. 2019. The influencing mechanism of multi-factors on green investments: A hybrid analysis. Journal of Cleaner Production, 239: 117977.
[11] Duran, C.D., Gogan, LM. Artene, A. and Duran, V. 2015. The components of sustainable development - A possible approach. Procedia Economics and Finance, 26: 806-11.
[12] Eneizan, B.M., Wahab, K. Abd. and Obaid, T.F. 2016. Effects of green marketing strategy on the financial and non-financial performance of firms: A conceptual paper. Arabian Journal of Business and Management Review (Oman Chapter), 5(12): 14-27.
[13] Eyraud, L., Clements, B. and Wane, A. 2013. Green investment: Trends and determinants. Energy Policy, 60: 852-65.
[14] Ganda, F., Ngwakwe, C.C. and Ambe, C.2015. The role of corporate green investment practices on sustainable development. Environmental Economics, 6(1): 33-44.
[15] Grant, J. 2008. Green marketing. Strategic Direction, 24(6): 25-7.
[16] Holden, E., Linnerud, K. and Banister, D. 2014. Sustainable development: Our common future revisited. Global Environmental Change, 26: 130-9.
[17] Im, K.S., Pesaran, M.H. and Shin, Y. 2003. Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115: 53-74.
[18] Islamutdinov, V., 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.
[19] Kalymbek, B., Yerkinbayeva, L. Bekisheva, S. and Saipinov, D. 2021. The effect of digitalization on environmental safety. Journal of Environmental Management and Tourism, 12(5): 1299-306.
[20] Karásek, J., and Pavlica, J. 2016. Green investment scheme: Experience and results in the Czech Republic. Energy Policy, 90: 121-30.
[21] Katrandjiev, H. 2016. Ecological marketing, green marketing, sustainable marketing: Synonyms оr аn evolution оf ideas? Economic Alternatives, 1: 71-82.
[22] Klarin, T. 2018. The concept of sustainable development: From its beginning to the contemporary issues. Zagreb International Review of Economics & Business, 21(1): 67-94.
[23] Manuylenko, V.V., et al. 2022. Generation and assessment of intellectual and informational capital as a foundation for corporations’ digital innovations in the “open innovation” system. International Journal of Advanced Computer Science and Applications, 13(9): 1022-32. DOI:http://dx.doi.org/10.14569/IJACSA.2022.01309118
[24] Martirosyan, A.V., Ilyushin, Y.V. and Afanaseva, O.V. 2022. Development of a distributed mathematical model and control system for reducing pollution risk in mineral water aquifer systems. Water, 14(2): 151. DOI: https://doi.org/10.3390/w14020151
[25] Ospangaliyev, A., et al. 2022. Impact of urban landscaping on improving the sustainable development of the urban environment. The case of Nur-Sultan. Journal of Environmental Management and Tourism, 13(5): 1459-66.
[26] Patel, R.P. 2016. Green marketing: As tool for sustainable development. IOSR Journal of Business and Management, 18(8): 139-42.
[27] Peattie, K. 2001. Towards sustainability: Third age of green marketing. The Marketing Review, 2(2): 129-46.
[28] Pedroni, P. 2004. Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory, 20: 597-625.
[29] Pekovic, S., Grolleau, G. and Mzoughi, N. 2018. Environmental investments: Too much of a good thing? The International Journal of Production Economics, 197: 297-302.
[30] Polonsky, M.J. 2011. Transformative green marketing: Impediments and opportunities. Journal of Business Research, 64(12): 1311-9.
[31] Vilkaitė-Vaitonė, N., and Skačkauskienė, I. 2019. Green marketing orientation: Evolution, conceptualization and potential benefits. Open Economics, 2(1): 53-62.
[32] Wang, Y., and Zhi, Q. 2016. The role of green finance in environmental protection: Two aspects of market mechanism and policies. Energy Procedia, 104: 311-6.
[33] Yan, Y.K., and Yazdanifard, R. 2014. The concept of green marketing and green product development on consumer buying approach. Global Journal of Commerce and Management Perspective, 3(2): 33-8.
[34] Zampese, E.R.S., Moori, R.G. and Caldeira, A. 2016. Green marketing as a mediator between supply chain management and organizational performance. Revista de Administracao Mackenzie, 17(3): 183-211.
[35] Zhang, Y., and Berhe, H.M. 2022. The impact of green investment and green marketing on business performance: The mediation role of corporate social responsibility in Ethiopia’s Chinese textile companies. Sustainability, 14(7): 3883. DOI: http://dx.doi.org/10.3390/su14073883
[36] Zhao, C.P., Gukasyan, G. Bezpalov, V. and Prasolov, V. 2020. Development of modern standards for energy efficiency of industrial enterprises within the European Union policy. International Journal of Energy Economics and Policy, 10(6): 451-9.
[37] *** KPMG. May 2019. Private equity market in Kazakhstan. KPMG in Kazakhstan and Central Asia. Available at: https://assets.kpmg/content/dam/kpmg/kz/pdf/2019/09/KPMG-Private-Equity-Market-in-Kazakhstan-RUS-2019.pdf (in Russian)
[38] *** Sberbank PJSC. 2022. Kazakhstan: ESG dossier. Report on the ESG Directorate. Available at: https://sber.pro/digital/uploads/2022/09/ESG_Kazakhstan_A3_65b0d19d82.pdf (in Russian)
[39] *** World Bank Group. 2018. Kazakhstan. The quest for a new growth model: The urgency of economic transformation. Country economic update. Available at: https://documents1.worldbank.org/curated/en/443681527664626790/pdf/Kazakhstan-The-quest-for-a-new-growth-model-the-urgency-of-economic-transformation-country-economic-update-Spring-2018.pdf
Published
2023-06-02
How to Cite
BOKAYEV, Zhanobek et al.
Development of Marketing Tools to Raise Funds for Green Projects. Experience of the Republic of Kazakhstan.
Journal of Environmental Management and Tourism, [S.l.], v. 14, n. 3, p. 689 - 697, june 2023.
ISSN 2068-7729.
Available at: <https://journals.aserspublishing.eu/jemt/article/view/7794>. Date accessed: 08 nov. 2024.
doi: https://doi.org/10.14505/jemt.v14.3(67).08.
Section
Article
Copyright© 2024 The Author(s). Published by ASERS Publishing 2024. This is an open access article distributed under the terms of CC-BY 4.0 license.