Development of the green bonds market for financing eco-projects in Russia

Abstract

The problem of financing "green" projects is a relatively new and at the same time demanded area of development in practice. Since the Russian green bond market is in its infancy, it was decided to determine the development vector of this segment by constructively summarizing and evaluating the accumulated experience of a few green bond issues in Russia. Focusing on the Russian green finance market, the author summarized the experience gained from several issues of green bonds and determined the development vector for this segment of the stock market. The size of the Russian green finance market imposes serious restrictions on the use of mathematical and econometric tools to study its development, which did not become an obstacle to the analysis of practical data on the issuance of green bonds. This became possible thanks to access to information provided by Cbonds.ru and content analysis of the publications and reports. The study focuses on government approaches to support the development of the domestic green bond market, which stimulates its further development. The author highlights the attractive and vulnerable places of individual emission projects. The study complements the results of relatively few domestic and foreign studies on the financing of environmental projects and is of practical importance, generalizing the methods for attracting and stimulating financing for "green" projects.