π-Economy (Dec 2023)
Trends and directions of ESG transformation by type of activity of green bond issuers
Abstract
The article is devoted to the analysis of ESG-transformation of the Russian economy. Trends and directions of the transition to sustainable development are analyzed, sectors of the economy that have achieved the greatest results in their green transformation are identified. The article substantiates that despite the political and economic cataclysms of the previous year, which could not but affect the green agenda, not only did it not lose its relevance, but also acquired a new meaning. The purpose of the study is to analyze the trends and directions of ESG-transformation by type of activity of green bond issuers in Russia. The research objectives were: to characterize the current level of ESG-transformation by economic sectors; determine trends in green transformation based on a comparative analysis of the dynamics of investments in fixed capital and the share of green investments of green bond issuers in Russia; identify directions for the development of green financing, taking into account current trends in the Russian capital market. Based on the results of the study, the following conclusions were obtained. The current level of ESG economic transformation varies significantly by industry, the greatest results are observed in the transport, telecommunications, finance, and government institutions. Trends in green transformation were determined based on a comparative analysis of the dynamics of investment in fixed capital and the share of green investment. Based on the results of the study, the authors concluded that the volume of sustainable investment in fixed capital of companies remains at a consistently low level. Companies are not motivated to invest capital in their sustainable development. Directions for the development of green financing were identified, taking into account current trends in the Russian capital market. It was determined that despite the expansion of the list of types of sustainable bonds, the total volume of borrowings decreased by half compared to the previous year. However, such fluctuations can be considered the consequences of a stock market shock. It is premature to talk about a stable negative trend. A direction for further research could be the development of a corporate-level motivation system to correlate corporate goals and sustainable development goals.
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