Tax Incentives for Investments in Green Technologies: Experience of Selected Countries

Abstract

The relevance of the research topic is due to the need to solve the problems of fiscal support for investment in the context of increasing environmental and climate risks that push countries to form the fiscal policy under the influence of the climate agenda, capable of ensuring the financial interests of governments and investors. The main objective of the article is to characterize the processes of transformation of national fiscal policy under the influence of the global climate agenda and tax incentives for investments in green technologies. The authors analyze the sources of investment financing mobilized by developed countries, the main of which are carbon taxes and energy taxes. Changes in the tax policy of the Russian Federation aimed at stimulating the best available technologies and R&D are exposed. The following conclusions are made. Developed countries are actively implementing fiscal measures to support investment in green technologies; the topic of tax transformation has moved from a discussion format to the plane of practical application, although not always successful. Today countries introduce new incentives, use preferential environmental taxation of innovative activities of the energy-intensive sector and voluntary tax agreements of authorities with investment companies, form ratings based on unified comparable indicators. The Russian Federation lags behind developed countries in mobilizing financial resources for green economic growth and in the development of fiscal tools that have proven effective. The problem today is tax regulation of technological development, which covers investment incentives and disincentives to environmental pollution. The next promising action could be the formation of a financial basis for green economic growth, investment in green technology.

Keywords

• tax incentives
• tax breaks
• green technology
• innovation
• investment