Финансовый журнал (Aug 2020)
Selection of Sources of Traditional and Green Financing for the Best Available Techniques
Abstract
Russia has been gradually expanding the principles of green development in the national economy. The article examines the state of methodological and institutional support for green investments, and analyzes the problems that hinder the financing of the best available techniques. The leading role of the state in eliminating institutional gaps between the individual interests of investors and the collective problems of society is established. The authors have investigated various criteria for selecting sources of financing and concluded that it is appropriate to develop green lending relationships in Russia, taking into account regulatory restrictions and ESG risks. In the theoretical (methodological) aspect, the authors have identified specific features of green financing as a trinity of elements: “Object– Subject–Institutional Environment”; each of the features must meet the principles of green financing. The necessity of further formation of the institutional environment for green financing is justified. In practical terms, statistical data-based modeling has been carried out for entities from a list of 300 polluting enterprises that need to update their fixed assets based on the best available techniques. This study has provided answers to the questions of what factors influence the growth of non-current assets, including factors related to the sources of their financing. It is determined that first of all enterprises solve the problem of current management and working capital adequacy, and only then begin to direct financial resources to updating the fixed capital. Based on the results obtained, the main problems are formed and the main tasks of the nearest development of green development principles in the Russian economy are shown. When writing the article, the authors used modern methods of systemic and statistical analysis as well as economic and mathematical modeling.
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