The article reviews the “green” financing policy in the BRICS countries. The analysis revealed that all of them have integrated “green” finance in their national strategies. Central banks and other financial regulators, ministries of ecology and finance, and especially development financial institutions (DFI) of these countries take an active part in establishing legislative framework for “green” finance and creating “green” infrastructure, though with different level of success. Analysis of the regulatory documents and statistical data proves the leading position of China. Thanks to its strict and, at the same time, stimulating regulation and supervision China has achieved the impressive results in increasing the volume of “green” loans as well as “green” bonds. China national “green” taxonomy (1st edition in 2015) has evaluated significantly during the last years, moving closer to the international standards. Other countries also make strong efforts in “greening” their financial systems. Brazil and India “green” bonds cumulative issues, estimated by the authors, reached in 2020 about 10 billion dollars each. The largest part of these resources is directed to renewable energy projects, and in case of Brazil also to lower deforestation. In recent years Russia did a lot to establish the legislative framework and to adopt the national taxonomy for “green” financing. But, as it is argued in the article, implementation lags behind policies and regulation. At the same time, the regulation itself still needs to be improved. According to available data on cumulative issues of “green” bonds, Russia takes the 4th place after China, Brazil and India. To make more progress the country needs to continue unified efforts of all participants of the Russian “green” finance market, including civil society. At the last BRICS summit all countries confirmed the promotion of the consolidated position on the “green” and responsible financing, with sharing best practice and developing mutually beneficial cooperation that can be helpful for all members to achieve national environmental objectives. Acknowledgements. The article was prepared within the project “Post-crisis world order: challenges and technologies, competition and cooperation” supported by the grant from Ministry of Science and Higher Education of the Russian Federation program for research projects in priority areas of scientific and technological development (Agreement № 075-15-2020-783).
The article considers the new stage of the global tax reform initiated by the OECD/G20 Plan at the end of 2021. The prerequisites and main directions of the new tax plan, its assessment by various parties, international structures and civil society are reviewed. Particular attention is paid to the analysis of positions on the implementation of tax reform in the leading countries: the EU, the USA, the UK. An analysis allowed the authors to come to the following conclusions. The EU is the most active supporter of the global tax reform and ready not only to support the OECD rules, but in some cases to strengthen them. However, due to the diverse interests of 27 countries, there are difficulties and disagreements in adopting the two main Directives in this area. UK policy is more complicated. While expressing its interest in implementing the Pillar II rules, the country’s government has so far maintained its own policy on taxing TNCs. The most difficult situation is in the USA. As one of the main initiators of global reform, considering it as an important argument for reforming the taxation system within the country, President Biden faced serious resistance in the Senate. It is still unclear, whether the reform is to be adopted duly. Such delay in the US reform may have a serious detrimental effect on the progress of global reform as a whole, since countries that are “forefront” in implementing new tax rules may find themselves facing a competitive disadvantage. However the US, EU and UK are not the only parties whose support is integral to the success of the global tax reform. The world’s largest rapidly growing economies (China, India and Brazil), as well as other developing countries, will play an important role in the successful implementation of global tax reform.
The article reviews recent trends in sustainable finance development. The new economic and geopolitical challenges resulted in volume decrease of the sustainable debt market in 2022. Still the estimates for the next year and especially in the mid and long term are more optimistic. Besides the falling markets the analysis shows qualitative changes in project structure as well as in investment preferences. Though the decarbonization maintains its dominant position as green finance priority, the nature and biodiversity protection attracts more and more attention. The energy transition became better tailored to national interests and very often accepts transition financing of the so-called brown industries. Alongside with green finance during COVID?19 pandemic and after the socially responsible finance continues to enlarge its importance. The focus of the research is also the rapid growth in the last years of the climate and other ecological risks as well as financial regulators policies at different levels (national, regional, global) to mitigate these risks. The author came to the conclusion that the elaboration of the sustainable finance principles and standards, including the disclosure of non-financial information and, to some extent, measures against greenwashing are more or less successful. Still, the real flows of capital and the role of private finance are still insufficient to achieve the declared goals, especially what concerns the development finance. It is evident that the global problems of climate change and environmental disruption can be solved only by the global cooperation of all countries.
The global growth trend of “green” economy and “green” finance encompasses more and more countries, including those with emerging markets. Two largest EAEU countries, Russia and Kazakhstan, both being fossil fuels and other raw materials exporters, have increased their efforts in the “green” finance development. This is the reason of Russian interest in the analysis of Kazakhstan experience in this area. The article reveals the policy of the Republic of Kazakhstan in “greening” its financial system. Special attention is paid to the initiatives of the Green Finance Center, established by Astana International Finance Center. The key initiative here is the adoption of Kazakhstan national Green Taxonomy. The article also evaluates the cooperation projects between Green Finance Center and multilateral development banks, Eurasian Development Bank in particular, as well as international organizations such as OECD and UNEP.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.