| Title: |
GREEN FINANCING AS A CONDITION FOR SUSTAINABLE ECONOMIC GROWTH |
| Authors: |
Semenova, Nadezhda; Eremina, Olga; Skvortsova, Marina |
| Source: |
Humanities & Social Sciences Reviews; Vol. 8 No. 5 (2020): September ; 01-11 ; 2395-6518 |
| Publisher Information: |
GIAP Journals |
| Publication Year: |
2020 |
| Collection: |
Gyandhara International Academic Publication (GIAP): Journals |
| Subject Terms: |
Green Economy; Green Financing; Environmental Investments; Green Investments; Economic Growth; Sustainable Development; Economy; Environment; Investments |
| Description: |
Purpose of the study: The purpose of the study is to assess the current state of green financing in the Russian Federation and the extent of its impact on economic growth in the country. Methodology: The main research methods utilized were the regression and cluster analysis and principal component analysis (PCA). Cluster analysis implies dividing the set of studied objects and features into groups or clusters that are homogeneous in some way. We used it to determine regional differentiation of subjects from the Russian Federation according to the level of green financing. The clustering of subjects was performed using the ward method. This method is aimed at combining closely located clusters. Regression analysis was used to build an econometric model for assessing the degree of influence of green Finance on economic growth. Main Findings: The authors proved that stimulating green financing in Russia requires the following: creating a regulatory framework and roadmap for the development of green financing, active state participation in financing green projects, creating a “green bond market,” and a specialized banking institution. Application of the study: In this article, the authors assessed the impact of green financing on Russia’s economic growth. As part of the study, the authors analyzed the dynamics of green financing in the Russian Federation from 2000–2018, developed an integrated indicator for sustainable economic growth based on three components of sustainable development (economic, social, and environmental), and estimated the impact of environmental investments on the integral indicator of sustainable economic growth. Novelty/Originality of the study: The proposed methodology for calculating the integrated indicator of sustainable economic development allowed us to assess sustainable development, taking into account economic, social, and environmental indicators. Such an approach has several advantages over the current methods: it is universal, indicators are available, and calculations are clear. |
| Document Type: |
article in journal/newspaper |
| File Description: |
application/pdf |
| Language: |
English |
| Relation: |
https://giapjournals.com/hssr/article/view/hssr.2020.851/3209; https://giapjournals.com/hssr/article/view/hssr.2020.851 |
| DOI: |
10.18510/hssr.2020.851 |
| Availability: |
https://giapjournals.com/hssr/article/view/hssr.2020.851; https://doi.org/10.18510/hssr.2020.851 |
| Rights: |
Copyright (c) 2020 Nadezhda Semenova, Olga Eremina, Marina Skvortsova ; https://creativecommons.org/licenses/by-sa/4.0 |
| Accession Number: |
edsbas.92BC7470 |
| Database: |
BASE |