Comparative legal analysis of Green Finance market regulation in OECD countries and in Russia: present experience and harmonization challenges

Abstract

The paper analyzes the regulation of the green finance market in Russia and in the world, and also formulates proposals for the development of regulation in order to improve Russian mechanisms for sustainable (including green) development and harmonize the Russian approach to such regulation with international approaches. The relevance of the work lies in the need to develop regulation of the market for sustainable (including green) financing in Russia, taking into account the growth in the size of the global market, as well as the development of such regulation in foreign countries. The object of the research is the regulation of the market for sustainable (including green) financing in Russia and in the world. The purpose of the study is to formulate proposals for regulating the market for sustainable (including green) financing in Russia in order to improve Russian mechanisms for sustainable (including green) development and harmonize the Russian approach to such regulation with international approaches. Based on the study, the following results were obtained: an analysis was made of the approaches of foreign countries and international organizations in the field of regulation of green finance; an analysis of the regulation of green finance in Russia was carried out, inconsistencies between Russian practices of such regulation and international ones were identified. In addition, the risks that such a discrepancy creates were described; proposals for the development of market regulation in Russia were formed, taking into account the best international practices. The practical significance of the work lies in the possibility of using its results for the development of regulatory legal acts aimed at developing the regulation of the market for sustainable (including green) financing in Russia.

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