The prospects for ecological modernization of Russian economy

G. Safonov, V. Potashnikov, M. Safonov, A. Stetsenko, M. Kozeltsev, A. Dorina, A. Semakina and A. Sizonov
Additional contact information
G. Safonov: HSE University, Moscow, Russia
V. Potashnikov: RANEPA, Moscow, Russia
M. Safonov: University of Chicago, USA
A. Stetsenko: HSE University, Moscow, Russia
M. Kozeltsev: HSE University, Moscow, Russia
A. Dorina: HSE University, Moscow, Russia
A. Semakina: HSE University, Moscow, Russia
A. Sizonov: HSE University, Moscow, Russia

Journal of the New Economic Association, 2022, vol. 56, issue 4, 195-201

Abstract: Development of the Russian economy over the last 20 years was based on intensive exploitation of natural resources that has led to a significant increase of negative impacts on the environment, including growth of pollution and emissions of greenhouse gases. The environmental problems are also worsening on the global level, and the international community adopted several treaties aimed at reaching the goals of sustainable, socially, and environmentally balanced development. The "green" transformation of world economy leads to the fundamental changes in energy, industries, transport systems, switch to the eco-friendly business models, orientation of financial flows and investments towards decarbonization of world economy. Phasing-out of fossil fuels and pollution-intensive products may result in significant losses of export revenues, lack of access to capital and investment for Russia, if the ecological modernization of its economy would not happen. The projections based on TIMES model showed that Russia is capable to reduce greenhouse gas emissions by 75-88% below 1990 level by 2050, while GDP per capita would increase threefold. It would ensure reaching the carbon neutrality goal by 2060 and compliance with the international commitments under the ecological conventions and agreements.

Keywords: Russia; ecological modernization; climate change; decarbonization; low carbon economy (search for similar items in EconPapers)
JEL-codes: F63 Q51 Q54 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2022:i:56:p:195-201

DOI: 10.31737/2221-2264-2022-56-4-9

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