Sustainable Finance in Addressing the Challenges of Energy Transition and Climate Change Mitigation

Irina P. Dovbiy () and Natalya S. Dovbiy ()
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Irina P. Dovbiy: South Ural State University, Chelyabinsk, Russian Federation
Natalya S. Dovbiy: South Ural State University, Chelyabinsk, Russian Federation

Finansovyj žhurnal — Financial Journal, 2024, issue 1, 109-124

Abstract: This study reveals the special role of finance related to the climate and energy transition, the effectiveness of which is evaluated by ESG criteria. The authors define the concept of "sustainable finance" as economic relations within the framework of purposeful formation of capital flows in accordance with ESG principles from public, corporate and private sources and their channeling to achieve the goals of sustainable development, energy transition and adaptation to climate change. It is established that the sustainable development policy implies a comprehensive achievement of goals and solving problems related to the energy transition and overcoming the consequences of climate change, without considering one without the other. The article reveals a connection between the strengthening of climate-related risk management and acceleration of energy consumption, which led to an increase in investor demand for reliable, comprehensive and comparable information. It also reveals significant contradictions between the global players of the global economy regarding the timing and forms of ensuring technological sovereignty and the special role of sustainable finance in achieving it, as well as the importance for Russia to follow global trends in the climate and energy transition. As a special segment of sustainable finance, the field of venture climate finance is developing quite rapidly, but this process is hampered by the lack of adequate information among venture investors about ESG in hightech startup companies and the specter of "black swans" in the financial markets.

Keywords: energy transition; sustainable finance; climate agenda; decarbonization; technological sovereignty; ESG; venture financing (search for similar items in EconPapers)
JEL-codes: Q01 Q42 Q56 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:240107:p:109-124

DOI: 10.31107/2075-1990-2024-1-109-124

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