"Green Finance" as Recipe for Solving Global Problems

Violetta Arkhipova
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Violetta Arkhipova: Centre of International Macroeconomics and Foreign Economic Relations research, Institute of Economics, Russian Academy of Sciences, Moscow, Russia

HSE Economic Journal, 2017, vol. 21, issue 2, 312-332

Abstract: The article addresses the features of “green” finance and the prospects of its development on a global, regional and national scale. The aim of this research is to determine the efficiency and effectiveness of “greening” the global financial system in terms of opportunity to solve two types of global problems – 1) financial and economic; 2) devoted to environmental, climate and natural resources issues, changes and threats. The methodology of research includes systemic analytical approach to explore “green” finance, comparison of the national and regional examples of its practical application and statistical analysis of datasets provided by international organizations, national authorities and financial institutions. We consider the expanded classification and typology of “green” financial instruments and institutions in the focus of global banking, securities and derivatives markets’ functioning, specify the condition of “green” infrastructure, evaluate the scope and distinctive features of global financial “greening” in 2010s. As the result of research we came to a conclusion that rapidly developing practice of “green” finance is a perspective and creative direction for global development and tackling several types of global problems, it captures the interdisciplinary approach and the ideas of sustainable development and responsible financing. The special emphasis is placed on the active participation of developing countries in the processes of drafting, local testing and promoting “green” initiatives at a global level. It is forecasted that “green” financial reforms will bring the synergetic effect and multilateral benefits in the form of financial recovery and eco-advantages for global economy.

Keywords: "green" financial instruments; world financial system (search for similar items in EconPapers)
JEL-codes: F64 F65 G15 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

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