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March 2021 (published: 02.03.2021)
Number 1(44)
Home > Issue > Implementation of the sustainable finance paradigm
in the EAEU financial market development strategy
Lvova N. A., Korshunov O.Yu. , Rakhimov Z.Yu.
The article is devoted to the problem of implementing the sustainable finance paradigm in the development of the integrated financial market of the EAEU. Justification of new directions of the Eurasian financial integration is carried out in four stages: 1) scientific ideas about the content of the sustainable finance paradigm are systematized; 2) the algorithm for finding joint priorities for sustainable development of the EAEU is clarified and tested; 3) model for complex characteristics of the market for sustainable financial services is applied; 4) financial solutions in support of the identified priorities of the Union are summarized;they are evaluated in the context of the contours of the market for sustainable financial services and the specifics of the analyzed financial systems. The research is based on the implication that the paradigm of sustainable finance should be considered in an inextricable relationship with the concepts of sustainable development and sustainable investment. At the same time, it is assumed that the category of sustainable investments should integrate the concepts of responsible, socially responsible and socially directed investments implemented using market, public and mixed investment mechanisms. Based on the refined algorithm for searching for joint priorities for the EAEU sustainable development, it is revealed that the main ones are currently goals no. 2 (eliminating hunger); no. 3 (health and well-being); no. 9 (industrialization, innovation and infrastructure); no. 10 (reducing inequality within countries); no. 16 (peace, justice and effective institutions). The characteristics of the market for sustainable financial services, in turn, made it possible to generalize the potential opportunities for implementing sustainable finance in the EAEU, which were specified taking into account the priorities of sustainable development and the specifics of national financial systems. As a result, it is proved that the implementation of the paradigm of sustainable Finance in the strategy for the development of the financial market of the EAEU should focus on credit mechanisms, mixed and targeted corporate financing. Other promising areas of Eurasian financial integration are the development of crowdinvesting and carbon unit markets.
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Keywords: sustainable finance, sustainable development, financial institutes, financial instruments, financial systems, EAEU, EAEU financial market.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
UDC 336.76
Implementation of the sustainable finance paradigm
in the EAEU financial market development strategy
The article is devoted to the problem of implementing the sustainable finance paradigm in the development of the integrated financial market of the EAEU. Justification of new directions of the Eurasian financial integration is carried out in four stages: 1) scientific ideas about the content of the sustainable finance paradigm are systematized; 2) the algorithm for finding joint priorities for sustainable development of the EAEU is clarified and tested; 3) model for complex characteristics of the market for sustainable financial services is applied; 4) financial solutions in support of the identified priorities of the Union are summarized;they are evaluated in the context of the contours of the market for sustainable financial services and the specifics of the analyzed financial systems. The research is based on the implication that the paradigm of sustainable finance should be considered in an inextricable relationship with the concepts of sustainable development and sustainable investment. At the same time, it is assumed that the category of sustainable investments should integrate the concepts of responsible, socially responsible and socially directed investments implemented using market, public and mixed investment mechanisms. Based on the refined algorithm for searching for joint priorities for the EAEU sustainable development, it is revealed that the main ones are currently goals no. 2 (eliminating hunger); no. 3 (health and well-being); no. 9 (industrialization, innovation and infrastructure); no. 10 (reducing inequality within countries); no. 16 (peace, justice and effective institutions). The characteristics of the market for sustainable financial services, in turn, made it possible to generalize the potential opportunities for implementing sustainable finance in the EAEU, which were specified taking into account the priorities of sustainable development and the specifics of national financial systems. As a result, it is proved that the implementation of the paradigm of sustainable Finance in the strategy for the development of the financial market of the EAEU should focus on credit mechanisms, mixed and targeted corporate financing. Other promising areas of Eurasian financial integration are the development of crowdinvesting and carbon unit markets.
Read the full article
Keywords: sustainable finance, sustainable development, financial institutes, financial instruments, financial systems, EAEU, EAEU financial market.
DOI 10.17586/2310-1172-2021-14-1-32-42