June 2026 (published: 29.05.2026)
Number 2(65)
UDC 336.6:656.07
DOI 10.17586/2310-1172-2026-19-2-3-12
A systems approach to the strategy of forming an ecosystem of sustainable financing sources in the transport sector in the context of debt constraints
Reference for citation: Zhutyaeva S.A., Afanasieva A.Y. A systems approach to the strategy of forming an ecosystem of sustainable financing sources in the transport sector in the context of debt constraints. Scientific journal NRU ITMO. Series «Economics and Environmental Management». 2026. № 2. Р. 3-12. DOI: 10.17586/2310-1172-2026-19-2-3-12.
Abstract. The transformation of the global financial system under the influence of the ESG agenda is placing new demands on funding sources for capital-intensive industries, including transport. Given limited budgetary resources and the growing debt burden of major players, such as Russian Railways, the development of a sustainable financing system is becoming not just a development tool, but a survival factor. The objective of this study is to develop a methodological framework for the formation of a holistic ecosystem of sustainable transport financing capable of achieving a synergistic effect from combining various sources and instruments. The subject of this study is the financial and economic relations that arise during the formation and functioning of an ecosystem of sustainable financing sources for the transport industry, as well as methods and tools for attracting green and social investments. The object of this study is the activities of economic entities in the Russian transport sector in attracting financing for the implementation of investment programs and development projects. The study utilized a combination of general scientific and specialized methods, including systems and structural-dynamic analysis of transport company financing sources, as well as classification and conceptual modeling methods for the architecture of a sustainable finance ecosystem. The research was based on regulatory legal acts and official documents; statistical and analytical materials from the Bank of Russia on the issuance of debt securities included in the sustainable development sector; annual reports and non-financial statements of Russian Railways; scientific publications from the Institute of Economics of the Ural Branch of the Russian Academy of Sciences, the Financial University, and the Research Institute of Financial Research of the Ministry of Finance of Russia on ESG in supply chain management. This article examines the contradiction between the Russian transport industry's need for large-scale investment and the exhaustion of traditional financing sources amid record debt burdens among key players. It substantiates the need to move from the fragmented use of "green" instruments to the formation of a holistic sustainable finance ecosystem. Using a systems approach, a conceptual model of such an ecosystem was developed, identifying its structure, functions, and emergent properties.
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Keywords: sustainable finance, green and social bonds, Russian Railways, debt burden, emergence.
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