Influence of international climate regulation on economic development strategies of Russian Federation and People’s Republic of China

This article is devoted to impact of international climate agreements, particularly the Paris Agreement, on the economic development strategies of the Russian Federation and the People’s Republic of China. By analyzing how these countries have adjusted their economic strategies in response to global climate mandates, the study reveals distinct approaches: Russia’s gradual integration of climate initiatives into its traditional energy-focused economic framework, and China’s active transition towards renewable energy and sustainable practices on both internal market and globally. The research highlights the complexities of balancing national strategy of economic growth with environmental sustainability requirements and the frameworks of international climate agreements, which sometimes have inconsistent interpretations. The article evaluates the strategic adjustments and policy shifts undertaken by Russia and China, which are critical in shaping national responses to climate change challenges, as well as necessary leadership role of these countries in modifying international climate agenda, enhancing partnership, especially with developing countries and Global South, as well as BRICS, Shanghai Cooperation Organization (SCO), UN Climate Change Conference (UNFCCC), other multilateral fora, One Belt One Road Initiative (for China). Also important to promote economic incentives for green investments, which might include some financial stimulus, for example subsidies, blended finance, tax break to encourage investments in renewable projects and energy-efficient upgrades, as well transitional financing, which requires modernization of existing international financial monetary system, based on Russian proposals in BRICS in 2024. At both supply and demand side it is important to promote reasonable consumption via sharing, longer usage period and re-cycling economic approaches.