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Changes in Climate Policies and Financial Strategies of Their Implementation in the EU and Russia

Author

Listed:
  • Igor A. Yakovlev

    (Financial Research Institute, Moscow 127006, Russian Federation)

  • Lyudmila S. Kabir

    (Financial Research Institute, Moscow 127006, Russian Federation)

  • Svetlana I. Nikulina

    (Financial Research Institute, Moscow 127006, Russian Federation)

Abstract

The relevance of the research topic is determined by the need to respond to increased climate risks, which makes countries develop climate policies that can effectively meet sustainable development challenges and protect national economic interests. The transformation of climate policy causes the need to shift capital flows from “brown” economy sectors to “green” ones and integrate environmental factors into the process of making financial and investment decisions. At present, the EU is actively developing a climate finance system which will have an impact on the Russian economy. The article is aimed at outlining the changes in climate policies and financial strategies in the EU and Russia, influenced by the global climate agenda. It analyses the volumes and sources of climate finance mobilized by the EU, as well as regional support instruments in the transition period. The article determines the current changes in the Russian Federation’s climate policy. As a result of the research, the authors have come to the following conclusions. The EU is a vivid example of the fact that countries have long moved from climate change debates to the implementation of specific measures. The Russian Federation lags far behind the EU in terms of both mobilizing financial resources to ensure the transition to a low-carbon economy, and developing proven emission control instruments which help to stimulate the reduction of greenhouse gas emissions and fulfill the obligations under the Paris Agreement.

Suggested Citation

  • Igor A. Yakovlev & Lyudmila S. Kabir & Svetlana I. Nikulina, 2021. "Changes in Climate Policies and Financial Strategies of Their Implementation in the EU and Russia," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 11-28, October.
  • Handle: RePEc:fru:finjrn:210501:p:11-28
    DOI: 10.31107/2075-1990-2021-5-11-28
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    References listed on IDEAS

    as
    1. Andrey A. Bokarev & Igor A. Yakovlev & Ludmila S. Kabir, 2017. "Green Investments in Russia: Searching for Priority Directions," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 6, pages 40-49, December.
    2. Neil Gunningham, 2020. "A Quiet Revolution: Central Banks, Financial Regulators, and Climate Finance," Sustainability, MDPI, vol. 12(22), pages 1-22, November.
    3. Fabio Pizzutilo & Massimo Mariani & Alessandra Caragnano & Marianna Zito, 2020. "Dealing with Carbon Risk and the Cost of Debt: Evidence from the European Market," IJFS, MDPI, vol. 8(4), pages 1-10, October.
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    Cited by:

    1. Zhanna A. Mingaleva & Maria V. Sigova, 2022. "Financial Aspects of the Implementation of the Fourth Energy Transition," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 43-58, October.
    2. Alexey Mikhaylov, 2022. "Sustainable Development and Renewable Energy: A New View to a Global Problem," Energies, MDPI, vol. 15(4), pages 1-4, February.
    3. Larisa D. Petrenko & Bahodirhon Sh. Safarov, 2022. "Prospects for Nuclear Energy in the Framework of Implementation of the Sustainable Development Concept," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 59-70, October.

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    More about this item

    Keywords

    climate finance; low-carbon economy; Paris Agreement; European Green Deal; low-carbon development strategy; climate finance instruments; institutional investors;
    All these keywords.

    JEL classification:

    • F64 - International Economics - - Economic Impacts of Globalization - - - Environment
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources

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