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The prospects for ecological modernization of Russian economy

Author

Listed:
  • Safonov, G.

    (HSE University, Moscow, Russia)

  • Potashnikov, V.

    (RANEPA, Moscow, Russia)

  • Safonov, M.

    (University of Chicago, USA)

  • Stetsenko, A.

    (HSE University, Moscow, Russia
    Moscow State University, Moscow, Russia)

  • Kozeltsev, M.

    (HSE University, Moscow, Russia)

  • Dorina, A.

    (HSE University, Moscow, Russia)

  • Semakina, A.

    (HSE University, Moscow, Russia)

  • Sizonov, A.

    (HSE University, Moscow, Russia)

Abstract

Development of the Russian economy over the last 20 years was based on intensive exploitation of natural resources that has led to a significant increase of negative impacts on the environment, including growth of pollution and emissions of greenhouse gases. The environmental problems are also worsening on the global level, and the international community adopted several treaties aimed at reaching the goals of sustainable, socially, and environmentally balanced development. The "green" transformation of world economy leads to the fundamental changes in energy, industries, transport systems, switch to the eco-friendly business models, orientation of financial flows and investments towards decarbonization of world economy. Phasing-out of fossil fuels and pollution-intensive products may result in significant losses of export revenues, lack of access to capital and investment for Russia, if the ecological modernization of its economy would not happen. The projections based on TIMES model showed that Russia is capable to reduce greenhouse gas emissions by 75-88% below 1990 level by 2050, while GDP per capita would increase threefold. It would ensure reaching the carbon neutrality goal by 2060 and compliance with the international commitments under the ecological conventions and agreements.

Suggested Citation

  • Safonov, G. & Potashnikov, V. & Safonov, M. & Stetsenko, A. & Kozeltsev, M. & Dorina, A. & Semakina, A. & Sizonov, A., 2022. "The prospects for ecological modernization of Russian economy," Journal of the New Economic Association, New Economic Association, vol. 56(4), pages 195-201.
    • Handle: RePEc:nea:journl:y:2022:i:56:p:195-201
    DOI: 10.31737/2221-2264-2022-56-4-9
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    References listed on IDEAS

    as
    1. Alexey A. Makarov & Tatyana A. Mitrova & Vyacheslav A. Kulagin, 2020. "Long-term development of the global energy sector under the influence of energy policies and technological progress," Russian Journal of Economics, ARPHA Platform, vol. 6(4), pages 347-357, December.
    2. George Safonov & Vladimir Potashnikov & Oleg Lugovoy & Mikhail Safonov & Alexandra Dorina & Andrei Bolotov, 2020. "The low carbon development options for Russia," Climatic Change, Springer, vol. 162(4), pages 1929-1945, October.
    3. I. A. Bashmakov, 2020. "Russian low carbon development strategy," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 7.
    4. Igor Makarov & Henry Chen & Sergey Paltsev, 2020. "Impacts of climate change policies worldwide on the Russian economy," Climate Policy, Taylor & Francis Journals, vol. 20(10), pages 1242-1256, November.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Russia; ecological modernization; climate change; decarbonization; low carbon economy;
    All these keywords.

    JEL classification:

    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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