Articles

Financial incentive instruments of regional economy’ "green" transformation

Received: 15.05.2024 Published: 15.05.2024

UDC: 338.23 EDN: HFDLKQ DOI: 10.22394/2079-1690-2024-1-3-78-85

Full text

Abstract

Transformation and development of the economy towards greening is an important measure for different regions to address the global challenges of climate change and rising pollution levels, and a necessary pathway to achieve sustainable development. Whether it is modernization and transformation of green technologies in traditional industries or green management of the public environment, external financial support is needed to compensate for the insufficient investment of micro-economic actors. The purpose of the study is to analyze the key financial instruments that stimulate the green transformation of the regional economy, as well as an attempt to determine the directions of using these instruments to increase the effective supply of green funds and ensure their increasing role in promoting economic transformation on the path of building an ecological civilization. The methodological basis of the study was formed by analytical and comparative methods, as well as relevant works of scientists devoted to the study of the problems of stimulating environmentally-oriented transformation processes, primarily in the regional context. The results of the analysis show that, given the important supporting role of finance in the green transformation of the economy and the fact that the relevant research is still at the initial stage, the systemic mechanism of financial stimulation of the regional economy’ green transformation should be based on three elements: financial support, capital allocation and risk diversification. It is demonstrated that the development of green economy cannot be separated from the increasing innovation dynamics of "green" financial products, so it is necessary to increase efforts in the field of development and implementation of financial innovations, to provide priority financial support to key sectors of the green economy.

Keywords

Agencies

Исследование выполнено в Южном федеральном университете при поддержке Российского научного фонда (проект № 24-28-01624) и Фонда исследований молодых преподавателей Синьянского сельскохозяйственного и лесотехнического университета Китая (грант № QN2021043).

How to cite

Для цитирования:

Лю Л., Лазарева Е.И. Финансовые инструменты стимулирования "зеленой" трансформации региональной экономики // Государственное и муниципальное управление. Учёные записки. 2024. № 3. С. 78–85. https://doi.org/10.22394/2079-1690-2024-1-3-78-85

For citation:

Liu L., Lazareva E.I. Financial incentive instruments of regional economy’ "green" transformation // State and Municipal Management. Scholar Notes. 2024. no. 3. P. 78–85. https://doi.org/10.22394/2079-1690-2024-1-3-78-85

How to Cite

Liu L., Lazareva E.I. Financial incentive instruments of regional economy’ "green" transformation // State and Municipal Management. Scholar Notes. 2024. no. 3. P. 78–85. https://doi.org/10.22394/2079-1690-2024-1-3-78-85

References

  1. Лопатников Д.Л., Горбанев В.А. Китай на пути к «зеленой цивилизации»: первые итоги // Проблемы региональной экологии. 2020. № 4. С. 85–94.
  2. Лю Лэй, Лазарева Е. И. Тренды и факторы развития зеленой экономики региона: теоретико-исследовательский аспект // Государственное и муниципальное управление. Ученые записки. 2024. № 2. С. 120–126. https://doi.org/10.22394/2079-1690-2024-1-2-120-126. EDN XNXXUK
  3. Черняева Р.В., Пахомова А.И. Параметры "зеленой" трансформации российской экономики: новые измерения // Вестник Сургутского государственного университета. 2020. № 3 (29). С. 45–55.
  4. Hsu, P.H. et al. Financial development and innovation: Cross-country evidence. Journal of Financial Economics. 2014; 112(1): 116–135.
  5. Лазарева Е.И., Анопченко Т.Ю. Эконометрическая оценка инвестиционной привлекательно- сти как основа формирования кластерной инвестиционной стратегии региона // Вестник Самар- ского государственного экономического университета. 2016. № 5 (139). С. 21–26.
  6. Лазарева Е.И. Стратегия развития человеческого капитала в системе региональных кластеров // Проблемы современной экономики. 2008. № 1 (25). С. 200–204.
  7. Naigui, L., Tong, W. The Analysis of Legal Protection Mechanism of Green Finance. Finance & Economics. 2017; 10: 41–51.
  8. King R.G., Leving R. Finance, Entrepreneurship and Growth: Theory and Evidence. Journal of Monetary Economics. 1993; 32(3): 513–542.
  9. Johnson, D., Lybecker, K.M. Challenges to Technology Transfer: A Literature Review of the Constrains on Environmental Technology Dissemination. Social Science Electronic Publishing. 2009; 7: 241–260.
  10. Ekanayake E.M., Thaver R. The nexus between financial development and economic growth: panel data evidence from developing countries. Journal of Risk and Financial Management. 2021; 14 (10): 480–489.
  11. Liang Q., Teng J. Financial development and economic growth: evidence from China. China Economic Review. 2006; 17 (4): 395–411.
  12. Lazareva E., Anopchenko T., Murzin A. Human Capital in the System of Urban Territory Sustainable Development Management. Green Technologies and Infrastructure to Enhance Urban Ecosystem Services: Proceedings of the Smart and Sustainable Cities Conference 2018. Cham, 2020. С. 269–277.
  13. Patrick H.T. Financial development and economic growth in underdeveloped countries. Economic development and Cultural change. 1966; 14(2):174–189.
  14. Chow W.W., Fung M.K., Leung M.K. Finance-growth nexus in China from an endogenous switching perspective. The Journal of International Trade & Economic Development. 2018; 27 (4): 443–462.
  15. Durusu-Ciftci D., Ispir M.S., Yetkiner H. Financial development and economic growth: some theory and more evidence. journal of policy model. 2017; 39 (2): 290–306.
  16. Hunjra A.I., Azam, M., Bruna M.G., Taskin D. Role of financial development for sustainable economic development in low middle-income countries. Finance Research Letters. 2022; 47: 102793.
  17. Tamazian, A., & Rao, B.B. Do economic, financial and institutional developments matter for environmental degradation? Evidence from transitional economies. Energy Economics. 2010; 32(1): 137–145.
  18. Лазарева Е.И., Маслюкова Е.В. Интегральная оценка инвестиционной привлекательности рынка акций зернопродуктовых логистических компаний: концепция и инструменты моделирова- ния // Terra Economicus. 2013. № 4-2. С. 70–76.
  19. Altaghlibi et al. Unconditional aid and green growth. Journal of Economic Dynamics and Control. 2019; 105: 158–181.
  20. Guiyang Z. et al. International Coordination of China’s Carbon Neutrality Policy in the Context of Green Coopetition. Journal of Latin American Studies. 2023. 45(5): 62–77.