The “green financial system”: from theory to law enforcement

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Abstract

The analysis of the author’s concept of a “green financial system” from the standpoint of an institutional approach is proposed, which includes: a “green budget”, represented by the revenue part in the form of “green bonds” and “green fiscal payments”; “green bank lending” and “green insurance”. It is noted that in Russia, as in most foreign countries, the development of this financial system is due to the introduction of Environmental, Social, and Governance (ESG) standards. The most developed financial institutions are “green lending” and “green investing”. France managed to implement the “green financing system” in the most comprehensive way within the framework of the first “green budget”.

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About the authors

Yulia K. Tsaregradskaya

Kutafin Moscow State Law University (MSAL)

Author for correspondence.
Email: ukmsal@mail.ru

Doctor of Law, Associate Professor, Professor of the Department of Financial Law

Russian Federation, 9 Sadovaya-Kudrinskaya str., 125993 Moscow

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