The study examines the impact of the green economy on the development of corporate finance in the US and the EU. The importance of the green economy is emphasized in the context of changing the paradigm of business practices and business models in the analyzed countries, where a significant emphasis is placed on digital technologies and ESG factors. The authors note that the transition to sustainable development and infrastructural development of environmentally friendly industries is impossible without the active intervention of the state. The mechanisms of the influence of the green economy on corporate finance are discussed, including regulation, fiscal policy, increasing operational efficiency, developing the product line, strengthening the brand and goodwill of the company, as well as the formation of green ecosystems. In addition, the phenomenon of greenwashing is revealed, as well as the process of developing international reporting standards in the field of sustainable development. The main channels of influence on strengthening the trend of sustainable development are listed and characterized. Emphasizes the importance of a green economy to increase the resilience of companies and create strategic advantages.
green economy, ESG factors, digitalization, sustainable development, corporate finance, environmental sustainability, regulation and taxation
1. Altuhova, E. V. Finansovye aspekty modernizacii ekonomiki v usloviyah dekarbonizacii / E. V. Altuhova // Finansovaya ekonomika. - 2023. - № 4. - S. 177-180.
2. Vaschenko, T. V. Formirovanie portfelya investicionnyh proektov regiona / T. V. Vaschenko, R. O. Voskanyan // Voprosy regional'noy ekonomiki. - 2021. - № 4(49). - S. 19-25.
3. Garnov, A. P. Akcionernoe delo i korporativnyy kontrol' / A. P. Garnov, V. Yu. Garnova. - Moskva : Obschestvo s ogranichennoy otvetstvennost'yu "Rusayns", 2022. - 92 s. - ISBN 978-5-466-01481-5.
4. Golubcova, E. V. Praktika nalogooblozheniya cifrovoy valyuty v zarubezhnyh stranah / E. V. Golubcova, R. G. Ahmadeev, M. E. Kosov // Auditorskie vedomosti. - 2022. - № 4. - S. 245-250. - DOIhttps://doi.org/10.17686/17278058_2022_4_245.
5. Gryzunova, N. V. Kontrolling raspredeleniya pribyli v processe formirovaniya dividendnoy politiki / N. V. Gryzunova // Vestnik Rossiyskogo ekonomicheskogo universiteta imeni G.V. Plehanova. - 2022. - T. 19, № 5(125). - S. 12-22. - DOIhttps://doi.org/10.21686/2413-2829-2022-5-12-22.
6. Kiseleva E. “Zelenye” obligacii: tendencii na mirovom rynke i v Rossii // Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2021, T. 65. - № 2. - C. 62-70. - DOIhttps://doi.org/10.20542/0131-2227-2021-65-2-62-70.
7. Leschinskaya, A. F. Razvitie finansovogo mehanizma stimulirovaniya promyshlennosti dlya effektivnogo vosstanovleniya nacional'noy ekonomiki s uchetom real'nyh imperativov / A. F. Leschinskaya, O. V. Romanchenko, D. S. Zaharova // Shag v buduschee: iskusstvennyy intellekt i cifrovaya ekonomika : Sbornik nauchnyh statey. V treh tomah, Moskva, 16-17 fevralya 2023 goda. Tom 2. - Moskva: Rossiyskiy ekonomicheskiy universitet imeni G.V. Plehanova, 2023. - S. 130-139.
8. Mezhdunarodnye indikatory razvitiya cifrovyh finansov / A. P. Garnov, N. P. Tishkina, G. A. Rybina, M. S. Tishkin // Vestnik Akademii. - 2023. - № 1. - S. 39-48. - DOIhttps://doi.org/10.51409/v.a.2023.03.01.004.
9. Sokol'nikova, I. V. Vnedrenie principov ESG v deyatel'nost' rossiyskih kompaniy / I. V. Sokol'nikova // Global'naya neopredelennost'. Razvitie ili degradaciya mirovoy ekonomiki? : Sbornik statey XI Mezhdunarodnoy nauchnoy konferencii. V 2-h tomah, Moskva, 17-18 maya 2022 goda / Pod redakciey S.D. Valenteya. Tom 1. - Moskva: Rossiyskiy ekonomicheskiy universitet imeni G.V. Plehanova, 2022. - S. 102-108.
10. A European Green Deal. A European Green Deal. European Commission [Elektronnyy resurs]. - Rezhim dostupa: https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal_en (data obrascheniya 17.08.2023).
11. Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting (Text with EEA relevance) [Elektronnyy resurs]. - Rezhim dostupa: http://data.europa.eu/eli/dir/2022/2464/oj (data obrascheniya 17.08.2023).
12. Georgeson, L., Maslin, M. Estimating the scale of the US green economy within the global context. Palgrave Commun 5, 121 (2019). DOIhttps://doi.org/10.1057/s41599-019-0329-3.
13. Huang, X., D. Lu, D.M. Ricciuto, P.J. Hanson, A.D. Richardson, X. Lu, E. Weng, S. Nie, L. Jiang, E. Hou, I.F. Steinmacher, and Y. Luo, 2021: A model-independent data assimilation (MIDA) module and its applications in ecology. Geosci. Model Dev., 14, no. 8, 5217-5238, - DOIhttps://doi.org/10.5194/gmd-14-5217-2021.
14. Interactive Data Platform. Climate Bonds Initiative [Elektronnyy resurs]. - Rezhim dostupa: https://www.climatebonds.net/market/data/ (data obrascheniya 21.08.2023).
15. Josué Banga. The green bond market: a potential source of climate finance for developing countries, Journal of Sustainable Finance & Investment, 9:1. - 2019 - 17-32. - DOI:https://doi.org/10.1080/20430795.2018.1498617.
16. Monthly Energy Review. U.S. Energy Information Administration’s (EIA) [Elektronnyy resurs]. - Rezhim dostupa: https://www.eia.gov/totalenergy/data/monthly/index.php (data obrascheniya 22.08.2023). DOE/EIA-0035(2023/8)
17. Newell P., Mulvaney D. The political economy of the ‘just transition’ //The geographical journal. - 2013. - T. 179. - №. 2. - S. 132-140.
18. Steffen W. et al. Trajectories of the Earth System in the Anthropocene //Proceedings of the National Academy of Sciences. - 2018. - T. 115. - №. 33. - S. 8252-8259. - DOIhttps://doi.org/10.1073/pnas.1810141115.
19. Stern, Nicholas. 2008. "The Economics of Climate Change." American Economic Review, 98 (2). - 1-37.
20. Sustainable investing at BlackRock. BlackRock [Elektronnyy resurs]. - Rezhim dostupa: https://www.blackrock.com/ch/individual/en/themes/sustainable-investing (data obrascheniya 17.08.2023).
