“Green” Finance in BRICS Countries

 
PIIS013122270016962-9-1
DOI10.20542/0131-2227-2021-65-9-79-87
Publication type Article
Status Published
Authors
Occupation: Chief of Department
Affiliation: Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO)
Address: , 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation
Affiliation: Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO)
Address: Russian Federation, Moscow
Journal nameMirovaia ekonomika i mezhdunarodnye otnosheniia
EditionVolume 65 Issue 9
Pages79-87
Abstract

The article reviews the “green” financing policy in the BRICS countries. The analysis revealed that all of them have integrated “green” finance in their national strategies. Central banks and other financial regulators, ministries of ecology and finance, and especially development financial institutions (DFI) of these countries take an active part in establishing legislative framework for “green” finance and creating “green” infrastructure, though with different level of success. Analysis of the regulatory documents and statistical data proves the leading position of China. Thanks to its strict and, at the same time, stimulating regulation and supervision China has achieved the impressive results in increasing the volume of “green” loans as well as “green” bonds. China national “green” taxonomy (1st edition in 2015) has evaluated significantly during the last years, moving closer to the international standards. Other countries also make strong efforts in “greening” their financial systems. Brazil and India “green” bonds cumulative issues, estimated by the authors, reached in 2020 about 10 billion dollars each. The largest part of these resources is directed to renewable energy projects, and in case of Brazil also to lower deforestation. In recent years Russia did a lot to establish the legislative framework and to adopt the national taxonomy for “green” financing. But, as it is argued in the article, implementation lags behind policies and regulation. At the same time, the regulation itself still needs to be improved. According to available data on cumulative issues of “green” bonds, Russia takes the 4th place after China, Brazil and India. To make more progress the country needs to continue unified efforts of all participants of the Russian “green” finance market, including civil society. At the last BRICS summit all countries confirmed the promotion of the consolidated position on the “green” and responsible financing, with sharing best practice and developing mutually beneficial cooperation that can be helpful for all members to achieve national environmental objectives.

Keywordssustainable finance, “green” finance, “green” bonds, BRICS, China, Brazil, India. Russia, South Africa
AcknowledgmentThe article was prepared within the project "Post-crisis world order: challenges and technologies, competition and cooperation" supported by the grant from Ministry of Science and Higher Education of the Russian Federation program for research projects in priority areas of scientific and technological development (Agreement № 075-15-2020-783).
Publication date27.09.2021
Number of characters30015
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1 Задачи устойчивого развития стали в последние годы мейнстримом глобальной экономики. В их фокусе находится создание механизмов “зеленогоˮ финансирования, обеспечивающего сохранение экологического здоровья планеты. В 2020 г. пандемия COVID-19 первоначально вызвала опасения, что “зеленаяˮ повестка может отойти на второй план. Однако большинство правительств и частных инвесторов подтвердили свою приверженность целям устойчивого финансирования. Страны БРИКС зафиксировали ее в Меморандуме “О принципах ответственного финансирования”, принятом в ноябре 2020 г. на XII саммите под председательством РФ.
2

УСПЕХИ КИТАЯ

3 В 2010-е годы в КНР значительно активизировалась деятельность в сфере “зеленойˮ экономики и “зеленогоˮ финансирования. Это обусловлено как с ухудшением экологической ситуации в стране, так и ее геополитическими амбициями. В 2016 г. во время своего председательства в G20 Пекин стал инициатором создания в ней Рабочей группы по “зеленомуˮ финансированию. Тогда же были опубликованы «Руководящие принципы по формированию “зеленойˮ финансовой системы» (Guidelines for Establishing the Green Financial System) в КНР [1, 2]. Они предусматривают ряд экономических мер по поддержке и стимулированию “зеленыхˮ инвестиций, в том числе операции по перекредитованию у Народного банка Китая (НБК), предоставление специализированных “зеленыхˮ кредитных гарантий и субсидий на выплаты процентов по кредитам на “зеленыеˮ проекты, а также запуск Национального “зеленогоˮ фонда развития. Термин “зеленая финансовая системаˮ включен в Стратегию построения экологической цивилизации в рамках 13-й пятилетки [3]. Национальная система “зеленогоˮ финансирования, по планам, обеспечит КНР достижение углеродной нейтральности к 2060 г. [4].
4 Выделены три ключевые сферы “зеленогоˮ финансирования: банковское кредитование, эмиссия облигаций, операции институциональных инвесторов. Характерной особенностью политики в рассматриваемой области является активное привлечение к ее реализации региональных правительств всех уровней. В 2019 г. региональными и местными властями страны было выпущено более 500 документов в области развития “зеленыхˮ финансов [5, p. 25].
5 Законодательное регулирование “зеленыхˮ финансов в Китае началось в 1995 г. Тогда оно касалось преимущественно банковского кредитования, которое получило значительно большее развитие, чем “зеленыеˮ облигации. Это не случайно: банковское кредитование (bank-based) является преобладающей формой финансирования бизнеса в стране. В 1995 г. НБК принял два рекомендательных документа по стимулированию участия коммерческих банков в кредитовании проектов по охране окружающей среды и минимизации экологических рисков. В 2012 г. Банковская регуляторная комиссия (БРКК) опубликовала документ, предусматривавший комплекс мер по “озеленениюˮ национальной банковской системы – «Руководящие принципы “зеленогоˮ кредитования» (Notice on Issuing Green Credit Guidelines).

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