On The Development Vector Of “Green” Finance Legal Regulation In “Green” Energy

 
Код статьиS231243500022332-3-1
DOI10.18572/2410-4396-2020-1-72-77
Тип публикации Статья
Статус публикации Опубликовано
Авторы
Аффилиация: Институт государства и права РАН
Адрес: Российская Федерация, Москва
Название журналаПравовой энергетический форум
ВыпускВыпуск № 1
Страницы72-77
Аннотация

As is well known, the climate situation has aggravated globally over the last few years. Hence closer attention to technologies dramatically decreasing the environmental impact on a scale reasonably established in the term “green economy”. The power industry is a key sector of any economy, including a “green” one, and our country focuses on its “green” course. This article describes problems of “green” energy legal regulation and concludes that “green” financing which is essentially a “soft power” driving environmental impact reduction economically plays a key part among legal measures ensuring its efficiency, primarily within the Russian oil and gas complex. The author believes the lack of legal clarity in the question “Who is the true owner of yet unextracted natural resources buried in our country’s soil, first of all, hydrocarbon reserves?” to be a serious challenge when increasing the effectiveness of legal regulation of “green” energy and “green” finance.

Ключевые словаenergy law; legal status of energy companies, “green” economy, “green” energy, “green” finance
Получено06.02.2020
Дата публикации29.03.2020
Кол-во символов20719
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1 Legal science has been dealing with challenges of legal regulation of the “green” economy, an important sector of which is “green” energy, for a long time. [1]
2 Main features of the “green” economy include: implementation of energy-efficient technologies to minimize environmental impact; effective use of power resources (energy saving); material encouragement of waste-free business activities of enterprise structures; improving the system of financial and other support of environment protection activities.
3 As is well known, a separate field of legal study currently named “Environmental Law” is now at the heart of scientific support of environment protection activity legal regulation (previously, this field was called “Nature Conservation Law”, before that, “Mining Law”…, etc.).
4 According to the description of scientific discipline 12.00.06 “Land Law; Natural Resources Law; Environmental Law; Agricultural Law” of the nomenclature of legal science disciplines approved by Order of the Ministry of Education and Science of the Russian Federation No. 1027 dated October 23, 2017, (as amended by Order of the Ministry of Education and Science of the Russian Federation No. 209 dated March 23, 2018) [2], fields of environmental law that obviously contain segments of “green” economy legal regulation include “environmental Protection Principles and Objects”; “types and scope of environmental rights and obligations of citizens and legal entities”; “enforcement and legal defense measures”; “organizational and legal regulation of environment protection and environmental safety…”; “legal responsibility for environmental offenses. Environmental law and order”, and, to a lesser degree, other ones.
5 In addition, “green” economy legal regulation also includes some fields of a scientific discipline with code 12.00.14 “Administrative Law”; “Administrative Process”, such as: “administrative violation”; “industry-specific administrative and legal regulation in economic and business complexes”. The legal science branch named “Business Law” also contains certain segments of the legal regulation in question (within the scientific discipline with code 12.00.03).
6 More serious and extensive fields of study in the area of “green” economy legal regulation are established in the description of legal science disciplines under code 12.00.07 “Corporate Law; Competition Law; Energy Law”, in the discipline named “Energy Law”. These include such subsectors of energy law studies as: “Russia’s energy strategy”; “energy efficiency and saving”; “state regulation of the use of primary energy sources”; “legal regime of renewable energy sources”; “reenergy”; “environmental safety law in the energy industry (energy ecology)”, etc.
7 Therefore, it is safe to say that, since the energy industry is an important part (branch) of economy (national economy complex), “green” energy is an important part of the “green” economy, it is a correlation between type and variety.
8 Meanwhile the “green” energy industry is primarily the one focused on renewable energy: wind hydropower, marine energy (energy carried by high and low tides); solar energy; geothermal energy; ocean thermal energy conversion energy; bioenergetics. The problems of legal regulation in the field of “renewable” (or “alternative”) energy are explored by our scientists [3], in particular, in the form of thesis research. [4]
9 However, a reasonable question arises: is it really impossible for non-renewable energy generated using oil, gas (other coal hydrocarbons) to be included in the “green” energy sector, first of all, in terms of its legal regulation? Its contribution to our country’s energy complex as a whole is enormous, much more than that of alternative (renewable) energy. Accordingly, the effectiveness of improving legal regulation of relations in the field is much higher than that of improvement of legal regulation of relations in the field of purely “green” energy, in all vectors. If this improvement is focused on decreasing the environmental impact of using gas, oil, etc., promoting environmental safety and economic law and order in the oil and gas energy sector by legal means, there is every reason to believe this to be an improvement of legal regulation in the field of “green” energy.
10 However, it creates a dilemma in terms of re-
11 search and strategy: which legal means should be used to achieve the improvement: by strict administrative enforcement or “soft power”, primarily, with financial incentives, which essentially means “green” financing in the “green” energy sector.
12 Russian science in this field is, figuratively speaking, breaking new ground, but the expert council on the long-term investment market of the Bank of Russia developed a rather extensive and well-structured concept for organizing a Russian methodology system for development of green financing tools and domestic investment projects in 2019. To a certain extent, this was driven by industry-specific scientific literature on challenges of the “green” economy in general [5] and challenges of “green” financing in particular. [6]

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6. L.Yu. Andreyeva. Institutes and Instruments of “Green Financing”: Risks and Opportunities of Russian Economy Sustainable Development / L.Yu. Andreyeva // Forestry Engineering Journal. 2017. No. 2. P. 205–209.; I.D. Rakov. Support Mechanisms for Financing “Green Projects”: Countries’ Experience / I.D. Rakov // Topical Issues of Economics and Law. 2018. No. 2 (42). P. 67–82; O.V. Bogacheva. Government Measures for Establishment and Development of a “Green” Bonds Market / O.V. Bogacheva // Financial Magazine. 2018. No. 3 (31). P. 55–65.; A.I. Nikittsova. Modern State and Development of the Green Finance Market in the Russian Federation / A.I. Nikittsova // Alley of Science. 2018. Vol. 7. No. 11 (27). P. 97–102.

7. M. Brovkina. A Heated Subject… There is no Global Warming. Arguments of Academy Fellow Gennadiy Matishov / M. Brovkina // Rossiyskaya Gazeta Week February 12, 2020.

8. Ruling of the Constitutional Court of the Russian Federation No. 5-П dated March 5, 2013 // Corpus of Laws of the Russian Federation. 2013. No. 11. Article 1164.

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