THE ANALYSIS OF THE RUSSIAN MARKET OF INSTRUMENTS OF SUSTAINABLE DEVELOPMENT FINANCING AND FACTORS LIMITING ITS DEVELOPMENT

Aggravating the environmental and social problems caused an active introduction of ESG-principles in international practice, according to which, when operating, the economic entities should take into account the influence of their activity on the environment and society. In this context, the research and finding ways to develop such financial instruments that can help stimulate economic entities to implement ESG-projects aimed at sustainable development goals are significant. The paper analyzes data on the securities traded on the Russian stock market and granted green credits, considers the existing evaluations of the Russian market share in the world market. The study shows that currently, the domestic practice uses far fewer types of instruments of sustainable development financing, which is caused by the existence of some barriers highlighted and analyzed by authors. As a result of the study, the authors systematized factors limiting the development of this market and proposed their classification according to four thematic groups (methodological, economic-legal, political, and social-psychological) and in the context of their influence on the activity of issuers and investors in the sphere of sustainable development. The study shows that methodological and economic-legal factors, among which are the absence of unified standards of financial instruments verification and techniques of ESG-effectiveness evaluation, greenwashing, the deficient supply of financing instruments, normative legal base requiring additional review, and the deficiency of current financial incentive for market participants, have the greatest impact on the market. The solution to the described problems is a high-priority task facing the market members and regulatory authorities.