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National Interests: Priorities and Security
 

Environmental security of Russia: Financing issues and solutions through public-private partnership

Vol. 12, Iss. 11, NOVEMBER 2016

PDF  Article PDF Version

Received: 14 June 2016

Received in revised form: 26 July 2016

Accepted: 18 August 2016

Available online: 29 November 2016

Subject Heading: PUBLIC-PRIVATE PARTNERSHIP

JEL Classification: H44

Pages: 112-126

Poltoradneva N.L. Omsk State Transport University, Omsk, Russian Federation
natalya_roeva@mail.ru

Latypova M.V. Omsk State Transport University, Omsk, Russian Federation
magvaslat@rambler.ru

Importance The article discusses the finance of infrastructure projects for environmental protection through public-private partnership (PPP).
Objectives The research examines environmental projects, mechanisms the government and private sector use to finance them, PPP opportunities for raising funds to the environmental protection segment.
Methods To identify difficulties in environmental security, we used graphical and statistical analysis of time series throughout the entire period under study. We compared and analyzed legislatively adopted business and legal forms of PPP so to determine whether they were adaptable to environmental projects.
Results The current environmental situation in the country was found to be evidence of insufficient and ineffective use of funds granted by the public and private sectors. Financing issues of environmental security projects can be resolved with the synergistic effect arising from the cooperation of public and private partners as part of PPP that is very frequent in advanced economies. The article indicates factors that influence businessmen to take decisions on participation in such projects. We also provide our recommendations on the development of the PPP mechanism for environmental projects.
Conclusions and Relevance Considering unfavorable global market conditions and financial sanctions, it is especially reasonable to mobilize domestic sources of finance for environmental protection projects. PPP became an effective mechanism for raising private capital, thus balancing interests of business and the State. This mechanism can be extended if the regulatory and legislative framework is improved and PPP advantages and benefits are communicated to a broader audience. The findings may apply to joint projects of the public and private sectors.

Keywords: environmental security, public-private partnership, concession

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