Subject. This article examines the differences in the green taxonomies of the European Union, China, and Russia. Objectives. The article aims to analyze the areas of green project taxonomies of the European Union and China, which are not represented in the Russian taxonomy, and identify potential areas that could be included in the Russian green taxonomy. Methods. The methodological basis of this article comprises general scientific methods, including comparative analysis. Results. The article identifies and describes the differences in the taxonomies of China, the EU, and the Russian Federation, and based on the analysis, it proposes recommendations for clarifying the missing sections in the Russian taxonomy in order to stimulate the development of these industries in Russia. Conclusions. The development of the Russian green taxonomy can have a noticeable impact on stimulating investment in a greater number of projects in Russia.
Keywords: green taxonomies, green finance, green standards, renewable energy, low-carbon technologies
References:
Abubakar A., Azwar P., Shanti R. et al. Green taxonomy standards across jurisdictions: A systematic literature review approach. Environment-Behaviour Proceedings Journal, 2025, vol. 10, no. SI26, pp. 29–37. DOI: 10.21834/e-bpj.v10isi26.6789 EDN: PYBFXK
Davrinche G., Filbien J.Y., Vigneron L. Do analysts matter for green investment? Evidence from the EU taxonomy. Economics Letters, 2025, vol. 250, 112277. DOI: 10.1016/j.econlet.2025.112277 EDN: OHSBDD
Lygnerud K., Romanchenko D., Unluturk B. et al. Analysis of the impact of the EU taxonomy on investments in district heating. Energy Policy, 2025, vol. 198, 114519. DOI: 10.1016/j.enpol.2025.114519 EDN: CGZUPJ
Marchewitz C., Ballesteros F., Schütze F. et al. Sustainable finance taxonomies: Enabling the transition towards net zero? Transition score for international frameworks. DIW Discussion Papers 2083, 2024. URL: Link
Tettamanzi P., Tedeschi R.G., Murgolo M. The European Union (EU) green taxonomy: Codifying sustainability to provide certainty to the markets. Environment, Development and Sustainability, 2023, vol. 26, pp. 27111–27136 (2024). DOI: 10.1007/s10668-023-03798-6 EDN: RJQANH
Inderst R., Opp M.M. Sustainable finance versus environmental policy: Does greenwashing justify a taxonomy for sustainable investments? Journal of Financial Economics, 2025, vol. 163, 103954. DOI: 10.1016/j.jfineco.2024.103954 EDN: EXYZPH
Bitkina A.V., Shcherbachenko P.S. [Green taxonomy in the Russian Federation: problems and prospects of development]. Vestnik Evraziiskoi nauki, 2025, vol. 17, no. S1. (In Russ.) EDN: WSRWAK
Vovchenko N.G., Timofeeva D.Yu., Zvonkov A.V. [Taxonomy of green finance: Analysis of development priorities of responsible investments and harmonization of ESG ratings]. Uchet i statistika, 2023, vol. 20, no. 4, pp. 115–127. (In Russ.) DOI: 10.54220/1144.2023.51.40.010 EDN: FDQRVM
Maslova S.V. [Taxonomies of "sustainable development" and "green" projects as legal instruments for achieving sustainable development goals and "green legislation"]. Yuridicheskie issledovaniya, 2023, no. 11, pp. 98–107. (In Russ.) DOI: 10.25136/2409-7136.2023.11.69104 EDN: QHVZMI
Shadrina E.V., Yashalova N.N., Bykovskaya E.V. et al. [International economic initiatives and national approaches to the development of green taxonomies: Similarities, differences and prospects]. Voprosy sovremennoi nauki i praktiki. Universitet im. V.I. Vernadskogo, 2023, no. 4, pp. 139–156. (In Russ.) DOI: 10.17277/voprosy.2023.04.pp.139-156 EDN: VLATNN
Brabec J., Macháč J. Impacts of the EU Taxonomy implementation: A systematic literature review. Climate Policy, 2025, pp. 1–13. DOI: 10.1080/14693062.2025.2526683
O’Reilly S., Gorman L., An Bhaird C.M. et al. Implementing the European Union Green Taxonomy: Implications for small- and medium-sized enterprises. Accounting Forum, 2024, vol. 48, no. 3, pp. 401–426. DOI: 10.1080/01559982.2023.2272394
Sautner Z., Yu J., Zhong R. et al. The EU Taxonomy and the Syndicated Loan Market. Journal of Financial Services Research, 2025. DOI: 10.1007/s10693-024-00441-x EDN: CZSWYH
Zakhmatov D.Yu. [Taxonomy of sustainable finance and ESG principles]. Mir ekonomiki i upravleniya, 2022, vol. 22, no. 3, pp. 5–20. (In Russ.) DOI: 10.25205/2542-0429-2022-22-3-5-20 EDN: WOYWQI
Lin L. The Rise of Sustainable Finance in China: ESG Funds and Regulations. Capital Markets Law Journal, 2025, vol. 20, no. 4, kmaf015. DOI: 10.1093/cmlj/kmaf015 EDN: CTNIDB
Levashenko A.D., Ermokhin I.S., Chernovol K.A. [Problems in harmonizing Russian and foreign standards for green finance]. Ekonomicheskaya politika, 2023, vol. 18, no. 1, pp. 54–77. (In Russ.) DOI: 10.18288/1994-5124-2023-1-54-77 EDN: OPRMHU
Muska A., Pilvere I., Viira A.H. et al. European Green Deal Objective: Potential Expansion of Organic Farming Areas. Agriculture, 2025, vol. 15, no. 15, pp. 1–22. DOI: 10.3390/agriculture15151633 EDN: WDCXJR
Jia Z. Is willingness for organic agriculture practice adequate and well-supported? Evidence from China based on AMO Theory. Advances in Economics, Management and Political Sciences, 2023, vol. 10, no. 1, pp. 159–164. DOI: 10.54254/2754-1169/10/20230458 EDN: KXFREN
Kuzmin E., Mirzaev B., Alimov U. Editorial: Green Taxonomy for Sustainable Development. E3S Web of Conferences, 2024, vol. 574. DOI: 10.1051/e3sconf/202457400001 EDN: BSDPBW
Nowak A., Kobiałka A. The significance of organic farming in the European Union from the perspective of sustainable development. Economics and Environment, 2024, vol. 88, no. 1, pp. 1–15. DOI: 10.34659/eis.2024.88.1.710 EDN: MJZVLA
