+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

Green financing standards: Foreign experience and domestic practice

Vol. 28, Iss. 10, OCTOBER 2022

Received: 11 August 2022

Received in revised form: 25 August 2022

Accepted: 8 September 2022

Available online: 27 October 2022

Subject Heading: INVESTING

JEL Classification: G2

Pages: 2249–2264


Svetlana G. BUSALOVA National Research Ogarev Mordovia State University (MRSU), Saransk, Republic of Mordovia, Russian Federation


Ekaterina S. BAZARNOVA National Research Ogarev Mordovia State University (MRSU), Saransk, Republic of Mordovia, Russian Federation

ORCID id: not available

Subject. This article considers the green financing standards used in international and Russian practices.
Objectives. The article aims to study the foreign experience of standardization of green financing and develop recommendations for improving financing of this type in domestic practice.
Methods. For the study, we used the methods of comparative analysis, classification, problem analysis, ranking, and the systems approach.
Results. The article puts forward certain proposals related to the development and support of the green finance market in the Russian Federation, and highlights a number of overriding priority problems, the solution of which will be able to provide a sustainable foundation for the further development of green financing.
Conclusions. Currently, there is no unity of certification standards, which may be a result of insufficient market maturity. However, the demonstration of successful foreign experience in implementing standards is a positive marker for entities interested in using such financial instruments. The consolidation of international and national standards strengthens the confidence of issuers and investors in the targeted nature of the use of invested assets.

Keywords: green finance, green finance standards, green bonds, foreign experience


  1. Arkhipova V.V. ["Green finance" as recipe for solving global problems]. Ekonomicheskii zhurnal VShE = HSE Economic Journal, 2017, vol. 21, no. 2, pp. 312–332. (In Russ.) URL: Link
  2. Deschryver P., de Mariz F. What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market? Journal of Risk and Financial Management, 2020, vol. 13, iss. 3, p. 61. URL: Link
  3. Kiseleva E.G. [Green bonds: New trends in the global market and opportunities for Russian economy]. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations, 2021, vol. 65, no. 2, pp. 62–70. (In Russ.) URL: Link
  4. Lysenko D.O. [Prospects of "green" bonds in the Russian financial market]. Finansovyi menedzhment = Financial Management, 2021, no. 1, pp. 54–64. (In Russ.)
  5. Mamaeva N.G. [Analysis of the Russian experience in "green" financing]. Innovatsii i investitsii = Innovation and Investments, 2020, no. 6, pp. 163–166. URL: Link (In Russ.)
  6. Mariani M., Grimaldi F., Caragnano A. A New Tool to Gather Debt Capital: Green Bond. Risks and Opportunities for Firms and Investors. Journal of Governance and Regulation, 2019, vol. 8, no. 4, pp. 82–90. URL: Link
  7. Musailova K.G. [Trends in the global "green" economy and prospects for "green" finance in Russia]. Rossiiskoe predprinimatel'stvo = Russian Journal of Entrepreneurship, 2018, vol. 19, no. 6, pp. 1765–1776. (In Russ.) URL: Link
  8. Semenova N.N. ["Green economy": New approaches to financing]. Finansovaya zhizn' = Financial Life, 2019, no. 2, pp. 30–35. (In Russ.)
  9. Khmyz O.V. [International experience of green bond issue]. Ekonomika. Nalogi. Pravo = Economics, Taxes and Law, 2019, vol. 12, no. 5, pp. 132–141. URL: Link (In Russ.)
  10. Yumanova N.N., Bolgov M.A. [Development of the “green” bond market in Russia]. Russian Economic Bulletin, 2021, vol. 4, no. 1, pp. 113–120. (In Russ.) URL: Link

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 28, Iss. 11
November 2022