State stimulation of “green” investments in the Arctic zone technological projects financing system

Introduction: the Arctic zone of the Russian Federation is a driver of socio-economic development of the country, as it concentrates on its territory most of the deposits of minerals, fuel and energy resources developed on a large industrial scale. The increase in mineral resources extraction volume leads to an increased pressure on the natural environment of the Arctic, which strongly reacts to pollution by industrial waste. In this regard, it is viewed as necessary to take measures to protect the environment, with the emphasis on the implementation of technological projects aimed at renewal and modernization of production, as well as the introduction of “green” technologies. Implementation of such projects require sources of financing with the participation of the state and business structures. Objectives: research into modern instruments of state stimulation of “green” investments and substantiation of the expediency of their application within technological projects in the territory of the Arctic zone of the Russian Federation, provided these are adapted to the territory specifics. Methods: content analysis, synthesis, grouping, generalization, comparative analysis, logical method. Results: domestic and foreign experience of financing the “green” economy has been studied, the feasibility and prospects of its application in the Arctic zone of the Russian Federation have been assessed; the key role of the state in “green” investment in technological projects of the Arctic zone has been highlighted and the feasibility of subsidizing the construction costs of supporting infrastructure facilities, including environmental safety monitoring systems and subsidizing part of the interest rate on the loan attracted by residents of the Arctic zone of the Russian Federation has been substantiated. Conclusions: recognizing the importance of the green economy development and its significance in addressing the socio-ecological and economic challenges facing the Arctic zone of the Russian Federation, it is necessary, alongside with the state environmental policy, to develop tools for attracting private investment to “green” technological projects, considering different models and conditions of their financing. The system of subsidizing interest rates on loans attracted for the implementation of investment projects, as well as the work of the Environmental Initiatives Support Fund with the active involvement of key stakeholders in its activities are promising tools of state support for “green” projects. The implementation of investment initiatives in the Arctic zone of the Russian Federation, based on the principles of “green” economy, will make it possible to achieve the key stakeholders balance of interests, ensure the preservation of this territory, and improve the environmental and investment climate of a complex meso-economic system.