Environmental investment in the Russian Federation: a theoretical and legal approach

The purpose of the article is to consider the importance and characterization of the legal institution of environmental investment for the implementation of the concept of sustainable development and improve the environmental situation in Russia. The work focuses on the concepts of sustainable development and the green economy developed in international law. The author analyzes the institute of environmental or "green" investment through the prism of strategic directions of the state policy of Russia in the field of ecology. The paper examines the nature of environmental investments and the reflection of this concept in Russian legislation, and the definition of environmental investments is proposed. The author considers certain measures of state support for environmental investments, mechanisms for attracting private investment for the implementation of investment projects that are widely used in foreign countries, namely “green” bonds and green banking. The author addresses the problems associated with the lack of a unified approach to the definition of “environmental investments” in Russian legislation, the fragmentation of the mechanisms and directions of state support for environmental investments, and the absence of a single coordinating body of state power that is developing environmental investment policies. Based on the study, the author substantiates the conclusion about the need for interaction between the state, economic entities, public organizations, the scientific community in order to further develop and improve the legal mechanism for ensuring environmental investment in sustainable economic development of the Russian Federation.