The role of the banking sector in the implementing the sustainable development concept: theoretical aspect of comparative practice of the Russian Federation and the Republic of Kazakhstan

In the context of global challenges, the sustainable development concept of the world economy stands out as a priority direction of socio- economic policy at both national and international levels. The modern paradigm, which shapes a fundamentally different understanding of economic and related activities, does not determine only the tactics but also the future development of all participants in the economic system. Moreover, it transcends these boundaries and highlights pressing social and environmental protection principles, which are fundamental to both the management implementation tactics and financial support. The banking has the key role in distribution of financial resources and significantly contributes to forming sustainable economy. Within the domestic practice, the Central Bank of Russia serves as the main methodologist and coordinator for implementing the sustainable development concept, creating the necessary infrastructure and financing tools for this important direction. Within the practice of the post- Soviet countries, Kazakhstan demonstrates dynamic progress towards sustainable development and the banking sector also plays an important role in this process. The paper examines the key parameters of the banking system of the Russian Federation and Kazakhstan in the context of implementing the sustainable development concept and analyzes the key financing tools of “green” projects, and provides examples of implementing ESG banking practices. The scientific and methodological platform for the theoretical foundations of the banking sector’s role has been studied, and the legislative aspects of this sustainable development direction have been systematized. Based on this, conclusions and directions for further research in the field of sustainable development of the two countries have been formulated.