The role of Russian banks in green finance promotion

The article is devoted to determining the role of banks’ participation in promoting green finance in the Russian Federation. The article discusses the concept of “green financing”; the features of green banking are revealed; sources of green financing are grouped; the level of participation of banks in the development of green banking in the Russian Federation is analyzed. A green financing system is being formed in the country. The Central Bank is actively promoting the green agenda in the banking sector. Banks are currently at the stage of “offensive green banking”. Problems remain in the sufficiency of banks’ resources and their readiness to transition to the principles of sustainable development. The main role of banks in promoting green finance in the Russian Federation is to participate in working groups to promote the green economy within the framework of international initiatives, introduce various types of green financing instruments, as well as develop the capital market, which helps expand business opportunities to obtain financial resources for investing in “green” projects and the formation of a regulatory and prudential regulation framework in this area. Further development of the green financing system is necessary; the system should be focused on expanding business opportunities to obtain financial resources for investing in “green” projects, which implies further development of the capital market that facilitates the implementation of these opportunities, and, in particular, green banking.