THE DEVELOPMENT OF THE LEGAL FRAMEWORK FOR “GREEN” FINANCE IN RUSSIA, THE EU AND CHINA: A COMPARATIVE LEGAL ANALYSIS

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Abstract


The article is devoted to the analysis of the legal regulation of “green” financing in the European Union, China and Russia. It has been substantiated that a harmonious and completed system of regulatory regulation of “green” financing has not yet developed either in the PRC or the EU. In this regard, a comparative analysis of the above issues is of particular importance. The purpose of this article is to form an understanding of the legal framework for green finance in the European Union, China and Russia based on an analysis of regulatory acts and scientific sources. The following methods have been applied: empirical methods of comparison, description, interpretation; theoretical methods of formal and dialectical logic. Private scientific methods employed in the work are legal-dogmatic and the method of interpretation of legal norms. Results: the study showed that green financing refers to financial transactions that support the transition to an economy with low carbon emissions and the fight against climate change. In recent years, China has been the leader in green financing, accounting for 28%, or $ 32 billion, of green bonds issued in 2018. Conclusions: In the PRC, the concept and foundations of the legal regulation of green finance are enshrined in the 2016 Guide to Creating a Green Financial System. The main elements included in the concept comprise: 1) pilot areas of green financing, 2) green loans, 3) green funds and public-private partnerships; 4) green securities; 5) green insurance; 6) environmental credit trading; 7) environ-mental risks. The European Union also strives to be a global leader in the fight against climate change. A number of EU regulations and directives regulate various aspects of green financing. On December 11, 2019, the European Commission introduced the European Green Deal, a new concept for economic growth aimed at making Europe the first climate neutral continent. The most ambitious draft of this program is the development of a pan-European climate law (climate code), a draft of which is due in March 2020. Russia is still lagging behind world leaders on the regulatory regulation of green financing, but the first steps in this direction have already been taken. The study was prepared with the financial support of the Russian Federal Property Fund in the framework of the scientific project No. 20-011-00270 "а" (Scientific adviser - E.E. Frolova).


About the authors

Elena P. Ermakova

Peoples’ Friendship University of Russia

Author for correspondence.
Email: ermakova_ep@rudn.ru
6 Miklukho-Maklaya str., 117198, Moscow, Russian Federation

Candidate of Legal Science, Associate Professor, Associate Professor of the Department of Civil Law and Procedural Law and Private International Law, Law Institute

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