Kuznetsova V.V., Larina O.I., Zemlyanskaya S.V. Sustainable Development: Standardization and Financing Prospects

Valentina  V.  Kuznetsova
Lomonosov Moscow State University, Moscow, Russian Federation
Olga I. Larina
State University of Management, Moscow, Russian Federation
Stella  V.  Zemlyanskaya
Volgograd State University, Volgograd, Russian Federation

Abstract. The urgency of unification of green finance in Russia is conditioned by the need to build a new business model in which its success is measured not only by profit but also by its contribution to the solution of the tasks set by the state, which in turn are conditioned by a complex set of internal and external factors related to economics, ecology, technological development, and integration into the global financial system. Without internationally recognized standards, Russian “green” projects and instruments will not be able to attract foreign investors, which limits their capitalization. Currently, Russia’s key partner countries (China, EAEU, and Asian countries) are actively developing their “green” classification and standardization systems. The implementation of joint projects requires the harmonization of standards. The purpose of the article is to suggest recommendations for the development of standards of financing sustainable development in Russia. The article provides an overview of the main international and Russian ESG (environmental, social, and governance)  standards. The  growing number  of cases  of mandatory  disclosure of  information  on  sustainable development and the use of this information by stakeholders to make investment decisions led to many questions about the accuracy and reliability of these companies. In some jurisdictions, the provision of a sustainability report or an ESG report is already mandatory. In other countries, many companies voluntarily respond to inquiries from investors, customers, regulators, employees, and other stakeholders about their green activities and commit to ensuring the accuracy of the information disclosed. Based on a systematic analysis of the stages and applied instruments of financing sustainable development, the authors presented a classification of green bonds. The classification approach developed by the author can find application in the standards of financing sustainable development in Russia. Authors’ contribution. V.V. Kuznetsova – country analysis of the development and formulation of international standards, classification of sustainable development financing instruments; O.I. Larina – analysis of Russian legal regulation of sustainable development, establishment of recommendations for the standardization of sustainable development financing in Russia; S.V. Zemlyanskaya – introduction, literature review, analysis of the current state of ESG transformation, formulation of conclusions.
Key words: financing sustainable development, evolution of sustainable development standards, green bonds, green agenda, ESG reporting, environmental bonds.
Citation. Kuznetsova V.V., Larina O.I., Zemlyanskaya S.V., 2026. Sustainable Development: Standardization and Financing Prospects. Regionalnaya ekonomika. Yug Rossii [Regional Economy. South of Russia], vol. 14, no. 2, pp. 134-148. (in Russian). DOI: https://doi.org/10.15688/re.volsu.2026.2.12

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