Key participants in financing climate-relevant activities: Government support and market financing

Aim. The work aimed to create a systemic notion of the measures and activities taken by the country to generate a climate finance flow. Objectives. The work seeks to study the statistics of strategic decisions that reveal the key elements of the national development trajectory being created, characterized by low carbon emissions and resilience to climate change; to analyze the process of regulating climate-relevant activities with an emphasis on the conditions for their financing; to compile a map of the main participants in financing initiatives to combat climate change. Methods. The authors analyzed state strategic planning documents. The analysis of decrees of the President of Russia was supplemented by an analysis of documents developed by the Government of the Russian Federation, a number of ministries and departments. Results. The work presents the state policy framework establishing the boundaries of state participation in creating economic conditions that ensure the formation of financing flows in economic modernization projects on a new technological basis (low-carbon technologies). It also provides an assessment of the role of key economic participants, taking into account their relationship to national goals and priorities. Conclusions. Climate-related projects are financed from both the state budget and private capital. State support is intended to complement business’s own investments and attracted market financing, but not to become the main flow of climate financing. In Russia, a regulatory framework has been created that forms the climate financing segment of the national financial market. The question of the effectiveness of the implemented policy to stimulate demand for climate financing and the ability of the Russian economy to meet the demand for a new type of financial instruments remains open.