Institutional structure formation of the global green finance market

The article studies the strategic directions of the Eurasian Development Bank as an important element of the institutional structure of the global green finance market.
The current differentiated global structure of green finance market institutions has been shown, and the substantive focus of organisations at two levels of the institutional structure of this market has been shown. A statistical overview of green finance institutions by country, region, type and financial instruments used has been made. The role of multilateral development banks in the structure of such institutions has been shown. The need for the formation of institutions in the green financial market segment as a necessary element of green finance has been substantiated.
The structure of institutions on two levels has been given: 1) subjects – participants of the green bond market; 2) a set of institutions developing and shaping the methodology for green financial instruments assessment, standards, taxonomy, ratings. Using the global green bond market as an example, up-to-date statistics and analysis of the broader composition of issuers of green financial instruments by country, world region, sovereign and corporate participants, and development institutions have been presented. Emphasis has been placed on public issuers and the participation of multilateral development institutions in financing green economy projects in various countries. The experience of Eurasian Economic Union countries in developing green finance has been summarised and the prospects for Russia and Kazakhstan in the green finance movement have been noted.
The institutions of the differentiated structure of the global green finance market identified in the study have been grouped into two levels depending on the profile of their participation in the green economy; the directions and tools for the prospective development of the Eurasian Development Bank’s green finance activities have been defined; recommendations for prospective aspects of the methodological and analytical activities of the bank in the context of the Eurasian Development Bank Strategy 2022–2026 have been proposed.
The study applied an analysis of scientific literature in the field of institutional theory, green economy and green finance, statistical, comparative, factual analysis, review and analysis of information from official websites of international development institutions, government and corporate entities, international rating agencies included in the architecture of the global green finance market.

1. Arkhipova V.V. (2017), “Green finance” as recipe for solving global problems”, HSE Economic Journal, vol. 21, no. 2, pp. 312–332. (In Russian).

2. Bogacheva O., and Smorodinov O. (2017), “Challenges to Green Finance in G20 countries”, Mirovaya ekonomika i mezhdunarodnye otnosheniya, vol. 61, no. 10, pp. 16–24. (In Russian). https://doi.org/10.20542/0131-2227-2017-61-10-16-24

3. Degtyareva I.V., and Maryina A.V. (2010), “The development of the Russian stock market institutional structure”, Finance and Credit, vol. 16, no. 1 (385), pp. 2–9 (In Russian).

4. Dolganov A.V., and Dolganova N.A. (2010), “On development of the Green Finance System in the Russian Federation”, Rossiya: tendentsii i perspektivy razvitiya (yearbook), Proceedings of the XX National Scientific Conference with International Participation “Modernisation of Russia: Priorities, Problems, Solutions”, Moscow, December 14–15, 2020, no. 16, pp. 315–318 (In Russian).

5. Ermakova E. P. (2021), “National Green Finance Standard in Russia 2020 – a breakthrough in green finance regulations”, RUDN Journal of Law, vol. 25, no. 2, pp. 562–581. (In Russian). https://doi.org/10.22363/2313-2337-2021-25-2-562-581

6. Ivanitsky V.P. and Petrenko L.D. (2020), “Development of responsible investment within the concept ofsustainable finance”, Journal of New Economy, vol. 21, no. 4, pp. 63–78. (In Russian). https://doi.org/10.29141/2658-5081-2020-21-4-63-78

7. Fedorova E.P. (2020), “Role of the state in the resolution green finance development issues”, Financial Journal, vol. 12, no. 4, pp. 37–51. (In Russian). https://doi.org/10.31107/2075-1990-2020-4-37-51

8. Georgeson L., Maslin M., and Poessinouw M. (2017), “The global green economy: a review of concepts, definitions, measurement methodologies and their interactions”, Geo: Geography and Environment, vol. 4, no. 1, pp. 1–23. https://doi.org/10.1002/geo2.36

9. Khmyz O.V. (2019), “International experience of “Green Bond Issue”, Еkonomika. Nalogi. Pravo [Economics, taxes & law], vol. 12, no. 5, pp. 132–141. (In Russian). https://doi.org/10.26794/1999-849X-2019-12-5-132-141

10. Larionova M.V. (2020), “Saving the SDGs? Strengthening partnership for achieving SDGs in the post-Covid-19 digital world”, International Organizations Research Journal, vol. 15, no. 4, pp. 163–188. (In Russian). https://doi.org/10.17323/1996-7845-2020-04-08

11. Liang H. and Renneboog L. (2020), “The global sustainability footprint ofsovereign wealth funds”, Oxford Review of Economic Policy, vol. 36, issue 2, summer, pp. 380–426. https://doi.org/10.1093/oxrep/graa010

12. Panova S.A. (2020), “Trends and prospects for the development of the green bonds market”, Finansovye rynki i banki, no. 6, pp. 39–42. (In Russian).

13. Tolliver C., Fujii H., Keeley A. R., and Managi S. (2020), Green innovation and finance in Asia, Asian Economic Policy Review, vol. 16, no. 11, pp. 67–87. https://doi.org/10.1111/aepr.12320

14. Wurf H. (2017), “Promoting infrastructure investment: The G20 and the multilateral development banks”, International Organisations Research Journal, vol. 12, no. 3, pp. 230–241. (In Russian). https://doi.org/10.17323/1996-7845-2017-03-230