ecpolicyЭкономическая политикаEconomic Policy1994-51242411-2658Economic Policy10.18288/1994-5124-2023-4-78-107ecpolicy-27Research ArticleУСТОЙЧИВОЕ РАЗВИТИЕSUSTAINABLE DEVELOPMENTУстойчивые финансовые инструменты: современное состояние и перспективы развитияSustainable Financial Instruments: Their Current State and Prospectshttps://orcid.org/0000-0002-6132-6632КлючниковИ. К.KlyuchnikovI. K.

Игорь Константинович Ключников, доктор экономических наук, профессор

191023, Санкт-Петербург, Невский пр., 60

Igor K. Klyuchnikov, Dr. Sci. (Econ.), Professor

60, Nevskiy pr., Saint Petersburg, 191023

igorkl@list.ruhttps://orcid.org/0000-0003-1044-7706СиговаМ. В.SigovaM. V.

Мария Викторовна Сигова, доктор экономических наук, профессор, ректор

191023, Санкт-Петербург, Невский пр., 60

Maria V. Sigova, Dr. Sci. (Econ.), Professor, Rector

60, Nevskiy pr., Saint Petersburg, 191023

ibispb@ibispb.ruhttps://orcid.org/0009-0002-9128-0994КлючниковО. И.KlyuchnikovO. I.

Олег Игоревич Ключников, кандидат экономических наук, доцент

191023, Санкт-Петербург, Невский пр., 60

Oleg I. Klyuchnikov, Cand. Sci. (Econ.), Associate Professor

60, Nevskiy pr., Saint Petersburg, 191023

okey003@mail.ruМеждународный банковский институт им. Анатолия СобчакаРоссияAnatoliy Sobchak International Banking InstituteRussian Federation20232808202318478107Copyright © Ключников И.К., Сигова М.В., Ключников О.И., 20232023Ключников И.К., Сигова М.В., Ключников О.И.Klyuchnikov I.K., Sigova M.V., Klyuchnikov O.I.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.ecpolicy.ru/jour/article/view/27

Инструменты устойчивого экономического развития получили быстрое распространение на финансовых рынках и прочно внедрились в хозяйственный оборот и систему кредитно-финансового регулирования. Учет ESG-принципов в хозяйственной деятельности позволяет подключать компании к решению экологических, социальных и управленческих задач, а также включать эти принципы в инструменты, призванные привлекать и распределять ресурсы для устойчивого развития. В ходе становления устойчивых финансовых инструментов меняется практика их регистрации, учета и листинга, что связано с инкорпорацией их в управление хозяйством как на микро-, так и на макроуровнях. Одновременно происходит концептуализация и теоретическое осмысление новых инструментов в системе устойчивого экономического развития. В статье проведена систематизация представлений об устойчивых финансовых инструментах, а также уточнено их место в финансировании ESG-перехода и развитии финансового рынка. Рассмотрена эволюция устойчивых финансовых инструментов, раскрыты их сущность и роль в инвестиционных решениях, проанализированы наиболее значимые аспекты, характеризующие их влияние на хозяйство и финансовый рынок, дана оценка готовности финансового сектора к их развитию. Выдвинуты три исследовательские гипотезы: субъекты экономики успешно адаптируются к новой концепции устойчивого финансирования; повышенная сложность и трудоемкость подготовки новых инструментов частично компенсируется их стандартизацией, а также упрощенной схемой обращения, обслуживания и надзора; инструменты устойчивого развития, такие как зеленые облигации, социальные облигации, облигации устойчивого развития, облигации, связанные с устойчивостью, и облигации переходного периода, способствуют переоценке системы рыночной эффективности и рациональности рыночных участников.

Instruments aimed at sustainable economic development have become widespread in financial markets and are firmly embedded in economic transactions and the system of credit and financial regulation. Incorporating ESG principles into economic activity enables companies to be involved in solving environmental, social and managerial challenges as well as to promote these principles by means of instruments designed to attract and allocate resources that advance sustainable development. As stable financial instruments for these purposes are developed and absorbed into both micro and macro management of the economy, the practices that govern their registration, accounting and listing on exchanges are changing in turn. A parallel process of conceptualizing and reaching theoretical understanding of these new instruments for encouraging sustainable economic development is also underway. Systematic concepts applicable to sustainable financial instruments have been developed, and the role of these instruments in financing ESG transition and development of the financial market has been clarified. The article examines the evolution of sustainable financial instruments, identifies their essential features and role in investment decisions, analyzes the most significant ways they impact the economy and financial markets, and assesses how prepared the financial sector is for their development. Three research hypotheses are put forward. First, economic entities are successfully adapting to the new concept of sustainable financing. Second, the increased inherent complexity of the new instruments and effort needed to prepare them is partially offset by their standardization, as well as by a simplified scheme for their circulation, maintenance and supervision. And third, sustainable development instruments such as green bonds, social bonds, sustainable development bonds, sustainability-related bonds and transitional period bonds contribute to a reassessment of market efficiency and the rationality of market participants.

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The authors declare that there are no conflicts of interest present.