Name of the competition within which the project is being implemented: Announcement of a call for grant funding for scientific and (or) scientific and technical projects for 2020-2022 with a implementation period of 27 months

The project manager is Yevgeniy V. Varavin, associate professor of the School of Business and Entrepreneurship, Candidate of Economic Sciences, Associate Professor.

Identifiers: (Scopus Author ID: 56658397100 https://www.scopus.com/authid/detail.uri?authorId=56658671400; Web of Science Researcher ID: AAQ-9412-2020 https://publons.com/researcher/3709029/yevgeniy-varavin/; ORCID ID: https://orcid.org/0000-0002-7257-9213).

Project Research Team

Project abstract

Development science-based practical recommendations on the development of an effective ecosystem of financial support for environmentally responsible investments in Kazakhstan based on the study of foreign experience of development of green finance and ESG-investments, exploring opportunities, institutional and market factors for green financial resources mobilization

The purpose of this study is to help solve the problem of insufficient attraction of financial resources in order to finance eco-projects for sustainable development. Since the green finance ecosystem combines elements of various areas of regulation and representation of the interests of different target audiences, it needs a general methodological support that ensures the development and dissemination of common approaches, criteria and development rules, as well as process efficiency measurement tools, their stimulation and support.

The recommendations will be based on the results of studying international experience in implementing the concept of ESG-investments and green finance, as well as research on the functioning of the main segments of green finance in the global financial system.

The issues of functioning of the “green finance” ecosystem in the global and interregional financial system, the practice of implementing eco-projects in Kazakhstan, and directions for improving the state policy in the field of “green finance” development will be investigated.

Comprehensive use of the results of the research will give an impetus to the development of the financial market in general and the system of "green finance" in particular, will serve as a driver of economic growth. In the future, it is expected to achieve the effect of double benefits – the expansion of opportunities for accumulating financial resources for the implementation of eco-projects and the diversification and "greening" of industrial production.

Target consumers of the results will be state institutions of power and governance - to solve the problems of development of the "green" financing system in Kazakhstan, ministries and departments for choosing the optimal ways of forming and implementing financial policies for the purposes of developing a "green" economy, heads of local government units with the formation and implementation of national and regional "green" investment programs, in the selection and implementation of specific eco-projects.

Expected and achieved results of the project