Abstract

Abstract

Offshore oil and gas operations carry a high risk of explosions, which can be efficiently prevented in many cases. The two most used approaches for prevention are: (1) the “International Electrotechnical Commission System for Certification to Standards Relating to Equipment for Use in Explosive Atmospheres” (IECEx) and (2) European “Atmosphere Explosible” (ATEX) schemes. The main shortcoming for the IECEx scheme is in the fact that it does not cover nonelectrical equipment, while for the ATEX scheme, it is due to the allowed self-certification for a certain category of equipment in areas with a low probability of explosions, as well as the fact that it explicitly excludes mobile offshore drilling units from its scope. An advantage of the IECEx scheme is that it is prescribed by the US Coast Guard for protection against explosions on foreign mobile offshore drilling units, which intend to work on the US continental shelf but have never operated there before, with an additional requirement that the certificates should be obtained through a US-based Certified Body (ExCB). Therefore, to avoid bureaucratic obstacles and to be allowed to operate with minimized additional costs both in the US and the EU/EEA’s offshore jurisdictions (and very possibly worldwide), all mobile offshore drilling units should be certified preferably as required by the US Coast Guard.

Abstract

The paper analyzes the regulation of the green finance market in Russia and in the world, and also formulates proposals for the development of regulation in order to improve Russian mechanisms for sustainable (including green) development and harmonize the Russian approach to such regulation with international approaches. The relevance of the work lies in the need to develop regulation of the market for sustainable (including green) financing in Russia, taking into account the growth in the size of the global market, as well as the development of such regulation in foreign countries. The object of the research is the regulation of the market for sustainable (including green) financing in Russia and in the world. The purpose of the study is to formulate proposals for regulating the market for sustainable (including green) financing in Russia in order to improve Russian mechanisms for sustainable (including green) development and harmonize the Russian approach to such regulation with international approaches. Based on the study, the following results were obtained: an analysis was made of the approaches of foreign countries and international organizations in the field of regulation of green finance; an analysis of the regulation of green finance in Russia was carried out, inconsistencies between Russian practices of such regulation and international ones were identified. In addition, the risks that such a discrepancy creates were described; proposals for the development of market regulation in Russia were formed, taking into account the best international practices. The practical significance of the work lies in the possibility of using its results for the development of regulatory legal acts aimed at developing the regulation of the market for sustainable (including green) financing in Russia.