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.

Abstract

This paper presents a methodology for a financial and sustainable valuation of business forest management that also allows to improve the incentives to enhance public policies for prevention and conservation, with the case study of the Catalan Aleppo pine forests.

Every summer and more recently due to the long drought, the situation of Catalan forests is news, with criticism for the results of public policies and the abandonment or bad exploitation of forests because there is a low proportion of this 41% of the Catalan area planned or certified for both environmental and economic sustainability, despite its economic and political importance.

A paradigmatic case could be the Aleppo pine forests, one of the most representative of Catalonia, both for being a Mediterranean variety and for its extension, since it spreads easily through the open areas and its pyrophilic characteristic makes the fire also facilitates its "colonization". It is a type of forest that tends to be unmanaged and unexploited, despite its representativeness (almost 30% of the Catalan private forest area), although there are studies to help the sustainable management of these forests (Beltrán et al., 2011) and detected its potential benefit (Melo et al., 2017; and ICEA, 2019). However, the economic conclusions of these studies and the private maximization of public subsidies have led to a preference for non-exploitation, with perverse effects on fire prevention policies and protection and conservation of mature forests.  However, with a broader view, especially from a financial analysis perspective (Ceballos and Perramon, 2021), it is possible to show both the economic viability of its business management, not only in contexts of very favorable prices, as well as the improvement of the effectiveness of public policies with stimuli is feasible if it is not based on the concept of immediate economic utility and other elements linked to sustainable finance are taken into account (Begemann, 2023). However, the results could be more ambitious in the recommendations of public instruments if there were a greater detail of the type of private forest owners in Catalonia as in other European cases (Ficko et al., 2019).

Abstract

Los préstamos vinculados a la sostenibilidad (en inglés Sustainability-linked Loans - SLLs), son un instrumento financiero que acompaña el desempeño de características de sostenibilidad de las empresas, vinculando las tasas de interés a los objetivos propuestos de sostenibilidad.

Según Pohl et al. (2023), los SLLs se han disparado en importancia recientemente. En 2021, se convirtieron en el mayor tipo de deuda corporativa que incluye una característica sostenible, recaudando USD 735 mil millones a nivel mundial.”

En España[1] en 2023, el mercado de financiación sostenible continuó creciendo y alcanzó los 60.788 millones de euros. Después de algunos años de crecimiento con dobles dígitos, esta cifra representa un crecimiento de solo un 1% con relación al año anterior de 2022. A nivel global se asiste a una tendencia de estabilización de la emisión de este instrumento financiero.

Tabela 1. Evolución de los SLLs al nivel global entre 2017 y 2024 (datos incompletos, solo hasta Marzo de 2024). Fuente: Ministerio del Medioambiente de Japón.

¿Cuáles son las razones porque los SLL han crecido tanto y ahora hayan entrado posiblemente en una fase de estabilización? ¿Existe el riesgo de que no sea una fase de estabilización, pero sí de decrecimiento? Las incertidumbres hacia el futuro de este instrumento financiero subrayan la importancia de analizar qué riesgos se están pasando por alto y qué oportunidades se están perdiendo.

Los SSLs son una oportunidad tanto para las entidades prestamistas como para los inversores de forma general. Autores como Auzepy et al. (2023) no encuentran indicaciones de que los mercados reaccionen de forma positiva a la emisión de los SSLs, pero Torsteinsen & Englund (2022) defienden que la transparencia asociada a este tipo de préstamos, así como el compromiso de los prestatarios con las cuestiones ASG (Ambientales, Sociales y Gobernanza), hace que los accionistas valoren este tipo de instrumento financiero. Estos instrumentos también tienen un valor añadido para las instituciones financieras, porque según Liu et al. (2023) hay una relación negativa entre los SLLs y los prestamos morosos. Los SLLs también presentan otra oportunidad para las instituciones financieras, según los datos analizados por Huang et al. (2024), ya que muchos bancos utilizan esta herramienta para mejorar su reputación ASG.

¿Pero será que también son una oportunidad para los prestatarios? ¿La mejoría que estos préstamos impulsan en las organizaciones es real? ¿O es una trayectoria que ya existe independente de estos préstamos, como lo afirman Torsteinsen & Englund (2022)? ¿Y las ventajas al nivel de las tasas de interés que los bancos permiten, son realmente impulsoras de cambio hacia la sostenibilidad? Si los costes de incorporar el cambio sostenible en las organizaciones son muy superiores a los beneficios de un préstamo asociado a los SSL, en ese caso será complicado que este instrumento financiero impulse el cambio sostenible por sí solo.

Son estas cuestiones las que exigen un equilibrio delicado entre las oportunidades y riesgos de los SLLs, que presentan un reto para el futuro sostenible, y que esta presentación pretende desarrollar. 

Abstract

This paper presents a methodology for a financial and sustainable valuation of business forest management that also allows to improve the incentives to enhance public policies for prevention and conservation, with the case study of the Catalan Aleppo pine forests.

Every summer and more recently due to the long drought, the situation of Catalan forests is news, with criticism for the results of public policies and the abandonment or bad exploitation of forests because there is a low proportion of this 41% of the Catalan area planned or certified for both environmental and economic sustainability, despite its economic and political importance.

A paradigmatic case could be the Aleppo pine forests, one of the most representative of Catalonia, both for being a Mediterranean variety and for its extension, since it spreads easily through the open areas and its pyrophilic characteristic makes the fire also facilitates its "colonization". It is a type of forest that tends to be unmanaged and unexploited, despite its representativeness (almost 30% of the Catalan private forest area), although there are studies to help the sustainable management of these forests (Beltrán et al., 2011) and detected its potential benefit (Melo et al., 2017; and ICEA, 2019). However, the economic conclusions of these studies and the private maximization of public subsidies have led to a preference for non-exploitation, with perverse effects on fire prevention policies and protection and conservation of mature forests. However, with a broader view, especially from a financial analysis perspective (Ceballos and Perramon, 2021), it is possible to show both the economic viability of its business management, not only in contexts of very favorable prices, as well as the improvement of the effectiveness of public policies with stimuli is feasible if it is not based on the concept of immediate economic utility and other elements linked to sustainable finance are taken into account (Begemann, 2023). However, the results could be more ambitious in the recommendations of public instruments if there were a greater detail of the type of private forest owners in Catalonia as in other European cases (Ficko et al., 2019).