JOURNAL OF REGIONAL AND INTERNATIONAL COMPETITIVENESS JOURNAL OF REGIONAL AND INTERNATIONAL COMPETITIVENESS Журнал региональной и международной конкурентоспособности 2782-1927 106048 10.52957/2782-1927-2025-6-3-27-36 NATIONAL COMPETITIVENESS NATIONAL COMPETITIVENESS NATIONAL COMPETITIVENESS The economics of sustainable finance: a comparative analysis of regulatory models for green financial instruments in the jurisdictions of EU, USA, China, and Russia Экономика устойчивого финансирования: сравнительный анализ регуляторных моделей «зелёных» финансовых инструментов в ключевых юрисдикциях (ЕС, США, Китай, Россия) Ковтуненко Марина Георгиевна Kovtunenko Marina Georgievna dimarin@list.ru

кандидат экономических наук;

candidate of economic sciences;

 Коломыцев Арсений Александрович Kolomytsev Arseny Aleksandrovich a.a.kolomitsev@mail.ru Болгов Игорь Васильевич Bolgov Igor Vasilyevich Bolig318@mail.ru Кубанский государственный технологический университет Krasnodar Россия Kuban State University of Technology Krasnodar Russian Federation ФГБОУ ВО Кубанский государственный аграрный университет имени И.Т. Трубилина Krasnodar Россия Kuban State Agrarian University named after I.T. Trubilin Krasnodar Russian Federation 10 09 2025 10 09 2025 6 3 27 36 23 05 2025 26 06 2025 https://jraic.com/en/nauka/article/106048/view

В условиях глобальных изменений финансовой системы, вызванных климатическими угрозами и углеродным регулированием, рынок зелёных облигаций становится ключевым индикатором перехода к посткарбонной экономике. Актуальность исследования обусловлена ростом зелёного финансирования и кризисом доверия из-за фрагментарности регуляторных рамок, несогласованности таксономий и практик «зелёного омывания», что угрожает устойчивости экосистемы финансирования. Цель – сравнительный анализ регуляторных моделей в ЕС, США и Китае с диагностикой институциональных проблем в России и развивающихся странах. Задачи: (1) анализ нормативной базы, (2) связь между жёсткостью регулирования и стоимостью капитала, (3) оценка механизмов верификации и раскрытия, (4) разработка интегральной модели зрелости регулирования (IRMR), (5) рекомендации по адаптации международного опыта. Методология включает системный и сравнительный анализ, кейс-стади, экспертное шкалирование и уникальные коэффициенты. Результаты показывают, что жёсткое регулирование (ЕС) обеспечивает прозрачность, но снижает гибкость; рыночная автономия (США) стимулирует инновации, но увеличивает информационную асимметрию; централизованное стимулирование (Китай) мобилизует ресурсы, но снижает подотчётность. Для России выявлены критические институциональные дефициты: низкий индекс регуляторной зрелости (IRMR = 0,48), фрагментарная верификационная инфраструктура с коэффициентом независимости 0,31, слабая интеграция с международными стандартами (0,46) и недостаточность фискальных стимулов. Российский рынок зелёных облигаций нуждается в комплексной модернизации регуляторной архитектуры, включающей гармонизацию национальной таксономии, создание независимой системы верификации и активизацию участия в глобальных инициативах устойчивого финансирования. Практическая значимость – стратегия развития российского рынка зелёных облигаций. Научная новизна – экспериментальная модель зрелости с нелинейными весами и выявление парадокса: высокая формальная зрелость повышает транзакционные издержки, создавая обратную связь между легитимностью и доступностью. Работа вносит вклад в институциональную экономику, теорию информационной асимметрии и политическую экономию устойчивого финансирования.

Recent climate threats and carbon regulation provide the global transformations of the financial system. Therefore, the green bond market is becoming a key indicator of the transition to a post-carbon economy. Consequently, the growth of green financing and a concurrent crisis of trust determine the relevance of the research. Those occurred as a result of fragmented regulatory frameworks, inconsistent taxonomies, and practices of greenwashing. Moreover, they threaten the resilience of the financing ecosystem. The objective of the research is a comparative analysis of regulatory models in the EU, USA, and China, as well as a diagnosis of institutional challenges in Russia and other developing economies. The research purposes are as follows: (1) analysis of the regulatory base; (2) examining the relationships between regulatory stringency and the cost of capital; (3) assessment of verification and disclosure mechanisms; (4) development of an Integral Regulatory Maturity Rating (IRMR) model; (5) recommendations for the adaptation of international best practices. The methodology involves systems and comparative analysis, case studies, expert scaling, and unique coefficients. According to the research results, stringent regulation (EU) ensures transparency but reduces flexibility; market autonomy (USA) stimulates innovation but increases information asymmetry; and centralised incentivisation (China) mobilises resources but diminishes accountability. The following critical institutional deficits were identified for Russia: a low regulatory maturity index (IRMR = 0.48), a fragmented verification infrastructure with an independence coefficient of 0.31, weak integration with international standards (0.46), and insufficient fiscal incentives. The Russian green bond market requires a comprehensive modernisation of its regulatory structure, including harmonisation of the national taxonomy, the establishment of an independent verification system, and more active participation in global sustainable finance initiatives. The practical significance of the work is in proposed development strategy for the Russian green bond market. The scientific novelty consists in an experimental maturity model with non-linear weights and the identification of a paradox: high formal maturity increases transaction costs, forming an inverse relationship between legitimacy and affordability. This research contributes to institutional economics, the theory of information asymmetry, and the political economy of sustainable finance.

 зеленые облигации; таксономия устойчивого финансирования; регуляторная зрелость; верификация ESG; институциональная дисфункция green bonds; sustainable finance taxonomy; regulatory maturity; ESG verification; institutional dysfunction

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