ECOLOGIZATION OF FINANCIAL INDUSTRY IN CONDITIONS OF GLOBAL INSTABILITY AND ENSURING SUSTAINABLE DEVELOPMENT

Abstract

Article is aimed at studying the impact of the ESG concept on ensuring financial stability, including an analysis of world experience and measures taken by state authorities for the development of financial industry. For the transition to ESG principles, it seems necessary: firstly, to define ESG-concept; secondly, to identify its impact on the financial and economic system; thirdly, to note the role of the state in greening of financial industry. Information basis of article is the results of a study on development of financial stability and ESG-principles of International Monetary Fund, data from the information and analytical review of the Association of Banks of Russia, rating agencies, analysis and forecasts of ministries and Central Bank, as well as leading economists and financiers. Analysis showed the relevance of development of financial system in terms of environmental friendliness, need for transition of Russian economy to social and environmental principles, importance of state support and development of legislation, as well as prerequisites for establishing financial stability within ESG-concept, international experience is described. Study structured the basic components of ESG-factors for each of ESGparameters to assess the degree of implementation and effectiveness of ESG-policy.