The Role of Green Financial Institutions in the Development of Responsible Business Management in Russia and Central Asia

Abstract

The research aims to determine the role of green financial institutions in developing responsible business management in Russia and Central Asia. With reference to the official international statistics from the Global Green Growth Institute, the authors identified the level and correlation of manifestations of responsible business management with the effectiveness of green financial institutions in Russia and Central Asia. The main conclusion drawn from the conducted research is that the role of green financial institutions in the development of responsible business management in Russia and Central Asia lies in ensuring the growth of ecological responsibility in international trade through green exports and imports, as well as in increasing the activity of implementing green innovations for environmental protection. The contribution of this research to the literature lies in advancing scientific propositions within the concept of responsible business management by refining the influence of green financial institutions on the development of responsible business management in Russia and other Central Asian countries. The theoretical significance of the author’s findings lies in the examination of the unique experience of Russia and Central Asian countries in the field of responsible business management, as well as in the reevaluation of green financial institutions through the lens of Sustainable Development Goals (SDGs). The practical significance of this research lies in the fact that the disclosed perspective on the development of responsible business management enables the enhancement of green financial institutions in Russia and other Central Asian countries in the Decade of Action.