Stimulating the Development of Responsible Management and Green Business in Smart Regions of Russia to Support the Reduction of the Environmental Footprint of the Economy

Abstract

The research aims to determine the consequences of the development of smart regions in Russia for the environmental footprint of the economy and develop recommendations for stimulating responsible management and green business in these regions to support the reduction of their environmental footprint. To achieve this, the authors employed regression analysis to assess the impact of the emergence of smart regions on environmental conservation efforts, the greening of industrial production, and the implementation of socio-environmental initiatives in Russian regions. The study is based on the experiences of the top 15 smart regions in Russia in 2022. The findings demonstrate that the development of smart regions does not lead to an increase but rather contributes to a reduction in the environmental footprint of the economy. On this basis, the authors conclude that the development of smart regions is expedient for reducing the environmental footprint of the economy in Russia and emphasize the importance of stimulating responsible management and green business development in these regions. The scientific novelty of the author’s conclusions lies in their elucidation of the causal links between the development of smart regions and Russia’s economic environmental footprint. The theoretical significance of this research is expressed in the reevaluation of the consequences of digitalization for the environment from a regional perspective, thereby establishing a scientific and methodological basis for applying a meso-level approach to studying the environmental footprint of the economy. The regional focus on studying the environmental footprint presented in the research will enable a more precise determination of the environmental consequences of digitization and their minimization, thereby supporting green economic growth. The practical significance of this research is justified by the perspective it presents on the development of responsible management and green business in smart regions of Russia, as well as the proposed recommendations for stimulating their development. These insights can be utilized in the formulation of strategies for green economic growth in smart regions of Russia.