Esg-banking in russia and the european union: Concept and problems of legal regulation

The article presents the author's view of the current situation with the regulation of ESG-banking in Russia and the European Union. According to the author, the ESG-banking business model is the conduct of banking business in accordance with the sustainable development standards enshrined in the UN. At the national level, ESG-banking must comply with taxonomy parameters. Taxonomy provides for the identification and classification of phenomena and processes to assess the results of ESG-banking. The author came to the following conclusions: 1) there is currently no established international practice in regulating ESG issues: the problem is not a lack of existing standards or frameworks, but the absence of a universal standard; 2) in 2020, documents regulating ESG-banking were published in Russia and the European Union: in the Russian Federation – Recommendations for the implementation of the principles of responsible investment dated 15.07.2020 and Regulation on securities issue standards No. 706-P of the Bank of Russia; as well as Methodological recommendations on green financing from 13.07.2020 “VEB.RF”; in the European Union – the EU Taxonomy Regulation dated 18.06.2020, as well as the ECB's Climate and Environmental Risk Guidelines dated 27.11.2020; 3) the adoption of the Federal Law “On Environmental Audit and Environmental Auditing”, developed by the Ministry of Natural Resources and Environment of the Russian Federation, would contribute to the improvement of the implementation of “green” projects in Russia. © 2021.