Developing green business and green financing in the context of transition to sustainable economy: a comparative analysis of Kazakhstan and Russia

In the context of the global transition to sustainable economy, green financing mechanisms development and support for environmentally oriented businesses are of particular importance. Modern economic systems face the need to combine economic growth with environmental sustainability, which enhances the role of financial instruments aimed at supporting environmental projects and initiatives. The purpose of the study is to analyze the features of the development of green business and the green financing system in Kazakhstan and Russia, as well as to identify key trends and issues in sustainable financial mechanisms formation in the context of environmental transformation of the economies.

The theoretical foundations of green financing have been considered, and national sustainable development strategies have been analyzed, as well as tools for supporting environmental projects, including green bonds, government incentive programs, and financial mechanisms for sustainable investment. Special attention has been paid to the comparative analysis of the institutional conditions for developing green financing in Kazakhstan and Russia, the role of government institutions, the banking sector, and international organizations.

The methodological basis of the research includes comparative, systematic, and statistical analysis, as well as a generalization of scientific approaches to green economy development. The key directions of green financing development in the countries under consideration have been identified, as well as the main barriers preventing the more active implementation of environmentally oriented financial instruments.

The obtained research results allow us to conclude that the further development of green business and the green financing tools expansion are important conditions for forming sustainable economy and improving the environmental efficiency of economic development.

The practical significance of the research lies in the possibility of using its results when developing state policy in the directions of sustainable development and environmentally oriented financial mechanisms.

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