The article presents the key provisions of the developed model of financial incentives for innovation activity for companies in the industrial sector. The subject of the study is economic relations formed in the process of financial incentives for innovation activity of industrial companies. The aim of the study is to present the authors’ model of financial incentives for innovation activity in the industrial sector, as well as to evaluate its effectiveness using forecasting methods. The relevance of the study is due to the existence in modern conditions of significant obstacles to financial incentives for innovation in the industrial sector: the lack of equity capital of companies, sufficiently high costs for the implementation of innovation projects, the existence of financial risk of loss of solvency by the company, as well as a lack of budget financing of innovation and state material support. The novelty of the research consists in the development of a model of financial incentives for innovation, which could be used in practice by companies operating in the industrial sector in order to increase production potential through the implementation of innovation and R&D projects. The authors apply the following methods: statistical analysis, correlation and regression analysis, forecasting, scenario analysis and construction of the trend of the GDP of the Russian Federation. Results: the authors define the structure of the modern model of financial incentives for innovation activity for industrial companies, evaluate its effectiveness using the interdependencies between the GDP of the Russian Federation and key parameters reflecting the increase in innovation activities of Russian entrepreneurship. Statistical data for forecasting the GDP of the Russian Federation were collected for the period 2010–2021. The authors conclude that the most effective scenario for the Russian innovation economy is the practical use of the developed model of financial incentives for innovation activity in highly active and mediumactive companies.

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The article presents the study of the problem of stimulating the Russia federal budget financing. The authors study innovation in taxation legislation including deoffshorization, the stages of its implementation, structure, current state and the results achieved. The topicality of studying this government approved activity is justified by significant financial outflow abroad. The national measures of fighting offshores are adduced in the article. Russia has joined international conventions on cooperation in taxation and fight against tax evasion. Moreover, in 2018 the country implemented the OECD system for mutual data exchange on foreign accounts, property and assets, that is, the standard of automated exchange of financial information called the Common Reporting Standard. The analysis conducted by the authors proves the hypothesis about shifting priorities of private companies towards huge dividend payments instead of investments in development of their own business and the whole industry. Big private companies being the core of economy are interested in preserving offshore locations with preferential taxation terms. Major threats the government faced were connected with loss of control over strategic assets in fuel and energy complex, metallurgy, machine engineering, defense production and, consequently, with failure to administer the economy. In this situation, the government faces a complicated task of controlling the use of offshore locations and present alternative and perspective options for private business. The initiated deoffshorization should become the starting point for the development of different financial instruments and mechanisms on stimulating investment in federal budget. The authors study the probable tool aimed at maintaining the process of additional financing of the state budget. Modernization of reporting and introduction of additional progressive allowances to the existing taxation can become such an instrument.

Optimization of financing for the implementation of technological progress is advisable due to the introduction of lean production tools. The complex application of these methods is due to the lack of a common system of meth-ods for organizing the implementation of lean production in the conditions of transformational changes brought by the use of high-tech technologies. The product, in the industries considered, is collective, and this is a consequence of the task of distributing responsibility in the production chain.

The article deals with the potential financial risks for Russia, devoted to the crossborder carbon regulation in the EU and its impact on the metallurgical industry. Due to the imposed economic sanctions and the refusal of a number of Western countries to cooperate with Russia the companies involved in the metallurgical sector are forced to transfer their export flows from the European markets to the Asian countries with China predominating. The authors conclude that in the short-term perspective the main tasks challenges for business will involve import substitution, search for the new sources of supply and restructuring of logistics chains. However, it is important to continue developing ESG principles, managing ecological risks and reducing carbon dioxide emissions in particular. Implementation of decarbonization strategy will let the business preserve the volumes of export and remain competitive in the international market where various incentives and mechanisms of decarbonization are formed. The authors analyses the relevance of climatic agenda in Russia: emergence of new financial tools, formation of ecological direction in the legislation as well as appropriate government support of the measures for improving environmental protection in terms of industrial enterprises’ activities. The authors point out that decarbonization of metallurgical sector requires developed partnership between business, state and ESG investors to provide the companies with access to external financing, modern domestic technology with the reduction of carbon payments in the future. In general, the article contains evaluation of the impact of financial tools, existing ESG principles and cross-border carbon regulation in terms of current development of the metallurgical industry.