No abstract

Целью работы являлось исследование взаимосвязи экологических и экономических показателей регионов в динамике с помощью декаплинг-анализа. Проведенный анализ рейтингов инвестиционной привлекательности регионов, принципов социально-экологической оценки инвестиционных проектов показал, что в современной экономике учет воздействия экономической деятельности на окружающую среду стал основополагающим принципом хозяйственной деятельности. Результаты анализа экологических рисков принимаются во внимание инвесторами, общественностью, учитываются при оценке эффективности деятельности органов власти. Авторская позиция состоит в том, что при оценке рисков целесообразно учитывать не только абсолютные значения выборов загрязняющих веществ и их динамику, но и сравнивать их с динамикой изменения экономических показателей, характеризующих рост экономики. В работе авторами предложена методика оценки эколого-экономического риска регионов на основе углубленного декаплинганализа, которая позволяет выделить шесть качественно разных вариантов эколого-экономического состояния регионов и на этой основе присвоить рейтинг эколого-экономического риска региона. Методика была апробирована на примере 80 российских регионов. Разработанные методы и модели позволят оценивать усилия руководителей регионов и организаций, принимаемые для устойчивого развития территорий и компаний, и принимать во внимание результаты оценки при инвестиционных и финансовых решениях. Ключевые слова: устойчивое развитие, эколого-экономический риск регионов, финансово-инвестиционные решения

The purpose of the study was to develop a methodological toolkit for the substantiation of investment decisions on supporting regional environmental projects by state and private investors. The problem lies in the fact that traditional indicators of the efficiency of investment projects, such as net present value, budgetary efficiency, currently do not sufficiently meet the principles of sustainable economy, which underlie modern methodology for managerial decision making. The study of the opinions of investors shows their increasing willingness to take into account, when making investment decisions and decisions on financing projects, not only the economic efficiency, but also the impact of the results of companies’ activities on the environment and human health. At the same time, the question of how to take into account ESG factors (environment, social, governance) in the assessment of investment decisions remains controversial. The authors suggest a methodology that will contribute to the justification of management decisions regarding the support and stimulation of investment eco-projects. The method assumes a sequential passage of stages, at each stage the projects undergo an assessment procedure for compliance with the criteria that take into account the interests of various project stakeholders (government, investors, society) and the calculation of ratings: the rating of ESG factors and the rating of economic efficiency of eco-projects. The authors have also developed a matrix for managerial decision making to support an investment eco-project based on the analysis of the ratings obtained. The proposed conceptual approaches and models make it possible to clarify the methodological tools for effectiveness assessment of eco-projects, contribute to the improvement of the theory and practice of financial management, harmonization of ESG principles and investment management, adequate to the conditions of the concept of sustainable economic growth.

Sustainable environmental and economic development of economic actors requires “ecological” thinking, which involves the adoption of economic actors responsible for the consequences of the impacts of production activities on the environment. Taking into account both the efficiency of economic activities and changes in the environmental situation is the main step for the development of monitoring of the ecological and economic condition of the territories. The aim of the study is to develop the methodology for assessing the ecological and economic development of regions on the basis of the concept of sustainable development by clarifying the principles of assessment and methods of decoupling analysis. The paper uses the method of decoupling analysis refined by the authors by means of six sectors that characterize different degrees of the ecological and economic state of the regions. The paper presents the results of the decoupling analysis of 80 Russian regions for the period 2010–2016 according to the method proposed by the authors. The authors analyze indicators of GRP and emissions of pollutants from stationary sources. The article substantiates the conclusion that the decoupling effect is stable in the majority of Russian regions relative to 2010, while it reveals a negative effect of crises on the ecological-economic condition of the region manifested in 2015 and 2016. The results of the analysis contribute to a better understanding of the nature of the decoupling effect and can be used for forming a monitoring system of environmental-economic status areas.

The key aspect of sustainable development is decreasing the ecological problems and risks in order to promote the society's welfare. The systems of indicators are elaborated to characterize sustainable development. These systems allow to evaluate the tools being used and results, to monitor and manage the regions' eco-economic policy. The world's best practice relies on the decoupling-analysis, based on calculating the decoupling index. Such analysis helps evaluate the economic processes' influence on the environment. However, the calculation of the decoupling index does not make a profound analysis of the "decoupling" effect (does not show whether the effect is absolute or relative). The research authors suggest an advanced model of analyzing a region's eco-economic condition, based on the updated decoupling index. This will provide an opportunity to substantiate the financial measures more rationally, promote the "green" economy projects and achieve the regions' sustainable development goals. The article presents the Southern Federal District regions' eco-economic development decoupling analysis, based on the suggested decoupling-analysis model. The research also gives the calculation of region's "eco-economic attractiveness' rating, based on the updated decoupling index. Such a rating is essential for monitoring the effectiveness of integrating the eco-saving technologies and evaluating a region's risks. As a result, the rating will allow ranging the regions by their eco-economic development level and making conclusions on the effectiveness of the region's policy.