The development of global and regional energy markets is one of the most important problems of the current state of global economic relations and is one of the highest-priority areas in the formation of national and regional strategies for the socio-economic development of any country. The role of energy supply is focused on monitoring and compliance with standards. However, in recent years, the importance of energy supply to the housing stock has increased significantly, which has led to an expansion of the role of management within the framework of the risk management function. Kazakhstan has a Unified electric power system, which is represented by a set of power stations, transmission lines, and substations that provide reliable and high-quality energy supply to consumers. Currently, the main task within the framework of the priority of the development of Kazakhstan’s energy sector is to build up the energy base and provide the growing needs of the population and the economy with the necessary energy resources based on the development of modern energy complexes and alternative energy sources in conjunction with the implemented and planned macroprojects. Since the current economic development of Kazakhstan is closely interrelated with the realization of energy resources and their effective use, it acts as one of the fundamental levers for the development of the national economy. According to our research goal, it is necessary to consider sustainable energy supply in the country based on the analysis and assessment of energy consumption volumes and the impact of the country’s regional and sectoral policies on their use. The author’s approach to the distribution of countries by MNC has been developed and estimates of regression parameters, correlation coefficients, and elasticity coefficients. When constructing the author’s approach, the countries of Europe and Central Asia were studied and a sample of estimates was carried out, which has statistically significant effects on the formation of energy consumption volumes in the Republic of Kazakhstan.

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Subject. The article discusses international stock exchanges, which concentrate deals with green investment instruments, which constitute green finance as a very popular and promising segment in advanced economies. We observe how green finance develop in the Moscow Exchange. Objectives. The study reveals trends seen in the Russian and foreign green finance markets. We formulate our recommendations for revising the existing approaches and adapting regulatory documents. Methods. The study is based on the methods of analysis and synthesis, comparative analysis and matching, and a graphical method. Results. Having analyzed the international practices, we discovered that the Russian green investment market lagged behind the global trend in terms of capitalization, the number of instruments and regulatory regulation. However, environmental cases recorded in 2020 will accelerate the implementation of green investment principles. The global green investment market is just at its infancy. Notwithstanding a shortage of instruments, it is actively growing and evolving. Although the regulatory framework is yet underdeveloped in terms of green finance, the market actors actively implement ESG-principles in their corporate structure and use risk assessment models. Investors choose investees more thoroughly and responsibly. The Russian market lacks an underdeveloped regulatory framework, notwithstanding attempts to adapt the effective regulatory documents to purposes of green finance, and create new regulations. Conclusions and Relevance. Administrative and economic actions we propose, such as the establishment of self-regulatory organizations for green investment, distribution of risk through the mutual fund of industrial organizations, will contribute to the effective emergence of ESG principles in the Russian market. Legislative recommendations can be used by public authorities and the megaregulator in order to adapt foreign practices to Russia.

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