The subjects of the research are subjects for investments and instruments of investing in green projects. The importance of the research is determined by absence of effective financial economic mechanisms to attract investments into nature conservation projects in Russia to guarantee sustainable economic development. The purpose of the work is determining the major directions of financing nature conservation projects in Russia basing on the world trends in the sphere.The basic green investment directions in compliance with the UN goals of sustainable development, as well as with the perspective scenarios of world economy transition to eco (green) business are considered. The authors study the main instruments and levers to support private investors to finance green projects that can be government regulations, financing, crediting and risk mitigation. It is concluded that for Russia, the most energy  consuming and natural resources intense productions (electric power and heat supply, natural resources extraction, transportation, IT and telecommunications, industrial infrastructure) are sectoral directions for green investments, while concessional lending and credit guarantees (for projects in processing and waste recycling, creating and introduction of energy efficient and eco technologies, in particular), issuing green bonds (here you need regulatory framework, government support mechanisms), creating green banks (with state participation and development institution involvement) can become the most important measures for private green projects investment stimulation.

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The implementation of the sustainable development concept determines economic growth while reducing the negative impact on the environment. To achieve this, investments in environmental protection are required, which, first of all, should be stimulated by the national environmental policy. The purpose of the article is to assess the impact of environmental policy instruments (charges for emission limits, charges for exceeding emission limits, fines, costs for eco-control, interbudgetary transfers, mandatory environmental insurance, regional tax incentives) on the development of regional investments in environmental protection in the constituent entities of the Russian Federation based on Federal State Statistics Service data. The research methods are panel regressions with fixed and random effects, the typology of regions by industry specialization based on the values of the localization coefficients, various types of analysis (structural, groupings). Our findings demonstrate that the Russian environmental policy pursued in Russia contributed to a slight increase in current environmental expenditures in the regions, primarily in the regions of agricultural specialization, but did not stimulate an increase in environmental investments in fixed assets. As a result, environmental quality indicators did not improve in the majority of Russian regions. Eco-control costs (in industrial regions), and charges for emission limits (in industrial and agro-industrial regions) have the greatest incentive to increase environmental costs. Fines, interbudgetary transfers, mandatory environmental insurance, regional tax incentives do not have a significant impact on environmental investment in fixed assets in Russian regions. To improve the efficiency of the state environmental policy the authors propose to increase the charge for exceeding emission limits and fines for environmental law violation, to revise the target nature of interbudgetary transfers in terms of stimulating environmental investments in fixed assets, and to implement pilot projects to introduce environmental policy instruments that comply with best international practices.

Ключевые слова: инновационная деятельность, налоговая политика, налоговые стимулы, льготы Аннотация Предмет. Перед российской экономикой стоит задача перехода к инновационному типу развития, но по производству инновационной продукции и коммерциализации научных разработок Россия значительно отстает от развитых стран. Цели. Анализ современной налоговой политики в области стимулирования инноваций в различных странах и разработка предложений по адаптации успешного зарубежного опыта в России для перехода отечественной экономики на качественно новый уровень экономического роста и повышения конкурентоспособности. Методология. Использованы формальная логика и системный подход. Результаты. Исследован опыт предоставления налоговых льгот по налогу на прибыль, налоговому кредиту, подоходному налогу, НДС в таких странах, как США, Франция, Китай, Япония, Бельгия и др. Выработаны рекомендации по совершенствованию налоговой политики России и предоставлению или изменению налоговых льгот по следующим налогам: налогу на прибыль, НДС, налогу на имущество организаций, НДФЛ. Выводы. Сделаны предложения по дифференциации инвестиционного налогового кредита, предоставляемого промышленному предприятию на проведение НИОКР, введению ускоренных норм амортизации оборудования и зданий, используемых для их осуществления, и возможности стопроцентного списания расходов на приобретение активов, применяемых в инновационной деятельности в первый год, а также ряд мер, направленных на стимулирование внедрения результатов НИОКР и потребления продуктовых и технологических инноваций в российской практике.