The role of the eco-financial sector in realizing the sustainable development goals

Abstract

The article examines the role of the eco -financial sector in the implementation of sustainable development goals through the creation of a new ecological system of global financial resources -a system of responsible and green financing. Favorable economic conditions and significant socio-economic benefits are at the heart of banks’ transition to responsible and green finance. Provided that these principles are implemented on an ongoing basis, in the near future, one can expect an increase in investments in environmental and social projects, and, as a result, an improvement in the environmental situation and an increase in the standard of living of the population different countries of the world. In this paper, the authors analyzed the main directions of development of a new ecological system of global financial resources - a system of responsible and green financing in Russia and abroad and the role of the eco - financial sector in the implementation of the UN sustainable development goals in terms of combating climate change, industrialization, innovation and infrastructure, affordable and clean energy, clean water and sanitation. The analysis showed that foreign and domestic banks and other financial institutions are actively involved in organizing and conducting the issuance of “green” bonds.

The Impact of Adherence to Sustainable Development, as Defined by the Global Reporting Initiative (GRI-G4), on the Financial Performance Indicators of Banks: A Comparative Study of the UAE and Iraq

“…Sustainability represents a comprehensive development philosophy that prioritizes protecting current and future human resources, ensuring a quality life for future generations that is dignified, healthy, and safe (Glubokova et al 2021). Sustainable development was defined in the Brundtland Report, "Our Common Future", issued by the World Commission on Environment and Development (WCED) in 1987, as "meeting the needs of the present without compromising the ability of future generations to meet their own needs" (Ozili 2022).…”