FEATURES OF THE ESG BOND MARKET TRANSFORMATION IN RUSSIA
ロシアにおけるESG債券市場変革の特徴 (AI 翻訳)
A. KAYTMAZOV, K.A. KUZMIN
🤖 gxceed AI 要約
日本語
本論文は2022-2025年のロシアESG債券市場の変革を分析。外国人投資家の撤退により、輸出志向型から国内規制主導型へ転換。社会債が2024年に発行の76%を占める。ロシア中央銀行によるESG融資・債券へのリスクウェイト引き下げが2026年以降の成長要因となる。
English
This paper analyzes the transformation of the Russian ESG bond market from 2022-2025, driven by foreign investor exit. It shifted from an export-oriented model to a domestically regulated one, with social bonds reaching 76% of issuance in 2024. The Bank of Russia's reduced risk weights for ESG loans and bonds are expected to drive growth from 2026.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本GX文脈では直接的関係は薄いが、地政学的変化が持続可能金融市場に与える影響の事例として参考になる。国内的規制インセンティブの重要性を示唆。
In the global GX context
This paper illustrates how geopolitical tensions can reshape sustainable finance markets, turning them inward. It underscores the role of domestic regulatory drivers (e.g., central bank risk weights) when international capital retreats, offering lessons for market resilience.
👥 読者別の含意
🔬研究者:Provides a unique case study of an ESG bond market under geopolitical duress, contributing to the literature on sustainable finance fragmentation.
🏛政策担当者:Highlights how domestic incentives like risk-weight adjustments can sustain sustainable finance markets during capital flight.
📄 Abstract（原文）
The paper analyzes the transformation of the Russian ESG bond market during the 2022-2025 period, driven by the exit of foreign investors and the changing geopolitical landscape. It is revealed that the market shifted from an export-oriented model focused on attracting international capital to a model stimulated by domestic regulatory mechanisms and quasi-sovereign issuers. The main trend was a sharp decline in new issuance volumes and a structural shift towards social bonds, whose share reached 76 % of the total issuance volume in 2024. Particular attention is paid to the analysis of a key domestic incentive - the introduction by the Bank of Russia of reduced risk weights for ESG loans and bonds, which is expected to become the main driver of market growth starting from 2026. It is concluded that the further development of the sustainable finance market in Russia will be determined by the effectiveness of domestic regulatory measures and the formation of a culture of responsible investment among national players.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.47475/1994-2796-2026-509-3-224-232first seen 2026-05-14 23:51:44
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