ESG in a National Economic Policy: A Comparison of Russia, the EU and China
国家経済政策におけるESG：ロシア、EU、中国の比較 (AI 翻訳)
D. A. Artyomenko
🤖 gxceed AI 要約
日本語
本論文はロシア、EU、中国におけるESG要素の国家経済政策への組み込み方を比較。法的要件、開示ルール、プロジェクト分類基準、金融インセンティブを分析し、EUは高義務型の枠組み、中国は銀行主導の持続可能な金融、ロシアは基盤整備段階にあることを示す。グリーンボンドやESGローンの市場統計を用いて、測定方法の差異という比較可能性の制約も指摘する。
English
This paper compares how ESG factors are embedded in national economic policy across Russia, the EU, and China. It analyzes legal requirements, disclosure rules, classification criteria, and financial incentives, finding that the EU has a high-mandatory framework, China relies on a banking-led sustainable finance system, and Russia has a nascent foundation. Market statistics on green bonds and ESG loans are used, and key comparability constraints due to measurement divergence are identified.
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
日本はSSBJによる開示基準策定とグリーントランスフォーメーション（GX）推進中。本論文のEU・中国・ロシアの比較は、日本の政策設計に示唆を与える。特にEUの義務的開示と中国の銀行チャネル重視は、日本の開示・金融政策の方向性を考える上で参考になる。
In the global GX context
This comparative analysis provides a framework for understanding different ESG policy models globally. It highlights the EU's mandatory disclosure regime and China's banking-led sustainable finance, which are relevant for jurisdictions designing their own regulations. The identified comparability constraints are important for cross-border investment and disclosure standardization.
👥 読者別の含意
🔬研究者:Offers a typology of ESG policy models and empirical market data useful for comparative studies.
🏢実務担当者:Provides market share statistics for green bonds and ESG loans in these regions, aiding strategic planning.
🏛政策担当者:Illustrates three distinct approaches to integrating ESG into national policy, offering lessons for regulatory design.
📄 Abstract（原文）
This article compares how ESG factors are embedded in national economic policy in the Russian Federation, the European Union, and China. ESG is treated as a set of legal requirements, sustainability disclosure rules, project classifi cation criteria, and fi nancial incentives that integrate environmental, social, and governance considerations into public and investment decision-making. The study applies a comparative approach combining analysis of regulatory acts and methodological guidance issued by public authorities, a structured comparison of non-fi nancial reporting and fi nancial-market disclosure requirements, and a synthesis of statistical indicators describing sustainable fi nance and bank lending. The empirical fi ndings are interpreted with explicit attention to cross-jurisdictional comparability constraints driven by divergent measurement practices and inconsistent classifi cation of ESG instruments. The results show that the European Union has developed a high-mandatory framework for sustainability reporting and fi nancial disclosures, complemented by supervisory expectations regarding ESG risk management and followed by adjustments aimed at reducing compliance costs. Market dynamics support this pattern, as the share of green bonds in total bond issuance increased from 5.3% in 2023 to 6.9% in 2024. China is characterized by the predominance of the banking channel for sustainable fi nance alongside a phased introduction of exchange-based sustainability reporting requirements for large listed issuers; the share of green loans reached 13.9% of total loans in the third quarter of 2024. The Russian Federation has built a legal foundation for sustainable fi nance through national project criteria and verifi cation procedures; however, the relative market scale remains limited, with sustainable-development bonds accounting for 0.7% of total outstanding domestic debt securities as of 1 January 2026 and ESG loans representing 9.2% of corporate lending as of 1 July 2025. A typology of ESG policy models is proposed, and key comparability constraints are identifi ed, including measurement divergence and heterogeneity in statistical accounting of sustainable instruments.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.37930/1990-9780-2026-2-88-121-132first seen 2026-07-03 05:40:32
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