ON THE ISSUE OF FINANCING THE FEDERAL PROJECT "CLOSED-LOOP ECONOMY" AS AN ELEMENT OF FINANCING SUSTAINABLE DEVELOPMENT

Abstract

The article presents an analysis of the problem of financing the federal project «Circular Economy», which is a key element of the state program “Environmental Protection”. The study is relevant in connection with the urgent need to develop and implement an effective waste management system and rational use of secondary material resources on the territory of Russia. The aim of the work was to analyze the financing mechanisms of circular economy as part of the financing system for sustainable development. The study reviewed existing forms of financing, including subsidies, public-private partnerships and concessional lending. The study revealed the main financing opportunities for circular economy, including the creation of infrastructure for waste treatment and disposal, the implementation of advanced technologies corresponding to the best available technologies, as well as the development of environmentally oriented (“green”) projects. It has been found that achieving the project’s targets requires an integrated approach, based on a combination of different forms of financing and coordination between public and private actors. Author comes to the conclusion that there is a need to improve mechanisms for providing subsidies and develop alternative forms of financing. In particular, the harmonization of legal terminology for sustainable development is recommended, as well as improved monitoring of fiscal performance. This will increase transparency and effectiveness in the implementation of the circular economy, which in turn will contribute to achieving long-term sustainable development goals.