Environmental investment, the main condition for the COVID-۱۹ post-pandemic recovery of Russian economy and transition to sustainable economic growth

The relevance of the article is due to the search for the possibility of a COVID-۱۹ post-pandemic recovery of the Russian economy and a return to long-term sustainable growth in total factor productivity (TFP), taking into account the recognition of the priority of the environmental aspect of development. The purpose of the study is to develop an original scientific hypothesis, according to which, in the context of planetary manifestations of large-scale environmental challenges, on the one hand, and unprecedented external sanctions pressure on the Russian Federation, on the other hand. At first, environmental investment should become the main condition and a powerful factor in the long-term sustainable growth of TFP, as well as a radical transformation of the "pro-crisis" Russian economic model in accordance with the principles of the global ESG agenda. Environmental investments are positioned as responsible, in fact, and transformative in terms of their functional role in the economy. An econometric model has been constructed that reflects the dependence of per capita GDP growth rates on the volume of investments in fixed assets directed in the Russian Federation for environmental protection and rational use of natural resources, which has the form of a system of dynamic economic regressions with a distributed lag of a polynomial structure. Such a model can be used to assess the long-term and short-term responses of economic growth indicators from green investment. The methodological basis for the development of the aforementioned model was the methods of correlation, linear and nonlinear regression, factorial and dispersion analysis, the generalized least squares method, the method of instrumental variables. The main restrictions on environmental investment in modern Russia are established and proposals are made to stimulate it.

Keywords:

Environmental challenges , Economic Growth , Total factor productivity , Environmental investment , Economic incentives , Green economy