voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2008-10-108-125voprecotest-1363Research ArticleСтатьиArticlesПерспективы и регулирование российского рынка проектных трансакций в рамках Киотского протоколаPerspectives and Regulation of the Russian Market for Project-based Transactions under the Kyoto ProtocolЗаводовК.ZavodovK.

аспирант

Уральский государственный экономический университет; Кембриджский университетРоссияUral State University of Economics; University of CambridgeRussian Federation200820102008010108125Copyright © Voprosy Ekonomiki, NP, 20082008Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/1363

Проектные трансакции являются рыночным механизмом привлечения иностранных инвестиций для сокращения выбросов парниковых газов и повышения энергоэффективности отечественных предприятий. В статье приводится классификация и анализируются преимущества и недостатки этого механизма с точки зрения страны, принимающей инвестиции. Автор характеризует основные тенденции и факторы, определяющие развитие рынка проектных трансакций. Ввиду наметившегося отставания России на данном рынке выдвигается тезис о необходимости создания государственного углеродного фонда, через который будут осуществляться проектные трансакции. В работе предлагается инструмент регулирования их рынка посредством введения в контрактную структуру трансакций опционного механизма. Сравнение предлагаемого инструмента регулирования с уже существующими в России и других странах демонстрирует его бoльшую экономическую эффективность в условиях неопределенности будущей рыночной конъюнктуры.

Project-based transactions (PBTs) are a market mechanism of attracting foreign investments in order to abate greenhouse gas emissions and increase energy efficiency of the country’s enterprises. The article provides a classification and analyzes advantages and drawbacks of PBTs from the point of view of a host country. The main trends and factors determining the dynamics of the PBT market are described. Given that Russia currently lags behind the leaders of the PBT market, an incorporation of a state carbon fund is put forward with an aim of channelling PBTs through it. This paper proposes a form of PBT market regulation by incorporating an option mechanism into the contract structure of a transaction. A comparison of the new form of regulation with the tools that are currently in use in Russia and other countries demonstrates its greater economic efficiency under uncertainty.

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The authors declare that there are no conflicts of interest present.