|Generate QR code
Open Access
Subscription Access
Sustainable finance: Challenges in creating master’s degree programs and textbooks
https://doi.org/10.32609/0042-8736-2025-2-126-142
Abstract
The reason for writing this article was the release of the first Russian language textbook on sustainable finance. Its critical analysis, presented in the article, is aimed at creating more comprehensive textbooks on sustainable finance in the future. In addition, in recent years, the author has been actively involved in reviewing university curricula in the field of finance, the results of which can be used to draw an extremely disappointing conclusion about the significant lag in teaching finance in Russia compared to the best world examples. Against the background of the emergence of a new paradigm of finance in connection with the creation and strengthening of the sustainable development model, Russian teachers are guided not just by the old traditional paradigm of finance, but by its version from about 20 years ago. The article contains proposals for the formation of a program of courses on sustainable finance, as well as for taking this concept into account in traditional university courses on finance and individual industry financial disciplines. The author’s view on the selection of literature for courses on sustainable finance is also offered.
Keywords
sustainable finance,
sustainable development,
ESG,
master’s programs,
textbooks,
responsible investment
JEL: A23, G19, G29, G30, Y30
References
1.
2. ESGlaboratory, NRA (2023). Practices of compiling corporate and regional reports on sustainable development and ESG. Moscow: ESGlaboratory of MSU Faculty of Economics and National Rating Agency. (In Russian).
3. Afanasiev M. P., Shash N. N. (2024). Sustainability finance: A textbook for universities. Moscow: Dashkov i Ko. (In Russian).
4. Babaeva Z.R., Semenov K.K., Semenova A.S. (2024). Interpretation of ESG: Systematic literature review. Russian Management Journal, Vol. 22, No. 2, pp. 253—288. (In Russian). https://doi.org/10.21638/spbu18.2024.205
5. Bobylev S. N. (2017). Sustainable development: A paradigm for the future. World Economy and International Relations, Vol. 61, No. 3, pp. 107—113. (In Russian). https://doi.org/10.20542/013122272017613107113
6. Bobylev S. N. (2021). Economics of sustainable development: A textbook. Moscow: KNORUS. (In Russian).
7. Golub E., Kokorev R., Komarova T., Yudacheva S. (2021). Reporting in the field of ESG: Trends, challenges, solutions. In: National report on corporate governance, Vol. XIII, pp. 39—74. Moscow: National Council for Corporate Governance. (In Russian).
8. Danilov Y. A. (2021a). The concept of sustainable finance and the prospects for its implementation in Russia. Voprosy Еkonomiki, No. 5, pp. 5—25. (In Russian). https://doi.org/ 10.32609/0042873620215525
9. Danilov Y. А. (2021b). Sustainable finance: A new theoretical paradigm. World Economy and International Relations, Vol. 65, No. 9, pp. 5—13. (In Russian). https://doi.org/10.20542/013122272021659513
10. Danilov Y. А. (2023). Introducing principles and standards for responsible investment. World Economy and International Relations, Vol. 67, No. 5, pp. 90—99. (In Russian). https://doi.org/10.18288/1994512420235122147
11. Dovbiy I. P., Dovbiy N. S. (2024). Sustainable finance in addressing the challenges of energy transition and climate change mitigation. Financial Journal, Vol. 16, No. 1, pp. 109—124 (In Russian). https://doi.org/10.31107/2075199020241109124
12. Rubtsov B. B. (ed.) (2016). “Green finance” in the world and in Russia. Moscow: Rusains (In Russian).
13. Khudyakova L. (2018). Reform of global finance in the context of sustainable development. World Economy and International Relations, Vol. 62, No. 7, pp. 38—47. (In Russian). https://doi.org/10.20542/0131222720186273847
14. Brealey R. A., Myers S. C., Allen F., Edmans A. (2022). Principles of corporate finance. 14th ed. New York: McGrawHill.
15. Danilov Y. (2022). Coalitions for sustainable finance and sustainable development. Herald of the Russian Academy of Sciences, Vol. 92, Suppl. 2, pp. S91—S99. https:// doi.org/10.1134/S1019331622080032
16. Edmans A. (2023). The end of ESG. Financial Management, Vol. 52, No. 1, pp. 3—17. https://doi.org/10.1111/fima.12413
17. Gratcheva E. M., Gurhy B., Emery T., Wang D., Oganes L., Linzie J. K., Harvey L., Marney K., Murray J., Rink R. (2021). A new dawn: Rethinking sovereign ESG. Washington and New York: World Bank and J.P. Morgan.
18. Hart O., Zingales L. (2017). Companies should maximize shareholder welfare not market value. Journal of Law, Finance and Accounting, Vol. 2, No. 2, pp. 247—274. https://doi.org/10.1561/108.00000022
19. Hart O., Zingales L. (2022). The new corporate governance. University of Chicago Business Law Review, Vol. 1, No. 1, pp. 196—216.
20. ICMA (2020). Sustainability-linked bond principles: Voluntary process guidelines. Paris: International Capital Market Association, June.
21. ICMA (2021a). Green bond principles: Voluntary process guidelines for issuing green bonds. Paris: International Capital Market Association, June.
22. ICMA (2021b). Social bond principles: Voluntary process guidelines for issuing social bonds. Paris: International Capital Market Association, June.
23. ICMA (2021c). Sustainability bond guidelines. Paris: International Capital Market Association, June.
24. IMF (2019). Global financial stability report: Lower for longer. Washington, DC.
25. Lehner O. M. (ed.) (2017). Routledge handbook of social and sustainable finance. London: Routledge. https://doi.org/10.4324/9781315772578
26. Lo A. W. (2017). Adaptive markets: Financial evolution at the speed of thought. Princeton: Princeton University Press. https://doi.org/10.1515/9781400887767
27. Ramiah V., Gregoriou G. N. (eds.) (2016). Handbook of environmental and sustainable finance. London etc.: Academic Press.
28. Renaissance Capital (2021). ESG. Look how tall you’ve grown! Renaissance Securities (Cyprus).
29. Sachs J. D., Woo W. T., Yoshino N., TaghizadehHesary F. (eds.) (2019). Handbook of green finance: Energy security and sustainable development. Singapore: Springer. https://doi.org/10.1007/9789811302275
30. Schoenmaker D. (2021). Greening monetary policy. Climate Policy, Vol. 21, No. 4, pp. 581—592. https://doi.org/10.1080/14693062.2020.1868392
31. Schoenmaker D., Schramade W. (2019a). Principles of sustainable finance. Oxford: Oxford University Press.
32. Schoenmaker D., Schramade W. (2019b). Investing for longterm value creation. Journal of Sustainable Finance & Investment, Vol. 9, No. 4, pp. 356—377. https://doi.org/ 10.1080/20430795.2019.1625012
33. Schoenmaker D., Schramade W. (2023). Corporate finance for long-term value. Cham: Springer. https://doi.org/10.1007/9783031350092
34. Schumacher K. (2020). ‘Competence greenwashing’ could be the next risk for the ESG industry. Responsible Investor, February 5. https://www.responsibleinvestor.com/competencegreenwashingcouldbethenextriskfortheesgindustry/
35. Thaler R. H. (1999). The end of behavioral finance. Financial Analysts Journal, Vol. 55, No. 6, pp. 12—17. https://doi.org/10.2469/faj.v55.n6.2310
36. Zairis G., Liargovas P., Apostolopoulos N. (2024). Sustainable finance and ESG importance: A systematic literature review and research agenda. Sustainability, Vol. 16, article 2878. https://doi.org/10.3390/su16072878
Supplementary files
Review
For citations:
Danilov Yu.A. Sustainable finance: Challenges in creating master’s degree programs and textbooks. Voprosy Ekonomiki. 2025;(2):126-142. (In Russ.) https://doi.org/10.32609/0042-8736-2025-2-126-142
Views:
340
Email this article 
