The BRICS Green Bond Market: Problems and Development Prospects

The phenomenon of green bonds has its roots in climate change and the urgent need for a transition toward sustainable development. BRICS countries are among the largest greenhouse gas emitters, heavily influencing global political and economic market trajectories. As increasingly prominent actors in the green bond market, their unique characteristics require dedicated scientific attention in the light of current deglobalization trends. This article describes the development vectors, scale, and limitations of the green bond market within both the alliance as a whole and each individual BRICS nation. It further examines the institutional, regulatory, and economic factors driving this expansion. The research relied on analytical data and reports from Climate Bonds Initiative, Environmental Finance, and Bloomberg, along with a comprehensive review of regulatory and academic literature. The study revealed the absence of a unified market for green bond issuance, demonstrating that fragmentation is driven by nation-specific structural factors and regulatory barriers. A deeper insight into these individual development patterns within BRICS may facilitate and enhance the efficiency of Russia’s own sustainable financing efficiency.