FINANCES TRANSFORMATIVE POSSIBILITIES IN TRANSITION TOWARDS A SUSTAINABLE DEVELOPMENT

Abstract

The scientific views of the “sustainable financing concept” have been explored and summarized. On this basis the author’s definition of the term “sustainable finance” have been given. It is proved that there was a rethinking of the role, functions, targets of the financial system according to the evolution of views on the essence of sustainable development and the responsibility of business.
Author’s periodization of the sustainable finance concept evolution was proposed. Three stages of the sustainable finance concept evolution have been identified: 1) 2000-2005. Emergence of the concept: Sustainable Finance 1.0. Institutionalization of the environment of sustainable finance. 2) 2006-2014. Expansion (Distribution): Sustainable Finance 1.1. Development of the instrumental grounding of the concept and its practical verification. 3) 2015 – present time. Expansion (Deepening): Sustainable Finance 2.0. Standardization of principles, procedures and technologies for creating a sustainable financial system.