ADAPTATION BONDS – FINANCIAL INNOVATIONS IN RUSSIA

The article is devoted to the development of adaptation bonds as financial innovations in Russia. The purpose of this work is to consider the features of adaptation bonds, their difference from «green» bonds, potential advantages for investors and issuers, and prospects for the development of this instrument in Russia. The ratio of the number of «green» bonds and adaptation bonds on the international market is demonstrated. The problem of the deterioration of the environment and climate in the world, as well as the negative consequences due to the impact of the COVID-19 pandemic and the special military operation in Ukraine are indicated. The analysis of the effective impact of adaptation bonds on the ecology and climate of the countries is carried out. Environmental Social Governance (ESG) "ecology, social policy and corporate governance" financing (hereinafter referred to as ESG-financing), from which not only adaptation bonds, but also the principles of responsible attitude to the environment, high social activity and high quality of corporate governance, as well as other bonds corresponding to these principles, were considered. The comparative analysis method was used to examine the development of adaptation bonds in Russia and other countries. The first issue of adaptation bonds in Russia by INC-Capital JSC and the prospects for the development of this instrument under sanctions are analyzed. The experience of foreign countries, namely, the oil and gas company Repsol and the multinational energy company Enel, is also presented. The results of the study can be used by investors, issuers and regulators to assess the prospects for the development of adaptation bonds in Russia. The article is relevant and timely, as it examines a new financial instrument that is designed to have a positive impact on the environment.