THE DIGITAL FUTURE OF FINANCIAL INSTRUMENTS IN ADVANCING THE GREEN ECONOMY OF THE REPUBLIC OF KAZAKHSTAN
Journal Title: Journal of Economic Research & Business Administration - Year 2024, Vol 147, Issue 1
Abstract
Digitalization provides innovative tools and solutions that contribute to the sustainable develop-ment of the green economy. The authors reviewed scientific articles on the digitalization of financial instruments focused on “environmental, social and corporate governance” criteria for assessing compa-nies’ sustainability and social responsibility (ESG). The article studies the capacity and needs of green finance in Central Asia and Kazakhstan. The study concludes that the development of sustainable green finances in Kazakhstan corresponds to the goals of the Central Asian region. This study indicates the relevance and necessity of creating a Unified Green Finance Center, which would contribute to the coordination of efforts and resources of the area in environmentally sustainable development. Financial ecosystems using national banks’ digital cur-rencies, digital assets, and smart contracts can change the region’s economic system and the architecture of green finance. This study also examines the digitalization of financial instruments, focusing on ESG criteria for assessing sustainability and social responsibility. Additionally, integrating digital currencies, digital assets, and smart contracts can reshape the region’s financial system and architecture of green finance, further advancing sustainable development objectives. The study establishes the relevance of sustainable green finances in Kazakhstan, proposing a Uni-fied Green Finance Center to coordinate regional efforts, utilizing digital currencies, assets, and smart contracts to reshape financial systems and advance sustainable development goals.
Authors and Affiliations
K. A. Kurbanova, S. V. Romanenko, G. K. Mukhanova
Keywords
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- EP ID EP733929
- DOI 10.26577/jerba202414719
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