Аннотация
In recent years, within the framework of sustainable development, the issues of improving green financing technologies, as well as the directions for their modernization, have been examined in the scholarly works of contemporary economists. In developed economies, projects aimed at developing modern investment ecosystems that promote the growth of environmentally friendly (green) bonds are currently being successfully implemented. The purpose of this work is to identify the main directions for developing green finance instruments in the Republic of Kazakhstan based on global trends. The article analyzes international practices in achieving sustainable development goals, emphasizing the role of the green bond market as a driving force behind green, social, and sustainable bonds. The analysis shows that many European countries demonstrate positive results in sustainable development, while international organizations act as key players in issuing and promoting green finance instruments. Based on the conducted practical analysis, the article provides an assessment of the current state of the green financing market in the Republic of Kazakhstan and identifies contemporary trends in the development of green and sustainable bonds, in particular, the measures being taken to integrate ESG criteria (Environment, Social, Governance) into the strategies and business models of financial organizations. The results of the study allowed the authors to determine the directions of state policy in Kazakhstan for promoting the development of green financing through the implementation of sustainable development instruments by harmonizing regulatory documents and government programs in the field of green economy financing. To achieve the research objective, the authors employed methods of generalization and systematization of information, which made it possible to identify current and future trends, challenges, and opportunities for green financing amid changes in the business economy in the Republic of Kazakhstan. A comparative analysis of the green instruments market was conducted based on parameters from the Climate Bonds Initiative database.