Abstract:

The paper addresses theoretical and practical issues of sustainable financial development. It explains the concept of sustainable finance as a new paradigm of financial science. The main part of the study is devoted to identifying the role of sustainable finance in the development of financial systems. It was also shown that the transformation of financial services and financial institutions contributes to the development of financial systems and creates the prerequisites for their further evolution. It is proved that increasing the inclusiveness of financial services and financial institutions is the key to understanding the crucial role of sustainable finance in modern society. Part of the paper is devoted to the study of international progress in sustainable finance, including quantitative and qualitative characteristics of the development of sustainable financial initiatives under the auspices of UNIEP FI. It is shown that at present a certain steady level of responsible financing has been achieved and a transition to the development of its institutions is taking place. This corresponds to the concept of the development of sustainable financial systems proposed in the article.