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date: 15 May 2021

Abstract and Keywords

The chapter considers improvements of environmental regulation as an important precondition for steady economic growth in Russia. Estimated costs of urban air pollution in Russia reach 4–5 percent of GDP. Human health risk constitutes the single largest part of environmental damage from air pollution in the country. We provide a detailed account for costs of environmental pollution, discuss the history of environmental regulation in Russia, and outline a way forward with key principles and recommendations for reform. Environmental regulation should address externalities and create explicit or implicit price of pollution to send market signals for private and public capital to be deployed into new technologies and shift to a “greener” (sustainable) and more inclusive economic growth. Risk indicators could be a central element for setting emission targets. A risk-based approach to environmental regulation can be complemented by a tax imposed on energy or, better yet, on CO2 emission.

Keywords: Environmental regulation, health risk, cost of environmental degradation, green growth

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