Assessment of the economic efficiency of environmental protection measures and environmental investments at the regional level (using the constituent entities of the Russian Federation as an example)

Introduction. The shortcomings of the domestic system for assessing environmental protection measures and eco-investments are related to the assessment methodology itself, including: the lack of unified methods for calculating prevented damage, the incomparability of costs between regions, the fragmented nature of statistical accounting by periods and included components, and the lack of consideration of delayed effects from capital investments. This leads to incorrect interregional comparisons, a systemic imbalance in compensation mechanisms, and a systematic underestimation of the actual effectiveness of capital-intensive eco-projects. 
Purpose. Based on a comparative analysis of methodologies for assessing the effectiveness of environmental protection measures in the Russian Federation and abroad, identify institutional and statistical limitations, assess the actual environmental and economic effectiveness using the example of several regions of the Russian Federation, and develop an integrated model that balances fiscal, restorative, and incentive functions. 
Methods. The study was based on a systematic and institutional approach, conceptual modeling, a comparative analysis of foreign and domestic methods, and an economic and statistical analysis of empirical data from various regions of the Russian Federation. The selection of regions for analysis was carried out based on the principle of theoretically grounded typological sampling, using formalized criteria (the share of industry in GRP, the volume of emissions, and the availability and completeness of statistical series). 
Results. The study identified a systemic imbalance in compensation mechanisms in the Russian Federation, the lack of a unified methodology for assessing the effectiveness of environmental protection measures, and a low share of private environmental investments. Using a modified DEA model, a ranking of regional efficiency was constructed, and a direct correlation between eco-investments and damage reduction, as well as the delayed effect of capital expenditures in projects, was established. An integrated model was developed, which includes a methodology for assessing real damage taking into account ecosystem services, the calculation of economically justified compensation rates, and tools for assessing the contribution of environmental protection measures to achieving sustainable development goals. 
Conclusions. The implementation of these solutions will help overcome key methodological and institutional barriers, transforming the assessment of the effectiveness of environmental protection measures into a proactive tool for managing natural capital, which ensures the synergy of the three priorities for sustainable regional development. 

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