IMPROVING THE LEGISLATION ON PUBLIC-PRIVATE PARTNERSHIPS IN ENVIRONMENTAL PROTECTION IN THE BRICS COUNTRIES

Abstract

The Concept of Sustainable Development is one of the basic principles of the modern world. An increasing number of fields are coming under regulation governed by this concept. Recent updates to the environmental agenda have resulted in growing demands for increased environmental responsibility on the part of states and businesses. The global nature of environmental problems, their diversity and scale, and, at times, the irreversibility of the consequences of the negative environmental impact of the economy often provide for the consolidation of efforts by the state and business, particularly, through the implementation of public-private partnership (PPP) mechanisms. This article focuses on the pros and cons of legislation in the BRICS countries in the area of PPP practice in general and in environmental protection in particular. The data and PPP practices have been collected from the World Bank, UNCITRAL, and other official national sources related to PPP. An analysis of the legislation on PPPs in the BRICS countries indicates a lack of uniformity in the legal regulation of the relationships arising from this partnership, as well as a lack of specific legislation on PPPs specifically addressing environmental protection. The analysis shows that only those BRICS countries using the common law system (South Africa and India) have the instruments available to allow potential investors to fully assess the PPP model as it currently exists in a particular country. This practice developed as a result of a more flexible approach to the regulation of public relations. Undoubtedly, one of the many advantages of this approach is the ability to adjust the PPP system and model all of the known forms and types of PPPs in accordance with the specific needs of society and the state. The lack of flexibility, for example, of the Russian legislation on PPP regulation, has led to the limited forms or types and objects of PPPs, which is inconsistent with the modern needs of society and the state to achieve the UN Sustainable Development Goals.