The research focuses on the issues of green financing and its dynamics in contemporary Russia, considering global environmental and economic threats and constraints. The authors overview the toolkit of green financing and the structural sectoral shifts in sustainable financing that emerged in recent years. The authors demonstrate the involvement of large, small, and medium businesses in sustainable investing, along with the reasons for the decline in investment activity. The decisive role of the state is justified as a legislator, direct participant, and regulator of green financing processes. The spread and diversification of financial instruments in green financing indicate an increase in the attractiveness of green projects and signify a growth in the involvement of investors with different capital sizes and risk levels. Not all instruments are currently accessible and clear to investors; risks remain quite high, mainly due to entrepreneurs’ formal attitude towards implemented projects and the adjustment of goals towards profit growth rather than environmental conservation measures. The authors conclude that it is necessary to scale up green investment across the entire country based on government support and the improvement of business incentives in implementing sustainable development projects.