This article examines a relatively new source of financing for the Russian market for enterprises implementing the so-called “green” innovations. The purpose of the study is to define the model of green bonds pricing, as well as the prospects of this financing source in the Russian stock market. Green bonds are an innovative source of financing that opens up new opportunities for attracting long-term capital to achieve sustainable growth for Russian enterprises. The article provides a definition of the concept of green bonds, provides statistics on the volume of world issue, as well as the results of emissions of Russian companies. The analysis of literary sources on the research topic is given. The main advantages of this source of financing are formulated, namely, green focus, additional potential for growth of enterprises, the possibility of perpetual issues, as well as floating rate notes. The article substantiates that due to the issue of green bonds, the company receives an additional source of financing for its growth, which is important in the context of the general economic downturn. As an additional advantage for enterprises that generate an increment in the company’s market value, the author notes the reputation factor of the emission of green bonds. In view of the fact that the transition to green, resource-saving technologies, conscious consumption, and lean innovation is a stable global trend, green bonds improve the business reputation of the issuing company, as well as the investor purchasing such securities. All of these factors can offset the increased risk of green innovation: the projects for which this specific source of capital is intended. The article presents a pricing model for green bonds, taking into account the specifics of this funding source. The author draws conclusions on the current state of the market for corporate green bonds in Russia and formulates the main directions of its future development, as well as the obstacles.