Abstract
The article analyzes the current state of investment activity in the field of solid municipal waste management (SMW) in Russia and Kazakhstan. It examines key regulatory changes, including new rules for SMW management in the Russian Federation, and their impact on the investment climate. To achieve the goals of state development strategies, the article proposes approaches for identifying key regulatory innovations, analyzing the dynamics of key indicators of the waste management system, assessing the volume and geographical structure of investments, and identifying challenges and prospects for the development of the industry. Based on data from 2020 to 2025, the authors assess the dynamics of waste generation, recycling, and disposal, identify regional investment patterns, and compare the two countries' approaches to industry modernization. The article focuses on the role of public and private investments, financing mechanisms, and the prospects for achieving national environmental goals. The authors propose measures to improve the investment climate in the waste management sector, such as accelerating the construction of recycling facilities in underdeveloped regions, implementing advanced recycling and hazardous waste management technologies, and enhancing environmental awareness among the population. A comparative analysis of the two countries' approaches to the industry's modernization has been conducted, highlighting the advantages and changes in each model. This article is of practical interest to investors, regulators, and researchers in the field of circular economy and sustainable development.