Implementation of sustainable development goals, climate action among others, is becoming one of the most crucial objectives of regional governance. The purpose of the article is to present the concept of regional development designated as a «green» region and to show why this concept can serve as the framework for effective governance in Russian regions in accordance with current global trends. In our understanding, a «green» region means a region targeted at environmentally oriented development, i.e. economic growth correlated with growth in natural capital. The study was carried out in four stages: conceptualizing and theoretical foundations of «green» region developed by analyzing existing conceptual approaches; specifying the concept of «green» region based on a systematic approach; determining links between the elements of the governance system; formulating main directions of governance and its impact on system elements and links. We have defined geotrion as a theoretical framework for the concept which is a system of three elements – a territory, economy and population. Functional interlinks between the elements are considered with methodology of load-state-response (PSR). The most important characteristic of a «green» region is a positive balance between biocapacity and ecological footprint. The goal of «green» governance is to achieve growth of natural capital (natural assets that provide ecosystem services) and well-being of the population.

To achieve «green» governance it is necessary not only to formulate the concept of a «green» region and to designate governance goals, but also to select indicators and targets, to determine how they are interconnected and to structure them in accordance with geotrion elements. The focus of «green» governance and its impact are determined by the ratio of ecological footprint and biocapacity. In the system of «green» governance, mechanisms and management tools should be developed aimed at maintaining, restoring or technological replacement of natural capital. The described governance system can be included in regional strategic documents and justify decision-making process taking into account the specifics of territories.