Dziubak K. М., PhD (Economics), Chief Forensic Expert of the Economic Research Laboratory, Odesa Research Institute of Forensic Expertise of the Ministry of Justice of Ukraine, Odesa, Ukraine

ORCID ID: 0000-0001-9227-6538
e-mail: ekaterina.dzubak@gmail.com

Financial Instruments for the Formation of a Green Economy

Abstract. Introduction. The article is devoted to financial instruments for the formation of a green economy.

Purpose. Study of financial instruments for the formation of a green economy and the peculiarities of their application in Ukraine.

Results. The comparison of the views of domestic scientists regarding the concept of “financial mechanism” made it possible to formulate a definition of the financial mechanism for the formation of a green economy, under which it is proposed to understand a system of interrelated measures aimed at mitigating environmental damage and establishing environmental sustainability during economic growth and supporting the financial system, appropriate capital financing needs of economic sectors suitable for “greening”. Ways of implementing the financial mechanism for the formation of a green economy at the international and national level are given. The possibilities of using financial instruments at the national level for the development of the green economy are characterized. The peculiarities of the development of the green economy are analyzed, taking into account the high risk and certain uncertainty of this type of economy, caused by the formation of most green industries mainly at the expense of intangible assets and for the long term. A strategy for the development of green finance is proposed at the expense of: improving the legal framework, rules and procedures of green financing; creation of an institutional base of green finance (financial institutions, organizations, etc.); use of the Green Climate Fund (Green Climate Fund); development of new green financial instruments; integration into the global system of green finance and creation of the corresponding infrastructure. The “green” tariffs introduced in Ukraine are considered as one of the stimulating factors for the production of renewable electricity. The advantages of introducing the institute of “green” bonds, the funds raised by which are directed exclusively to the financing of an environmental project or a separate stage of it, are given.

Conclusions. The key perspective for the development of Ukraine’s economy is the formation of a modern market economy based on “green” principles, which involves the creation of a “green” finance sector to ensure long-term green economic growth, in particular, the introduction of a number of financial instruments to attract financing to environmentally-oriented projects. Financial instruments for encouraging entrepreneurs to implement business methods according to the principles of the green economy act as a basis for initiating the introduction of the latest innovative green technologies and the renewal of production aimed at the creation and sale of ecological goods and services.

Keywords: green economy; financial instruments; financial mechanism; green finance; “green” tariffs; “green” bonds.

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