Green investments as a non-traditional source of financing the development of the Czech national logistics system

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Green investments as a non-traditional source of financing the development of the Czech national logistics system

(Trushkina N, Institute of Industrial Economics of NAS of Ukraine)

Introduction

The change of the modern paradigm of thinking leads to the reorganization of logistics processes and the need to transform the national logistics system of the Czech Republic in the context of green economy concepts. A 2019 survey by consulting firm PwC found that 41% of transport and logistics managers in 85 countries are concerned about climate change and the environmental damage associated with their business growth prospects.

The World Economic Forum found that greenhouse gas emissions from logistics account for 5.5% of global greenhouse gas emissions. According to UN estimates, the global transport sector accounts for 25% of total greenhouse gas emissions. Annually, the total loss from the negative effects of the transport industry is 710% of GDP. The damage to health from environmental pollution from mobile sources is 1 trillion dollars USA a year. According to official Eurostat data, air pollution from road transport causes more than 400 thousand premature deaths each year. czech national logistic system

Therefore, large-scale investment programs are being actively implemented in the world to modernize transport and infrastructure by "greening" them in order to minimize the negative impact on the environment and maintain a competitive position. Such programs are usually based on the technologies of the third and fourth industrial revolutions. Significant advantages of the third industrial revolution include the "greening" of transport systems through the transition to hydrogen and electric transport, which contributes to a dramatic improvement in the quality of the environment. For example, the EU Transport Strategy envisages a reduction in greenhouse gas emissions of around 20% from 2008 levels and 8095% below 1990 levels by 2050.

Given this, it is advisable to find innovative tools and scientifically sound "green" solutions, non-traditional sources of funding, as well as the introduction of fundamentally new organizational and managerial approaches and "green" technologies to improve the efficiency of the Czech national logistics system. This was the purpose of this study.

Presentation of the main research material

In the scientific literature there are many approaches to the consideration of the environmental component of logistics (Z. Jianwei, Z. Minjie, Z. Liwei; S. Pulawska, W. Starowicz; L. Simao, M. Goncalves, C. M. T. Rodriguez; M. Moroz, Z. Polkowski; I. Urbanyi- Popioleka; W. Liu et al.). The greening of logistics is recognized as a key driver of business development, as most consumers prioritize those companies that carry out freight transportation by "green" transport and use technologies that conserve natural resources.

Based on the analysis conducted by the consulting company PwC, it is established that the emphasis on environmental sustainability and stringency of emission standards will force transport and logistics companies to move to environmentally friendly and safe decisions, i.e. to "green" logistics. Climate change is expected to continue to affect meteorological phenomena, leading to destabilization of supply chains. The reduction of stocks of natural resources will lead to higher prices for them and will promote the processing and more efficient allocation of resources. As a result, sustainable and environmental development issues will be in high demand in the long run.

A public opinion poll commissioned by the e-commerce delivery platform Sendcloud found that the majority of British consumers support the introduction of "green" technologies in manufacturing and logistics. According to 57% of respondents, the growth of online shopping through online shopping will lead to greater environmental pollution. At the same time, 38% of respondents are willing to pay extra for the delivery of goods on environmentally friendly transport.

It should be emphasized that the COVID-19 pandemic has also forced consumers to reconsider their attitudes towards sustainable development and to consider the impact of purchases on the environment, society and business (Environmental, Social, and Corporate Governance, ESG).

According to a survey conducted by the Internet provider Orange Business Services, which surveyed 320 managers of international companies, including in the field of transport and logistics, 85% of respondents are willing to invest in business sustainability. And 59% of respondents said they could not allow the use of unethical and non-environmental technologies, as this would affect the level of profitability of companies. An express survey of 8738 consumers from 22 countries conducted by PwC in 2021 as part of the Global Consumer Behaviour Survey found that 55% of respondents buy products from companies with a clear environmental policy, and 54% prefer goods in ecological packing.

Despite a wide range of scientific developments on selected topics, methodological issues of "green" financing of infrastructure projects in the field of transport and logistics remain unresolved and require further research. And this problem acquires special significance in the current conditions of green transformation of the Czech national logistics system in the context of the European Green Deal.

According to Armstrong & Associates, Inc., the share of logistics spending in the Czech Republic's GDP in 2020 was 8.9% (global average - 10.8%). During this period, the share of 3PL sector revenues in the country was 11.2% of logistics costs (global average - 10.6%). In 2020, the share of the Czech Republic's GDP

was 0.29% of global GDP, logistics costs - 0.24% of their total volume in the world, 3PL sector revenues - 0.25% of global GDP.

According to the analysis of the statistical database of the United Nations Economic Commission for Europe, the volume of road transport by road increased in 2000-2019 by 21.6% (from 414.7 to 504.1 million tons), and rail - by 0.6% (from 98.3 to 98.8 million tons). Volumes of cargo transportation by river transport decreased by 55.2% - from 1739 to 779 thousand tons.

Let's forecast the volume of freight traffic by different modes of transport in the Czech Republic using the autoregression method. Calculations show that the volume of cargo transportation by rail will be reduced by 0.3% in 2019-2022, and by 0.7% in 2019-2025. Volumes of cargo transportation by road will increase in 2022 compared to 2019 by 6%, and in 2025 - by 12.4% [1].

However, if in the future the Czech government does not invest in the development of river transport, stimulate small and medium-sized businesses in the sector, implement public-private partnerships and seek non-traditional sources of funding (green investment, venture capital, crowdfunding, etc.), then There will continue to be a downward trend in freight traffic. Thus, it is projected that the volume of freight traffic by river transport will decrease in 2019-2022 by 46%, and in 2019-2025 by 70.9%. Although river transport is recognized in most European countries as an attractive mode of transport from an environmental point of view [2].

It should be noted that the formation and operation of the transport and logistics network in the Czech Republic should be based on the strategic document "Development of transport infrastructure until 2050", which aims to create conditions for further economic development of the country and its regions. The normative document formulates proposals for a transport solution, especially for the road network, as well as in the context of the road and railway network until 2050, including the expected trends in transport using modern innovative and digital technologies. The draft decision on the development of road infrastructure will be one of the bases for updating the strategy of the Government of the Czech Republic on the functioning of the transport sector.

In this regard, it is currently advisable to develop and implement the National Transport Development Plan of the Czech Republic until 2030 on the basis of multimodality, digitalization and greening. The main goal of this strategic document should be to pursue a policy of stimulating and supporting the movement of products using environmentally friendly modes of transport (rail and river), as well as achieving a more flexible, sustainable and low-carbon economy.

In addition, in order to solve environmental problems in the transport sector, it is necessary to develop and approve the National Plan for Reconstruction and Sustainable Development of the Czech Republic, the main goal of which is to promote sustainable development after the crisis caused by the COVID-19 pandemic. To achieve this goal, a set of measures and reforms should be developed that will not only restore the potential for economic growth, but also develop and increase it. At the same time, the plan should lay the foundations for the green transformation of the logistics system in the context of the European Green Pact [3-5].

One of the key measures of the National Plan should be to reduce the carbon footprint of the transport and logistics spheres through green investments in the modernization and digitalization of these sectors. Among the main reforms that need to be implemented as a matter of priority are the following:

updating the strategic base of the transport sector;

integration of sustainable urban mobility into strategic planning of regional and spatial development;

application of a fundamentally new regional approach with direct involvement of local communities in the management of European funds and instruments;

reforming the water transport sector;

digitalization of railway transport by modernization of safety and energy efficiency systems on railways;

implementation of a pilot scheme ("Green Mobility") to support sustainable urban mobility through measures to develop environmentally friendly, safe, functional and energy efficient transport systems and logistics networks.

Given that, it is advisable to develop and implement a mechanism for "green" investment in infrastructure projects, which means financing investments that provide environmental benefits in the broad context of environmentally sustainable development of various areas of economic activity. According to expert estimates, only 1% of global bonds are marked as "green", while 1% of investments of institutional investors belong to the category of "green" infrastructure assets [6].

To date, among foreign and domestic researchers and practitioners there is no single approach to the classification of funding instruments for "green" projects, including the transport sector (Table 1).

Table 1