Development of "green" financial system in Ukraine

Размещено на http://www.allbest.ru/

Ph.D in Economics, Associate Professor, Department of Economics and International Economic Relations, International Humanitarian University

РhD, associate Professor Jiangsu Normal University

Development of «green» financial system in Ukraine

Nesterova K.S.

Shcherbata Maryna Yu.,

China



Abstract

The article is devoted to the problem of the «green» financial system development in Ukraine in accordance with the requirements of the European «green» deal and global trends of economic growth. It is substantiated that the «green» economy is an innovative direction of the most countries of the world development due to the worsening of global problems. By declaring its course towards European integration, Ukraine has committed itself to developing a «green» economy, which is actively stimulated and supported by EU member states.

It is proved that for the effective development of the bioeconomy a comprehensive «green» financial system must be developed, which means a form of organization of financial and credit relations between stakeholders, which contributes to the redistribution and mobilization of capital to «green» sectors of the national economy. Such a system will ensure long-term economic growth, competitiveness of the national economy and the realization of the stakeholders interests. The structure of the «green» financial system in Ukraine and the state of its individual elements need to be improved by increasing the level of efficiency of their state regulation.

The purpose of the article is to substantiate the development of «green» financial system in Ukraine in the context of its European integration choice.

Scientific novelty is to provide recommendations for public management of the «green» financial system in Ukraine, taking into account the progressive world experience.

Conclusions. The need to rebuild economies during the Covid-19 crisis and at the same time the worsening of the climate change requires countries to develop and implement an innovative paradigm of economic development based on a «green» course, sustainable development, corporate social responsibility and the need to ensure the interests of stakeholders. The analysis showed that the effective development of the «green» economy in Ukraine needs a large-scale transformation of various sectors, areas of the national economy, especially the financial system, which provides economic security, social welfare and stability, which requires radical changes to reorient to the principles of «green» economy. The article provides a definition of a «green» financial system and its structure. Considerable attention is paid to the need for effective public policy for the development of a «green» financial system by developing its strategic vision, implementation of a set of incentives and regulatory measures.

Key words: bioeconomy, «green» economy, «green» financial system, «green» investments, «green» bonds, stakeholder.



Анотація

Гришова Інна Юріївна,

доктор економічних наук, професор, Цзянсунський педагогічний університет, Китай

Нестерова Катерина Сергіївна,

кандидат економічних наук, доцент, доцент кафедри економіки і міжнародних економічних відносин, Міжнародний гуманітарний університет

Щербата Марина Юріївна,

кандидат економічних наук, доцент, Цзянсунський педагогічний університет, Китай

РОЗВИТОК ЗЕЛЕНОЇ ФІНАНСОВОЇ СИСТЕМИ В УКРАЇНІ

Стаття присвячена проблемі розвитку «зеленої» фінансової системи в Україні відповідно до вимог європейського «зеленого» курсу та загальносвітових тенденцій економічного зростання. Обґрунтовано, що «зелена» економіка є інноваційним напрямком розвитку більшості країн світу внаслідок загострення глобальних проблем. Україна, проголосивши курс на євроінтеграцію, взяла на себе обов'язок з розвитку «зеленої» економіки, яка активно стимулюється та підтримується державами-членами ЄС. Доведено, що для ефективного розвитку біоекономіки має бути розроблена комплексна «зелена» фінансова система, під якою розуміється така форма організації фінансово-кредитних відносин між стейкхолдерами, яка сприяє перерозподілу та мобілізації капіталу до «зелених» секторів національної економіки. Саме така система забезпечить довгострокове економічне зростання, конкурентоспроможність національної економіки та реалізацію інтересів стейкхолдерів. Розглянуто структуру «зеленої» фінансової системи в Україні та стан розвитку її окремих елементів, які потребують удосконалення шляхом підвищення рівня ефективності їх державного регулювання.

Метою статті є обґрунтування розвитку «зеленої» фінансової системи в Україні в контексті її євроінтеграційного вибору.

Наукова новизна полягає у наданні рекомендацій щодо державного управління розвитком «зеленої» фінансової системи в Україні з урахуванням прогресивного світового досвіду.

Висновки. Необхідність відновлення економік у період кризи Covid-19 та водночас загострення кліматичних змін вимагають від країн розробки та реалізації інноваційної парадигми економічного розвитку, заснованому на забезпеченні «зеленого» курсу, сталого розвитку, соціальної відповідальності бізнесу та необхідності забезпечення інтересів стейкхолдерів. Аналіз продемонстрував, що для ефективного розвитку «зеленої» економіки в Україні потрібна масштабна трансформація різних галузей, сфер національної економіки, передусім фінансової системи, яка забезпечує економічну безпеку, суспільний добробут та стабільність, що обумовлює необхідність здійснення у ній докорінних змін з метою переорієнтації на принципи «зеленої» економіки. У статті надано визначення «зеленої» фінансової системи та її структури. Приділено значну увагу необхідності ефективної державної політики щодо розвитку «зеленої» фінансової системи шляхом розробки її стратегічного бачення, реалізації комплексу стимулюючих та регуляторних заходів.

Ключові слова: біоекономіка, «зелена» економіка, «зелена» фінансова система, «зелені» інвестиції, «зелені» облігації, стейкхолдер.



Problem Statement

The Covid-19 Pandemic aggravated existing problems in the sphere of protection of public health, environment, production and supply chains, which caused need for significant changes in the strategic development of states. Course proclaimed by international organizations and states, is aimed on the development of bioeconomics, requires investment of significant economic resources, so-called «green» investments. Due to the limited funds of state budgets, due to the pandemic and financial crises, the biggest burden on financial support for bioeconomics relies on private investors. However, disinformation and disinterest of the latter may offer the possibility of «green» investments. Therefore, the key factor in the process of development of bioeconomics is state support of stakeholders, formation of normalized conditions for their interaction, primarily the implementation of financial and credit relations through creation of «green» financial system.

Analyses of recent researches and publications

To coverage of problems of development of bioeconomics, including «green» investment, are dedicated works of native and foreign scientists, in particular: N. Andrieie- va [1], A. Balian [2; 3], N. Verenko [4], І. Gry- shova [5], R. Gryshova [9], I. Myshchak [6], T. Pimonenko [7], L. Rybina [8], T. Shabatu- ra [2; 3], М. Shcherbata [9-10], К. Birch [11; 12], А. Chitimiea [13], L. Eyraud [14], P. M. Falcone [15].

However, rapid changes in economic conditions, insufficient level of efficiency of state policy of support the development of «green» investment, limited range of scientific exploratory studies of the formation of holistic «green» financial system in Ukraine determine the relevance of further research in this area.

Aim of the article is substantiation of development «green» financial system in Ukraine in the contest of its European integration choice.

Presentation of the main material. Course on the development of bioeconomics has become world-wide, as its implementation will contribute not only to the solution of problem of recovery of resources, but also of creation of working places and providing economic growth during the long term. However, achievement of bioeconomics is possible only with accumulation of investments in environmental projects and industries, that ensure development of bioeconomics.

In broad sense, «green» investments represent by themselves capital contributions to the objects, which help to the sustainable development. While the vast majority of research focuses on considering «green» investment as contribution to ecological projects, such as «green» energy, green transport, bio- and waste processing plants.

In the Table 1 are provided author's approaches to the definition of «green» investments by native and foreign researches. Information of the table indicates the blur of this concept, lack of justification for the relationship between «green» and other types of related investments.

Table 1 Author's approaches to the definition of the essence of concept of««green»investments

Surname Name Patronymic	Definition of «green» investments
N. Andrieieva, S. Kharichkov	Reflect, first of all, the sectoral orientation of the transformation course to the transition to «green» economy.
T. Pimonenko, K. Lushchyk	Cash assets, acquired with «green» aims, in order to obtain income and positive «green» effect in the future to achieve sustainable and green growth.
L. Rybina, A. Adamenko	Aim of green investments is not only adherence to income by investor, but also creation of positive social changes, reducing negative impact on environment, compliance with ethical standards.
L. Eyraud, B. Clements, A. Wane	Investments needed to reduce greenhouse gas emissions and air pollution, which do not significantly reduce of production and consumption of non-energy goods.
A. Chitimiea, M. Minciu, A.-M. Manta, C.N. Ciocoiu, C. Veith	«Green» investments - very wide term that means investment activities of companies aimed at protecting environment, reducing pollution, reducing carbon emissions, using alternative energy sources and preserving natural resources.
Organization of Economic Cooperation and Development	Investments, aimed at support of «green» development.

*Source: completed by author with use of [1; 7; 8; 13; 14; 16]

N. A. Andrieieva, S. K. Kharichkov are pointing, that the term «green» investments in native science can be conditionally compared to the term «environmentally oriented investments» which are «all kinds of property and intellectual values, invested in the national economic turnover, the main purpose of which is to prevent, limit, eliminate and restore the consequences of environmental pollution» [1, p.17]. In modern investment practice, investments that lead to positive economic, environmental and social consequences are called «ESG investments».

In modern scientific literature there is no holistic generally accepted classification of «green» investments. Most often they are classified according to the sphere of investments, for example «blue» investments, investments to «green» energy etc.

Taking as basis the classification of investments, as well as the classification of «green» investments T. V. Pimonenko, K. V. Lushchyk [7], in the article as basic kinds of «green» investments propose to consider «green» direct investments and «green» bonds.

In Ukraine, volumes of direct investments in «green» economics have tendencies to decrease due to lack of financial resources, which requires development of measures to stimulate foreign financing, co-financing with private business, temporary orientation on «green» bonds in order to accumulate funds, attract alternative sources of financing. Statistics of capital investments on environmental protection in Ukraine are given in Fig. 1.



Fig. 1. Volume of capital investments on environmental protection in Ukraine, thousands UAH *Source: completed by author with use of [17]

At the same time, the problem of lack of financial resources for development of «green» economy is typical for almost all countries of the world. UNCTAD estimates that for developing countries alone, this gap is more than 2.5 trillion USA dollars annually [18].

Also, deterrent factors of development of «green» investments include lack of motivation from investors, low level of state support, practice in creation of «green» assets, uncertainty of state policy, long terms of return of investments, high risks of long-term investment.

However, only one «green» investment is not enough, it is necessary to form holistic structure of the «green» financial system (Fig. 2).

Figure 2. Structure of «green» financial system in Ukraine Source: completed by author

Some of its elements relate to reform of national energy sector, agriculture. In addition, there is no institutional environment for green bond market in Ukraine [23].

It is necessary to mention the increase in number of monuments of national importance and protected areas in Ukraine, reduction of emissions of pollutants. At the same time, the amount of burned and recycled waste remains low, financial support for ecological initiatives is reducing.

Instruments of «green» financial system are characterized by diversity and covering wide range of products that can be conditionally divided into banking, investment and insurance.

Such system should consist of interconnected elements, be complex and be guided by the relevant governmental bodies. «Green» financial system will contribute to accumulation of capital in «green» sectors of economy, growth of investments in environmental projects, etc. «Green» financial system can be defined as form of organization of financial and credit relations between entities, which provides long-term sustainable development of national economy. Moreover «green» financial system does not need to be identified only with environmental development, but also with sustainable development as a whole.

In modern conditions countries of EU actively perform measures for implementation of «green» course, which requires development and unification of relevant state policy in Ukraine, implementation of stimulating and regulatory economic growth measures based on environmental priority. Besides, it creates additional opportunities for cooperation between Ukraine and EU within «green» course, integration of the principles of «green economy» in various sectors and spheres of national economy. Thus, recognizing the importance of «green» financial system, the NBU joined Network for ecologization of financial system, which unites central banks and supervisory authorities of the leading countries of the world and allows to exchange experience, knowledge, progressive practices.

Principles of «green» financial system are developed and implemented in China, where on the level of state establishments are provided state guarantees of «green» investments, was founded the National Fund of Green Development. Methods of environmental risk assessment are gradually implemented in the practice of commercial banks.

Key elements of state policy concerning development of «green» financial system are such [5; 16]:

Formation of strategic vision of the «green» financial system.

Reduction and gradual abolition of subsidies for fossil fuels, ensuring stability of carbon prices. Despite the decrease in global subsidies for fossil fuels, their sizes still continue to remain too large. According to statistics of G20 countries, state support for companies in the field of traditional energy is up to 45 %.financial competitiveness stakeholder

Free international trade in environmental technologies. The creation of «green» free trade zones may be promising in this direction. For example, in 2019 in Shandong Province (China) was created free economic zone with focus on biotechnology.

Implementation of joint initiatives within regional integration associations and international organizations.

Financial support for environmental projects, including co-financing with private investors.

Creation of innovative entrepreneurial structures in the field of «green» technologies, such as bioincubators, ecoparks, etc.

Creation of national and local funds for financing of ecological projects and initiatives.

Development of corresponding appropriate infrastructure to support and regulate «green» financial system.

Ensuring the transparency of financial system, development of system of indicators for assessing the state of development and stability of «green» financial system, ecological risks of financial institutions. Currently, the problem of «green» camouflage, which is associated with the desire of enterprises to get investment through the simulation of «green» functioning, interest in development of ecological initiatives. Leading international rating agencies and international organizations in order to solve this problem together try to create system of indicators to assess level of development «green» economy. For example, in France, the requirements for mandatory environmental reporting of investors were established at the legislative level (Article 173 of «On Energy Transition») [23, p. 88].

Despite certain positive changes in Ukraine (Table 2), there is currently no effective comprehensive state policy to stimulate development of «green» economy.

Dynamics of separate indicators in «green economy» sphere of Ukraine Table 2

Indicators	2016	2017	2018	2019
Volume of greenhouse gas emissions, % to the level of 1990	35,7	34,2	36,1	25
Area of lands occupied under organic production, thousands of hectares	381,2	289	309,1	468
Volume of emissions into atmospheric air of pollutants sources of emissions by stationary, % to level of 2015	107,7	90,5	87,8	86,1
Share of area of territories and objects of nature reserve fund in general territory of country, %	6,6	6,6	6,61	6,76

World practice shows, however, that «green» bonds have recently become particularly popular among financial instruments of «green» economy. In 2016 «green» bonds were issued by Poland, followed by Belgium, Indonesia, etc. However, the United States and China remain the world leaders in terms of issuance of «green» bonds. According to Bloomberg, the peak issue of «green» bonds in the world was more than 1 billion USA dollars in 2020 and it is expected that emissions will increase [20]. In general, the market for «green» bonds and loans in October 2020 increased over 9% and amounted to 194.6 billion USA dollars.

It should be noted that the tool of «green» bonds in Ukraine is considered as promising and already made attempts at its legislative settlement. First of all, in July 2021 Law «On Capital Markets and Organized Commodity Markets» came into force, in which the essence of «green» bonds is defined and rules for market participants are established in accordance with EU standards [21]. Also, the National Securities and Stock Market Commission has approved the Recommendations on implementation or financing of environmental projects through issuance of «green» bonds, it is planned to develop the Government's Order «On Approval of the Concept of Introduction and Development of «Green»

Bonds Market in Ukraine». Such instrument will allow receiving funds from private investors for development of ecological projects However, standards of «green» bonds, as well as effective mechanism of state regulation of relevant market, have not yet been adopted.

Besides sovereign and municipal «green» bonds developed countries actively stimulate corporative «green» bonds. World practice testifies to the predominance of private funds in the field of financing «green» economy.

In Ukraine, it is planned to focus on development of municipal bonds, although, in our opinion, corporate segment is not sufficiently involved in this process, although in accordance with current legislation it has right to issue «green» bonds. To develop issue of «green» bonds, private business needs state information and organizational support, establishment of clear and transparent procedures for creation of «green» assets, requirements for their quotations on exchange, etc. Domestic enterprises should implement in their practice instruments for assessing risks associated with «green» investments [22]. As noted by A. Yu. Frolov, legislative framework should be transparent as investors are interested in stable market conditions [23]. For example, in 2020 Swedish company «Scania» issued its first ant to develop «green» financial system for the availability of appropriate infrastructure. Due to the lack of its own financial resources, «green» credit and the formation of chain of banking institutions. In Ukraine, one of the leading banks that provides «green» credits is «Ukrgasbank», other banking institutions not so actively joined this process. Currently sustainable development projects account for more than 35 % of credit portfolio of «Ukrgasbank», for each category of consumers developed their own environmental proposals, which caused them to form the specific advantage in the long term, building mutually beneficial relationships with stakeholders.

Figure 3. Amount of public debt on securities, mln. UAH *Source: completed by author with use of [25]

Also instrument of «green» bonds on the state level is necessary to use not mass, without stimulating artificial growth in demand for them. The alternative should be corporate «green» bonds with government support and incentives, such as use of tax incentives, technical assistance, smaller requirements for investor capital. For example, the Central Bank of China offers preferential attitude to bank loans used to purchase green bonds, European Commission plans to reduce capital requirements for environmentally directed banking investments.

In addition to development and implementation of financial instruments, it is import- «green» bonds and attracted more than 1 billion Swedish crowns [24].

In turn, the increase in volume of municipal «green» bonds can lead to financial bubble, similar to the situation in 2008. In addition, with development of «green» bonds, the amount of public debt, which in foreign literature was called «sustainable» debt, that is, debt associated with investments in sustainable development, also increases.

According to the State Statistical Commission of Ukraine, from 2015 to 2020 public debt on securities tends to increase, except for slight decrease in 2019 (Fig. 3). In the 4th quarter of 2020 this debt has already amounted to more than 660 billion UAH. Also in question is the issue of «green» bonds by state-owned enterprises that have huge debts (for example, NEC «Ukrenergo»).

In order to reduce the risks of growing financial bubble, active state policy for regulating «green» financial instruments is necessary, determining clear procedures and requirements. Such policy should include balanced policy of the NBU, provision of state guarantees, transparent market regulation, regulatory and legal support for its functioning, etc.

Conclusions. Thus, to implement the concept of «green» financial system, continuity of state regulation, responsible attitude to stakeholders, and effectiveness of regulatory instruments are necessary. Thus, in Ukraine there was difficult situation with «green» tariff and announcement of government's intention to establish excise duties on such tariffs. Changing business conditions, insanely, will adversely affect development of the «green» economy in Ukraine. For example, «Nefco» has already suspended investments in renewable energy projects in Ukraine [26]. Furthermore, significant problem is state's debt to investors for the generated energy, intensification of claims to international arbitrations (company «Modus Energy»). Measures of state regulatory policy to promote development of the «green» economy in Ukraine must include stimulation of voluntary environmental behavior of subjects, as well as be supplemented by regulatory incentives. The state should ensure complexity of such measures and control over all types of assets, since «green» course creates additional opportunities for obtaining financial resources, forming competitive advantages, stimulates growth of level of energy security of the country.



References

1. Andrieieva,N., Kharichkov,S. (2010). «Zeleni» investytsii yak katalizator perekhodu do novoho kursu rozvytku ekonomiky: mizhn- arodni oriientyry i perspektyvy vprovadzhennia. Ekonomist, 12, 16-21 [in Ukrainian].

2. Balian,A., Hryshova,I., Shabatura,T. (2020). Derzhavni napriamy pidtrymky ta sty- muliuvannia orhanichnoho vyrobnytstva. Nau- kovi zapysky Instytutu zakonodavstva Verkhovnoi Rady Ukrainy, 5, 129-141 [in Ukrainian].

3. Balian,A., Hryshova,I., ShabaturaT. (2021). Publichna polityka ta derzhavna pidtry- mka rozvytku ahrarnoho vyrobnytstva v Ukraini. Naukovi zapysky Instytutu zakonodavstva Verk- hovnoi Rady Ukrainy, 2, 156-167 [in Ukrainian].

4. Verenko,N., Kamenkov,A. (2018). «Zelenye» investicii i perspektivy ikh ispol'zo- vaniya v Respublike Belarus'. Bankayski vesnik, 10, 63-71 [in Russian].

5. Hryshova,I.Yu., Nesterova,K.S. (2021). Kontsept tsyrkuliarnoi ekonomiky v konteksti zabezpechennia staloho rozvytku. Ekonomika APK, 4, 88-94.

6. Myshchak,I.M. (2018). Problemy i per- spektyvy zakonodavchoho zabezpechennia in- novatsiinoho rozvytku v Ukraini. Naukovi zapysky Instytutu zakonodavstva Verkhovnoi Rady Ukrainy, 6, 34-43.

7. Pimonenko,T. V., Lushchyk,K.V. (2017). Zelene investuvannia: dosvid ES dlia Ukrainy. Visnyk Sumskoho derzhavnoho universytetu. Seri- ia Ekonomika, 4, 121-127.

8. Rybina,L.O., Adamenko,A.P. (2020). Rozvytok «zelenoho» investuvannia v Ukraini. Infrastruktura rynku, vyp. 42.

9. Shcherbata, M. Iu., Hryshova, R. V. (2020). Renovation of agricultural enterprises in the context of the circular economy. Zbior artykulow naukowych z Konferencji Miedzynarodowej Nau- kowoPraktycznej (on-line) zorganizowanej dla pracownikow naukowych uczelni, jednostek nau- kowo-badawczych oraz badawczych z panstw obszaru bylego Zwiqzku Radzieckiego oraz bylej Jugoslawii. (30.09.2020). Warszawa, 29-32.

10. Shcherbata,M.Iu. (2021). Rehionalna polityka Kytaiu v ahrarnii sferi: implementat- siia uspishnoho dosvidu dlia Ukrainy. Zbior artykuiow naukowych z Konferencji Miedzynarodowej NaukowoPraktycznej (on-line) zorganizowanej dla pracownikow naukowych uczelni, jednostek naukowo-badawczych oraz badawczych z panstw obszaru bylego Zwiqzku Radzieckiego oraz bylej Jugoslawii. (30.04.2021). Warszawa, 11-14 [in Ukrainian].

11. Birch, K. (2016). Emergent policy imag- inaries and fragmented policy frameworks in the Canadian bio-economy. Sustainability, 8 (10), 1-16.

12. Birch,K., Tyfield,D. (2013). Theorizing the Bioeconomy: Biovalue, Biocapital, Bioeconomics or ... What. Science, Technology and Human Values, 38, 299-327.

13. Chitimiea,A., Minciu,M., Manta,A.- M., Ciocoiu,C.N., Veith,C. (2021). The Drivers of Green Investment: A Bibliometric and Systematic Review. Sustainability, 13 (6).

14. Eyraud,L., Clements,B., Wane,A. (2013). Green investment: Trends and determinants. Energy Policy, 60 (C), 852-865.

15. ulation and green investments. International Journal of Green Economics, Vol. 14, No. 2.

16. Defining and measuring green investments: implications for institutional investors' asset allocations.

17. Vytraty na okhoronu navkolyshnoho seredovyshcha.

18. Skilky koshtiv vytrachaietsia na pid- trymku enerhetyky.

19. Tsili staloho rozvytku Ukraina 2020.

20. SG market records causing bubble anxiety.

21. V Ukraini nabuv chynnosti zakon pro «zeleni» oblihatsii.

22. Nesterova,K., Marchenko,V, Lazebnyk,I. and others. (2020). Identification and assessment of external risks of the enterprise's foreign economic activity. International Journal of Scientific and Technology Research, Vol. 9 (2), 4672-4675.

23. Frolov,A.Yu. (2019). Svitovyi dosvid orhanizatsii rynku zelenykh oblihatsii ta mozh- lyvosti yoho zaprovadzhennia v Ukraini. Nau- kovi zapysky Instytutu zakonodavstva Verkhovnoi Rady Ukrainy, 5, 84-92 [In Ukrainian].

24. Velykyi interes do «zelenykh» oblihatsii Scania.

25. Derzhavnyi ta harantovanyi derzhavoiu zovnishnii borh.

26. NEFCO pryzupynyla investytsii v novi proiekty «zelenoi» enerhetyky v Ukraini: chomu tse tryvozhnyi dzvinochok.

Список використаних джерел

1. АндрєєваН., ХарічковС. «Зелені» інвестиції як каталізатор переходу до нового курсу розвитку економіки: міжнародні орієнтири і перспективи впровадження. Економіст. 2010. №12. С. 16-21.

2. БалянА., ГришоваІ., ШабатураТ. Державні напрями підтримки та стимулювання органічного виробництва. Наукові записки Інституту законодавства Верховної Ради України. 2020. № 5. С. 129-141.

3. БалянА., Гришова І., Шабатура Т. Публічна політика та державна підтримка розвитку аграрного виробництва в Україні. Наукові записки Інституту законодавства Верховної Ради України. 2021. № 2. С. 156-167.

4. Веренько Н., Каменков А. «Зеленые» инвестиции и перспективы их использования в Республике Беларусь. Банкаускі веснік. 2018. №10. С. 63-71.

5. ГришоваІ.Ю., НестероваК.С. Концепт циркулярної економіки в контексті забезпечення сталого розвитку. Економіка АПК. 2021. №4. С.88-94.

6. МищакІ.М. Проблеми і перспективи законодавчого забезпечення інноваційного розвитку в Україні. Наукові записки Інституту законодавства Верховної Ради України. 2018. № 6. С. 34-43.

7. ПімоненкоТ. В., ЛущикК.В. Зелене інвестування: досвід ЄС для України. Вісник Сумського державного університету. Серія Економіка. 2017. №4. С.121-127.

8. РибінаЛ.О., АдаменкоА.П. Розвиток «зеленого» інвестування в Україні. Інфраструктура ринку. 2020. Вип.42.

9. ЩербатаМ.Ю., ГришоваР.В. Renovation of agricultural enterprises in the context of the circular economy. Zbior artykulow naukowych z Konferencji Miedzynarodowej NaukowoPraktycznej (on-line) zorganizowanej dla pracownikow naukowych uczelni, jednostek naukowo- badawczych oraz badawczych z panstw obszaru bylego Zwiqzku Radzieckiego oraz bylej Jugoslawii. (30.09.2020). Warszawa, 2020. P. 29-32.

10. ЩербатаМ.Ю. Регіональна політика Китаю в аграрній сфері: імпле

11. ментація успішного досвіду для України. Zbior artykulow naukowych z Konferencji Miedzynarodowej NaukowoPraktycznej (on-line) zorganizowanej dla pracownikow naukowych uczelni, jednostek naukowo-badawczych oraz badawczych z panstw obszaru bylego Zwiqzku Radzieckiego oraz bylej Jugoslawii. (30.04.2021). Warszawa, 2021. С. 11-14.

12. BirchK. Emergent policy imaginaries and fragmented policy frameworks in the Canadian bio-economy. Sustainability. 2016. №8(10). P.1-16.

13. BirchK., TyfieldD. Theorizing the Bioeconomy: Biovalue, Biocapital, Bioeconomics or ... What. Science, Technology and Human Values. 2013. №38. P. 299-327.

14. ChitimieaA., MinciuM., MantaA.-M., Ciocoiu C. N., Veith C. The Drivers of Green Investment: A Bibliometric and Systematic Review. Sustainability. 2021. 13 (6).

15. EyraudL., ClementsB., WaneA. Green investment: Trends and determinants. Energy Policy. 2013. 60 (C). С.85 -865.

16. FalconeP.M. Environmental regulation and green investments. International Journal of Green Economics. 2020. Vol. 14. No. 2.

17. Defining and measuring green investments: implications for institutional investors' asset allocations.

18. Витрати на охорону навколишнього середовища.

19. Скільки коштів витрачається на підтримку енергетики.

20. .Цілі сталого розвитку Україна 2020.ESG market records causing bubble anxiety.

21. В Україні набув чинності закон про «зелені» облігації.

22. NesterovaK., MarchenkoV, LazebnykI. and others. Identification and assessment of external risks of the enterprise's foreign economic activity. International Journal of Scientific and Technology Research. 2020. Vol. 9 (2). P. 4672-4675.

23. ФроловА.Ю. Світовий досвід організації ринку зелених облігацій та можливості його запровадження в Україні. Наукові записки Інституту законодавства Верховної Ради України. 2019. № 5. С. 84-92.

24. Великий інтерес до «зелених» облігацій Scania.

25. Державний та гарантований державою зовнішній борг.

26. NEFCO призупинила інвестиції в нові проєкти «зеленої» енергетики в Україні: чому це тривожний дзвіночок.

Размещено на Allbest.ru

...