“GREEN FINANCE” IN THE ROLE OF A NEW INSTRUMENT OF GUARANTEEING ENVIRONMENTAL SECURITY IN THE SUSTAINABLE TERRITORIAL DEVELOPMENT SYSTEM
Journal Title: Держава та регіони. Серія: Економіка та підприємництво - Year 2018, Vol 4, Issue 103
Abstract
Regarding the problem, there is indicated the urgency of “green financing” in ensuring the ecological safety of the territory upon the condition of sustainable development. On this issue, decomposed recent researches and publications of Ukrainian (D. Oliinyk; K.V. Klimenko) and foreign scientists (B. B. Rubtsov; Höhne, Khosla, Fekete; Zadek and Flynn; Böhnke, Eidt, Knierim, Richert, Röber, Volz) have been analysed, as well as publications of financial and scientific institutions (IFC, Bloomberg New Energy Finance, PWC, GFSG). As a part of the material presentation, there are considered approaches to understanding the definition of green finance. A conclusion about the common and distinctive features of the term “green finance” is based on interpreting by various scholars and scholarly institutions. The focus is on the green financing structure taking into account financing public and private green investments (preparatory and capital expenditure are included), public policy financing (operating costs are included), components of the financial system related to specific green investments. Due to green investments explored, it became clear that they include both climatic and non-climate related issues. There are considered the features of green financing development at the international and state scales. There are mentioned examples of green projects’ promotion and green finance optimization used in the United Kingdom, Saudi Arabia, Malaysia, the USA, Germany, France, etc. There are determined the ways of development of “green finance” in Ukraine and their role in increasing of ecological safety on its territory. In particular, it is emphasized the introduction of green bonds in Ukraine, especially debt instruments to raise funds for renewable energy projects, energy efficiency, and environmentally friendly transport. The conclusions summarize the theoretical analysis of “green” finance and its importance in ensuring the ecological safety of the territory under conditions of sustainable development, as well as prospects for further study of this issue.
Authors and Affiliations
H. O. Obykhod, P. I. Poidyn
Keywords
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