FINANCIAL AND ECONOMIC TOOLS FOR PROMOTING GREEN FINANCING OF ENVIRONMENTAL PROTECTION PROJECTS IN UKRAINE

Abstract

Relevance. Global climate change, large-scale anthropogenic load on the environment and the need to transition to the principles of sustainable development require the transformation of the environmental financial system. In these conditions, "green" financing appears as a fundamental macroeconomic tool for ensuring environmental safety and transforming "brown" business models into circular ones.
For Ukraine, the relevance of studying financial and economic tools for stimulating environmental investments is becoming increasingly important. Given the limited resources of state and local budgets, traditional financial mechanisms are not able to fully cover the capital deficit for the implementation of environmental projects. There is an urgent need to develop, adapt and implement innovative financial and economic tools that will create a favorable investment climate, minimize risks for private investors and provide targeted financing for the ecological revival of Ukraine.
The purpose of the article is to provide theoretical justification and develop practical recommendations for the formation of effective financial and economic tools for stimulating green financing in environmental projects.
Methods. When writing the article, the method of systemic and comparative analysis was used to study modern views on the concept of "green financing", statistical and economic methods were used to assess the dynamics and structure of financing environmental measures in Ukraine, and the abstract-logical method was used to summarize conclusions and develop practical recommendations.
Results. The modern financial and economic tools for stimulating green financing were systematized and classified according to their systematic purpose. A comparative analysis of the dynamics of CO 2 emissions in Ukraine and the EU countries was carried out, which confirmed the hypothesis of the forced, structural and crisis nature of domestic decarbonization. The structure and volumes of international capital attraction in environmental projects of Ukraine for the period 2023-2025 were monitored, which made it possible to identify an anomalous growth in the volumes of green investment under martial law conditions due to a change in donor priorities.
Practical value of the study. The results of the study can be used by state authorities in developing a national strategy for ecological recovery, adapting European legislation, as well as by domestic financial institutions to form an attractive environment for attracting real «green» investments.
Conclusions. It is proven that the formation of an independent structure of "green" financing is a basic prerequisite for Ukraine's transition from crisis to systemic low-carbon modernization of the economy. It is substantiated that overcoming the instrumental barrier requires replacing administrative coercion with effective market levers, in particular, the introduction of preferential eco-lending, the development of a green bond market and the integration of emission trading systems according to European standards. This will not only minimize environmental risks, but also reduce the impact of climate change on the environment.