FINANCIAL INSTRUMENTS FOR THE IMPLEMENTATION OF THE EUROPEAN GREEN COURSE IN UKRAINE
Abstract
The sustainable development of the economy in the conditions of European integration and the post-war reconstruction of Ukraine includes economic, social and environmental aspects. In this context, the issue of implementing effective financial mechanisms for the implementation of the European Green Course in Ukraine is of particular importance. The formation of national financial instruments for the implementation of the European Green Course is an important element at the current stage of state building. Effective and efficient implementation of «green» financing will ensure sustainable socio-economic development, as well as post-war reconstruction. The article focuses on the implementation and functioning of effective financial instruments for the implementation of the European Green Course to build a «green» economy in Ukraine. The possibilities of using the mechanisms of debt-for-climate swaps and debt-for-nature swaps in Ukraine, which are based on the financing of «green» reconstruction, namely the restoration of the ecosystem, the reduction of the level of environmental pollution, the restoration of the uninterrupted supply of electricity, thereby reducing the debt burden, have been determined. As a candidate for membership in the European Union, Ukraine can take advantage of financing opportunities for «green» reconstruction while simultaneously reducing its debt burden. The mechanisms of debt-for-climate swaps or debt-for-nature swaps can become very promising debt policy measures for the reconstruction of Ukraine. Prospective directions for improving the system of «green» financing in Ukraine are substantiated, which will lead to strengthening the role of the Green Course in the context of post-war reconstruction. It was determined that to ensure the implementation of the European Green Course in Ukraine, it is promising to improve the legislative framework and introduce new financial instruments, «green» bonds, «green» lending, «green» insurance, and the creation of «green» funds. It is also promising to attract international «green» investors, which will contribute to attracting additional financial resources for reconstruction.
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