THE ROLE OF FINANCIAL INSTITUTIONS IN ENSURING THE SUSTAINABLE DEVELOPMENT OF UKRAINE
Abstract
To achieve optimal interaction between nature and society, the concept of sustainable development has been formed, which is aimed at preserving the dynamic balance of ecological and economic processes based on the transition to the balanced nature use. In the article, theoretical aspects of financial support for achieving the sustainable development goals and the role of financial institutions in sustainable financing are examined. The purpose of the article is to study the role of financial institutions in achieving the sustainable development goals and to develop directions of the state economic policy in the context of the transition to sustainable financing. The current state of financing the sustainable development goals and promising investment opportunities has been analysed. The specifics of financing the sustainable development projects have been determined, and the author’s definition of sustainable financing has been proposed. It is advisable to consider it as one of the types of financial services, which is based on compliance by financial organizations with long-term environmental, social and management criteria when making investment decisions to obtain sustainable effects for business structures, local population and society. Sustainable investing is manifested in considering the environmental, social and management factors by developing the investment strategy. The content and the main goals of the mechanism of financial support for the sustainable development goals in the context of state regulation of the economy have been defined. It has been justified that the mechanism implementation becomes possible based on ensuring the balance between digital transformations in the domestic market of financial services and interests of the state and financial institutions involved in its implementation. As part of the program-target regulation, the indicators, that must be achieved both in the financial system and in related areas of the national economy, have been determined
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