FINANCIAL ENGINEERING AS AN ELEMENT OF MODERNIZATION OF THE HYDROGEN ECONOMY OF UKRAINE
Abstract
Modern trends in social development involve the transformation of the energy sector towards decarbonization of the economy. In addition to “green energy”, the production potential of which is constrained by natural factors, the development of the hydrogen economy is a tool for decarbonization of the energy sector. However, both energy and hydrogen production technologies are high-cost, the financial efficiency of investments in them is low, which limits the attraction of private capital to their financing. Financial engineering makes it possible to create synthetic financial instruments, the use of which significantly improves the financing of the development of the hydrogen economy in conditions of a shortage of financial resources. The purpose of the article is to determine the methods of implementing financial engineering to finance the development of the hydrogen economy in Ukraine. To achieve the goal, general and special methods of scientific research were used: abstraction, generalization, analysis, synthesis, construction, extrapolation. The results of the study showed that the main source of financing of any environmental protection measures and programs in Ukraine is environmental taxation, the revenues from which are insufficient to cover the corresponding costs. Additional budget financing for the development of the hydrogen economy is impossible due to the shortage of funds in the budget of Ukraine. In world practice, the Emissions Trading System (ETS) is widely used to finance environmental costs together with environmental taxation, which is proposed to be used for financial engineering of CO2 emission certificates. The implementation of the Emissions Trading System in Ukraine will determine the splitting of environmental taxation and the removal of CO2 emission taxation from it. It is proposed to use emission certificates obtained through financial engineering to finance the Hydrogen Strategy of Ukraine. The mechanism for the formation and use of emission certificates and their main characteristics are described. The financial feasibility of the emission certificates issue and their use to finance the Hydrogen Strategy of Ukraine is confirmed.
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