EUROPEAN APPROACHES TO PUBLIC INVESTMENT IN GREEN TRANSFORMATION AT THE LOCAL LEVEL: FOREIGN EXPERIENCE

Abstract

The article is devoted to the problem of analysing the European experience of public investment in green transformation at the local level. The relevance of the topic under study is due to Ukraine's European integration aspirations (and its acquisition of the status of a candidate for accession to the European Union), as well as the need to take into account the European experience of public investment in green transformation at the local level during the post-war reconstruction of Ukraine. The local level of governance (i.e. local authorities) in European countries plays a central role in the process of promoting increased resilience to climate change and reducing greenhouse gas emissions, creating protective infrastructure, effective land use planning, and this, in turn, contributes to resilience to climate change. The theoretical and methodological basis of the study is the scientific works of foreign and Ukrainian scientists, as well as analytical materials of authoritative international organisations - the World Bank, the European Central Bank, and the European Investment Bank. The results of the study show the important role of European local authorities in implementing green transformation, especially in terms of public investment. The article examines the trends in public investment in green transformation at the local level. It is determined that over the past decades, the number of municipalities investing in green initiatives has increased significantly. It is concluded that financial and regulatory barriers are the main obstacles to public investment in green transformation at the local level. The experience of public investment in green transformation at the local level is analyzed, in particular, on the example of Austria, Estonia and Turkey in terms of local climate change mitigation and adaptation programs. The Polish experience in public investment in green transformation at the local level is considered. It is concluded that in Poland, municipal financing can play a driving role in the process of green transformation of local governments, the development of green markets and the promotion of private capital mobilization.