The role of green finance in ensuring sustainable economic development of Ukraine in the context of European integration
Abstract
In the current context of globalization, climate challenges, and growing attention to sustainable development issues, green finance is gaining increasing relevance as an effective tool for the environmentally oriented transformation of the economy. Ukraine, being in the process of European integration and reforming its national financial system, faces the necessity of implementing mechanisms that combine economic benefits with environmental responsibility. Therefore, exploring the role of green finance in ensuring sustainable economic development in Ukraine is both timely and of critical importance.
The aim of this study is to determine the role of green finance in promoting sustainable economic development in Ukraine within the framework of European integration processes and to identify the challenges associated with adapting green finance instruments to European standards. The object of the study is the system of green finance as a component of the country's financial system and its interaction with institutional, regulatory, and economic factors of sustainable development.
The methodological basis of the research is a combination of general scientific and specialized methods, including systems analysis, which allowed for the consideration of green finance as a holistic system of interconnected elements within the context of sustainability and European integration; comparative analysis, applied to examine the legal framework, existing practices, and instruments of green finance in Ukraine and the EU; and generalization, used to identify barriers to the adaptation of green finance tools to European standards.
The study analyzes the current state of green finance in Ukraine, identifies key barriers and challenges hindering its development—such as an underdeveloped legal framework, limited access to financial resources, and low awareness among economic entities. At the same time, promising development directions have been identified, including the adaptation of European practices, the expansion of public-private partnerships, and the integration of ESG criteria into financial management processes.
The practical value of the research lies in the formulation of recommendations for improving public policy in the field of green finance—specifically, stimulating environmental investments, developing tax and financial support instruments for sustainable projects, and increasing the transparency of environmental impact reporting by enterprises.
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References
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