Науковий вісник НГУ

Financial determinants of the post-war reconstruction of the national economy on the principles of the European Green Deal

• 
• 

User Rating:  / 0

PoorBest 

Details

Category: Content №3 2024

Last Updated on 28 June 2024

Published on 30 November -0001

Hits: 2748

Authors:

L.G.Solianyk, orcid.org/0000-0003-3291-3931, Dnipro University of Technology, Dnipro, Ukraine, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

N.M.Shtefan, orcid.org/0000-0003-4779-2618, Dnipro University of Technology, Dnipro, Ukraine, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

D.S.Bukreieva*, orcid.org/0000-0003-3175-5193, Dnipro University of Technology, Dnipro, Ukraine, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

* Corresponding author e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

повний текст / full article

Naukovyi Visnyk Natsionalnoho Hirnychoho Universytetu. 2024, (3): 181 - 190

https://doi.org/10.33271/nvngu/2024-3/181

Abstract:

Purpose. To substantiate the role of Green Finance and its separate segments for the greening of the national economy in the context of global trends and world practices regarding the transformation of the capital market and compliance with the principles of the European Green Deal; to determine the most effective mechanisms and tools for stimulating the launch and development of the green bond market in Ukraine. To improve methodical approaches to assessing the economic efficiency of investment projects and optimizing the enterprise’s investment program, taking into account the environmental impact factor.

Methodology. The theoretical and methodological basis of the research is the theoretical position of scientists in the field of financial support for the development of the green economy; a complex of general scientific and specific methods: system analysis and mathematical statistics; economic and mathematical modeling and logical generalization.

Findings. The peculiarities of the transformation of global green bond financing are established. The growth of its role in the diversification of existing sources of financing of the green economy and dominance in the world issue of debt obligations is proven. A green bond model based on the Green Bonds Principles is proposed; a mechanism for stimulating the launch and development of the green bond market in Ukraine, which will be an important step on the way to the implementation of European standards for the development of green energy and environmental protection. It has been proven that the formation of an optimal portfolio of green investment projects must be carried out taking into account environmental impact factors.

Originality. In the process of research, it was established that in the conditions of an unstable environment and military operations, the role of new financial instruments, primarily green bonds, in financing environmental projects, providing access to global capital markets and international financial aid programs, is increasing. A green bond model based on the Green Bonds Principles and a mechanism for stimulating the launch and development of the green bond market in Ukraine is proposed. Methodical approaches to evaluating the efficiency of investment processes and optimizing the portfolio of green investment projects have been improved, which, unlike the existing ones, take into account the project’s ecological impact on the environment.

Practical value. It consists in the development of proposals to stimulate the development of the green bond market in Ukraine; determination of the optimal investment development program of the enterprise based on the economic-mathematical model of optimization of the net profit of the enterprise, which takes into account the growing influence of environmental factors on investment efficiency indicators.

Keywords: green bond model, global bond financing; environmental impact factor

References:

1. Rudenko, V. (2017). Prospects for the use of corporate bonds as a source of attracting financial resources in Ukraine. Eastern Europe: Economy, Business and Management, 7, 262-268. Retrieved from http://easterneurope-ebm.in.ua/journal/7_2017/52.pdf.

2. Shuba, O. A. (2018). European experience of using “green” bonds in financing environmental modernization. Journal Business Inform, 11, 60-65.

3. Bilous, I. V. (2018). Modern trends in the functioning of the corporate bond market in Ukraine. Scholarly notes of V. I. Vernadsky Tavri National University. Series: Economics and Management, 29(68), 124-128.

4. Kuzheliev, M. O., & Stabias, S. M. (2020). Priorities of the development of the corporate securities market in Ukraine: monograph. Center of educational literature. ISBN: 978-611-01-1861-3.

5. Voinarenko, M. P., & Yepifanov, I. Iu. (2011). Management of investment activities of industrial enterprises: monograph of VNTU. ISBN: 978-966-641-442-0.

6. Savchuk, L. M., & Cherep, A. V. (2019). Theory and methodology of formation of investment and financial strategy for the development of subjects of the national economy: zhurfond monograph. ISBN: 978-966-934-193-8.

7. Yastremska, O. M. (2014). Investment activity of industrial enterprises: methodological and methodical principles: VDINZHEK monograph.

8. Strategy on Sustainable Finance (2020, 6 of February). ESMA22-105-1052. Retrieved from https://www.esma.europa.eu/sites/default/files/library/esma22-105-1052_sustainable_finance_strategy.pdf.

9. Communication from the Commission to the European Parliament, the European Council, the Council, the European Economic and Social Committee and the Committee of the Regions. The European Green Deal. COM (2019) 640 final. Action Plan: Financing Sustainable Growth COM/2018/097 final (n.d.). Retrieved from https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM%3A2019%3A640%3AFIN.

10. Regulation (EU) 2019/2088 of the European Parliament and of the Council (2019, 27 of November) on sustainability-related disclosures in the financial services sector. Retrieved from http://data.europa.eu/eli/reg/2019/2088/oj.

11. European Union. InvestEU. Contribution to the Green Deal and the Just Transition Scheme. Retrieved from https://investeu.europa.eu/contribution-green-deal-and-just-transition-scheme_en.

12. Verkhovna Rada of Ukraine (2022). Law of Ukraine “On the Ratification of the Agreement between Ukraine, on the one hand, and the European Union and the European Atomic Energy Community, on the other hand, on the participation of Ukraine in the Framework Program for Research and Innovation “Horizon Europe” and the Program for Research and Training of the European Community with of atomic energy (2021–2025), complementary to the Framework program for research and innovation “Horizon Europe” No. 2233-IX (2022, May 3). Retrieved from https://zakon.rada.gov.ua/laws/show/2233-20#Text.

13. Green, Social, Sustainability, and Sustainability-Linked (GSSS) Bonds Market Update – July 2023. Retrieved from

https://thedocs.worldbank.org/en/doc/120fd7d4d02fb164e0d5c838dd067701-0340012023/original/GSSS-Quarterly-Newsletter-Issue-No-4.pdf.

14. Sustainable Debt Global State of the Market 2022. Retrieved from https://www.climatebonds.net/resources/reports/global-state-market-report-2022.

15. Green Bond Principles (GBP). Retrieved from https://www.icmagroup.org/assets/documents/Sustainable-finance/2022-updates/Green-Bond-Principles-June-2022-060623.pdf.

16. Communiqué COM 233 “Ukraine Relief and Reconstruction” (2022). Retrieved from https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52022DC0233.

17. Relief, Recovery and Resilient Reconstruction: Supporting Ukraine’s Immediate and Medium-Term Economic Needs (n.d.). Retrieved from

https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099608405122216371/idu08c704e400de7a048930b8330494a329ab.

18. Verkhovna Rada of Ukraine (n.d.). Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine Regarding Simplification of Investment Attraction and Introduction of New Financial Instruments” No. 738-IX (2020, June 19). Retrieved from https://zakon.rada.gov.ua/laws/show/738-20#Text.

19. Verkhovna Rada of Ukraine (n.d.). Law of Ukraine “On Capital Markets and Organized Commodity Markets” No. 3480-IV. Retrieved from https://zakon.rada.gov.ua/laws/show/3480-15#Text12.

20. Ukraine recovery plan. Organized commodity markets No. 3480-IV. Retrieved from https://uploads-ssl.webflow.com/625d81ec8313622a52e2f031/62c19ac16c921fc712205f03_NRC%20Ukraine%27s%20Recovery%20Plan%20blueprint_UKR.pdf.

21. Order of the CMU “Concept for the introduction and development of the “green” bond market in Ukraine” No. 175-р (2022, February 23). Retrieved from https://www.kmu.gov.ua/npas/pro-shvalennya-koncepciyi-zaprovadzhennya-ta-rozvitku-rinku-zelenih-obligacij-v-ukrayini-175.

22. Shtefan, N. M., Parfenkova, A. S., & Yetchii, A. M. (2023). Transformation of the national model of post-war recovery of Ukraine in accordance with the European green concept. Economic Bulletin of the Dnipro Polytechnic, 2(82), 85-92. https://doi.org/10.33271/ebdut/82.085.

23. Law of Ukraine “Basic principles (strategy) of the state environmental policy of Ukraine for the period until 2030” No. 2697-VIII (2019, February 28). Retrieved from https://zakononline.com.ua/documents/show/382555___382620.

24. Bukreieva, D., Saik, P., Lozynskyi, V., Cabana, E., & Stoliarska, O. (2022). Assessing the effectiveness of innovative projects implementation in the development of coal deposits by geotechnology of underground gasification. IOP Conference Series: Earth and Environmental Science, 970. https://doi.org/10.1088/1755-1315/970/1/012031.

• < Prev
• Next >