Characterisation of public green finance instruments and modelling their environmental impact

Анотація

The article reveals the essence and key features of financial instruments of green finance utilized by public authorities in achieving environmental goals for sustainable development. It is proposed to classify these financial instruments into fiscal, regulatory, and universal categories. The leading fiscal instrument in Ukraine is the environmental tax, which has numerous shortcomings and is insufficiently effective. The prospects for developing the emissions trading market, as well as debt-for-nature and debt-for-climate swap schemes, are substantiated. Even during wartime, Ukraine operates numerous budget programs for environmental protection. Modelling demonstrated a strong correlation between budget expenditure indicators on environmental protection and environmental condition indices. Significant error in the model is caused by the instability of Ukraine’s economic situation, periods of socio-political upheaval, and economic crises. Regulatory financial instruments within green finance include fiscal preferences, restrictions, and sanctions. These are developing in Ukraine in line with European trends.

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