Carbon credit market in the context of environmental and social responsibility of Ukraine

Анотація

The article examines the issue of the carbon credit market in the context of Ukraine’s environmental and social responsibility. The current development of Ukraine is significantly affected by the war with Russia, in particular, by environmental management. Military actions have caused significant damage to the environment, which requires urgent measures after the war is over. In addition, as a candidate for EU membership in 2022, Ukraine is obliged to harmonise its environmental legislation with the European one. European integration involves the introduction of a green economy, renewable energy and a carbon credit market. These changes are an important part of the development of the country’s social and environmental responsibility. The author analyses the essence of the phenomenon of environmental responsibility and, based on the scientific literature, offers his own definition of environmental responsibility, namely, it is one of the modern external and internal functions of the State to ensure sustainable development in the field of ecology and the obligation to compensate for environmental degradation if the economic actions and goals of the State have caused relevant environmental damage. It is established that the carbon credit market was introduced by the Kyoto Protocol of 1997 and the Paris Climate Agreement of 2015. Ukraine has also become a party to the Paris Climate Agreement and has committed itself to reducing carbon emissions into the atmosphere. The article examines the effectiveness of the carbon credit market in post-war Ukraine in the context of environmental and social development in the following aspects: a) economic growth; b) creation of new places of jobs; c) environmental improvement; d) international cooperation and further integration into the European Union; and e) sustainable development.

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