Globalization of green finance: from green economy contours to sustainable development

Анотація

Introduction. Ensuring sustainable development under the impact of growing climate and environmental problems will require long-term investments and stable financing. And in the conditions of traditional burden on public finances, there is a need to find additional sources. Mobilization of the necessary capital can be provided by green financing, which will stimulate both domestic private and international investment. Problem Statement. Promotion of the green economy concept and international support for sustainable development can influence the spread of green financing policies at the global level. But the “greening” of national financial markets and systems will depend not only on compliance with generally recognized social and environmental requirements, but also on economic conditions and interests within countries, which requires special study and analysis. Purpose is to study the patterns and contradictions of the globalization of green financing in the context of a green economy and sustainable development. Methods. The article used: generalization, synthesis, analytical and logical methods. Results. Growing attention to the green economy and the transition to the sustainable development paradigm have significantly advanced the global “agenda” for green finance. Attention to climate, environmental and social issues at the international level has formed the vector of globalization of green finance, which has influenced the restructuring of financial markets and systems. This trajectory has provided broader opportunities for unifying approaches and promoting the rules for all participants in the global economy, and introducing new financial instruments to support sustainable development. The globalization of green finance has contributed to the development of the stock market, strengthened the integration of social and environmental aspects into financial decisions and investments, which in the long term makes it possible to mobilize capital for sustainable development projects, and thus, more effectively use resource potential, which is considered critical in countries' achievement of social justice and economic well-being. Conclusions. The globalization of green finance will be a long and complex process. Despite the positive aspects of the “greening” of the world economy, further integration of green finance policies will face contradictions both at the global level and within countries. At the international level, green finance policies already sometimes seem inconsistent and often do not take into account the needs of the most vulnerable segments of the population. Green finance policies are often implemented in a fragmented manner and are negatively influenced by transnational companies from “non-green” sectors. However, deepening interdependencies between national economies will increase the need to adapt to new principles of functioning in the face of global challenges. This makes the search for new ways of international coordination, the creation of a favorable environment for stimulating green investments and further integration of environmental and social aspects into the financial systems of countries more urgent.

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