Green finance in Ukraine’s post-war recovery: institutional frameworks and directions of investment policy transformation

Анотація

Introduction. The paper examines the theoretical and regulatory-institutional foundations of green finance in the context of Ukraine’s post-war recovery and gradual integration into the EU regulatory space. Key frameworks – EU Taxonomy, the European Green Bond Standard (EuGB), ICMA guidance, ISSB/ESRS corporate disclosure standards, and EBA guidelines on ESG risk management—are summarised and analysed in relation to the policies of the National Bank of Ukraine (NBU) and the National Securities and Stock Market Commission (NSSMC). It is emphasised that the “green” component of recovery represents not only a source of capital but also a mechanism for transforming the investment policy of the state and local communities. Purpose. To formulate and substantiate the institutional frameworks of green finance for Ukraine and to operationalise directions for the transformation of investment policy through financial instruments (green bonds, ESG lending, climate/green budgeting, PPPs) with measurable performance indicators. Methodology. The research employs systemic and institutional analysis, regulatory review (EU Taxonomy, EuGB, ICMA, ISSB/ESRS, EBA; NBU/NSSMC), comparative analysis of EU and Ukrainian practices, case studies of Ukrainian sustainable bond issuances and municipal initiatives, elements of graph-analytical “theory of change” modelling, and the development of a matrix “instruments–mechanisms–access conditions/control–KPIs”. Results. It is demonstrated that green finance fulfils a dual role: first, lowering the cost and increasing the predictability of capital for priority recovery clusters (energy, housing/municipal services, transport, water and waste management, industrial modernisation); and second, transforming investment policy by shifting project selection towards taxonomy alignment, mandatory external verification (SPO), transparent fund management, and impact reporting. The proposed matrix operationalises policy through measurable indicators (share of taxonomy-aligned expenditures, volume of green capital raised, tCO₂e-avoid/year, energy savings, share of banks’ ESG portfolios) and outlines a roadmap for scaling with support from IFIs and blended finance. Recommendations are formulated regarding climate budgeting, PPP model contracts with green KPIs, and alignment with CBAM requirements for export-oriented sectors. The findings show that regulatory convergence with the EU enhances investor confidence and minimises greenwashing risks. Conclusions. Green financial architecture is conceptualised as the core of recovery policy: it integrates resource mobilisation with rule-changing investment governance, ensuring structural modernisation, decarbonisation, and improved competitiveness of Ukraine. Practical implications include the launch of sovereign and municipal green bond programmes, scaling ESG lending under IFI guarantees, institutionalising budget tagging, and unifying impact reporting standards.

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