Green finance as a tool for sustainable development and post-war recovery in Ukraine

Chebe yako, Oksana; Leshchenko, I yna
A icle
G een inance as a ool o sus ainable de elopmen and
pos -wa eco e y in Uk aine
Uni e si y Economic Bulle in
P o ided in Coope a ion wi h:
H yho ii Sko o oda Uni e si y in Pe eiasla
Sugges ed Ci a ion: Chebe yako, Oksana; Leshchenko, I yna (2025) : G een inance as a ool o
sus ainable de elopmen and pos -wa eco e y in Uk aine, Uni e si y Economic Bulle in, ISSN
2414-3774, H yho ii Sko o oda Uni e si y in Pe eiasla , Pe eiasla , Uk aine, Vol. 20, Iss. 1, pp. 8-18,
h ps://doi.o g/10.69587/ueb/1.2025.08
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/323739
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Uni e si y Economic Bulle inUni e si y Economic Bulle in
UDC 336:502.13: 334.12.4
G een inance as a ool o sus ainable de elopmen
and pos -wa eco e y in Uk aine
Oksana Chebe yako*
Doc o o His o ical Sciences, PhD in Economics, P o esso
Ta as She chenko Na ional Uni e si y o Kyi
01033, 60 Volodymy ska S ., Kyi , Uk aine
Na ional Academy o he Secu i y Se ice o Uk aine
03022, 90A Vasylki ska S ., Kyi , Uk aine
h ps://o cid.o g/0000-0002-1563-9611
I yna Leshchenko
S uden
Ta as She chenko Na ional Uni e si y o Kyi
01033, 60 Volodymy ska S ., Kyi , Uk aine
Na ional Academy o he Secu i y Se ice o Uk aine
03022, 90A Vasylki ska S ., Kyi , Uk aine
h ps://o cid.o g/0009-0008-8531-731X
Sugges ed Ci a ion:
Chebe yako, O., & Leshchenko, I. (2025). G een inance as a ool o sus ainable de elopmen and pos -wa eco e y in Uk aine.
Uni e si y Economic Bulle in, 20(1), 8-18. doi:10.69587/ueb/1.2025.08.
*Co esponding au ho
Abs ac . The ongoing wa in Uk aine poses signi ican challenges o he coun y’s economy and en i onmen al
sus ainabili y, and he use o g een inance can be a key ool o pos -wa economic eco e y and sus ainable de elopmen
by a ac ing esou ces o en i onmen ally iendly and inno a i e p ojec s. The pu pose o he a icle was o s udy he
po en ial o g een inance and analyse he possibili ies o implemen ing his ool o suppo he coun y’s economic and
en i onmen al sus ainabili y in he pos -wa pe iod. The s udy used empi ical, analy ical, and sys ema ic me hods o
assess he impac o g een inance on economic g ow h, educing en i onmen al impac s, and imp o ing he quali y o li e
o ci izens. O e all, he s udy esul s demons a ed he high po en ial o g een inance o Uk aine’s u u e de elopmen .
The a icle analysed he policy amewo k and in e na ional commi men s ha could se e as a basis o g een inance
policy in Uk aine. The s udy examined he dynamics o g een inance in he wo ld o e he pas 16 yea s, which showed
a s eady inc ease in in e es in en i onmen ally sus ainable in es men s. Recommenda ions o he de elopmen o g een
inance we e p oposed, including he in oduc ion o mechanisms o a ac in es men in sus ainable en i onmen al
p ojec s, suppo sus ainable g ow h, and mode nise sec o s o he economy ha a e c i ical o he coun y’s pos -wa
eco e y. The main conclusion is he need o in eg a e en i onmen ally iendly and inno a i e p ojec s in o in as uc u e
econs uc ion, which will help ensu e sus ainable economic de elopmen and educe en i onmen al isks. In e na ional
inancial ins umen s and commi men s ha help a ac in es men in g een p ojec s play an impo an ole in his p ocess.
The scien i ic esul s ob ained in he cou se o his s udy can con ibu e o sol ing he cu en p oblems o in eg a ing g een
inance in o Uk aine’s sus ainable de elopmen and eco e y s a egies, and can be used by go e nmen agencies o de elop
e ec i e mechanisms o inancing en i onmen ally sus ainable ini ia i es in he pos -wa pe iod
Keywo ds: g een inance; g een in es men s; clima e change; g een bonds; en i onmen ; sus ainable de elopmen goals;
pos -wa econs uc ion
Copy igh © The Au ho (s). This is an open access a icle dis ibu ed unde he e ms o he
C ea i e Commons A ibu ion License 4.0 (h ps://c ea i ecommons.o g/licenses/by/4.0/)
Vol. 20, No. 1,2025
Jou nal homepage: h ps://ue-bulle in.com.ua/en
Recei ed: 08.01.2025. Re ised: 12.04.2025. Accep ed: 15.05.2025
DOI: 10.69587/ueb/1.2025.08
INTRODUCTION
In a globally compe i i e en i onmen , economic g ow h
has led o signi ican en i onmen al isks, which a e o
pa icula ele ance o Uk aine due o he consequences o
he wa and i s de as a ing impac on he en i onmen . The
Uni e si y Economic Bulle in | Vol. 20, No. 1
Chebe yako & Leshchenko
9
asks in his a ea, he au ho s iden i y s eng hening coop-
e a ion wi h o eign companies and in e na ional inancial
ins i u ions o a ac inancial esou ces o sus ainable
de elopmen . In addi ion, impo an s eps include consul-
a ions wi h banking ins i u ions, ins i u ional in es o s,
and na ional egula o s o de elop e ec i e mechanisms o
suppo en i onmen al ini ia i es and in es men s in g een
p ojec s. The au ho s emphasise ha he implemen a ion
o hese s a egies will no only s eng hen en i onmen al
secu i y a he na ional le el, bu also ensu e he s abili y o
he social and economic si ua ion in Uk aine in he ace o
global challenges.
Acco ding o esea ch by N.Rezniko a(2021), he suc-
cess ul implemen a ion o en i onmen al p ojec s aimed
a sus ainable de elopmen in Uk aine equi es close co-
ope a ion be ween public au ho i ies and p i a e en i ies.
This is impo an gi en he amoun o in es men equi ed
o implemen en i onmen ally iendly echnologies and
p ojec s. Coope a ion be ween na ional go e nmen s and
he p i a e sec o can p o ide he necessa y unding and
con ibu e o he de elopmen o in as uc u e ha mee s
sus ainable de elopmen s anda ds.
Acco ding o N. I ano a & S. Kononenko (2023),
Uk aine has signi ican po en ial o a g een ene gy ansi-
ion, especially in he con ex o adap a ion o new clima e
condi ions and clima e policy change. The key o unlock-
ing his po en ial is he de elopmen o enewable ene gy
sou ces, in pa icula sola and wind powe , as well as im-
p o ed ene gy e iciency in he indus ial and esiden ial
sec o s. Thanks o i s na u al esou ces and echnological
p og ess, Uk aine has he oppo uni y no only o educe
i s dependence on ossil uels, bu also o become a egional
leade in g een ene gy.
The s a egy o economic eco e y based on he p in-
ciples o sus ainable de elopmen will allow Uk aine no
only o in eg a e in o new indus ial p ocesses o he Eu-
opean Union, bu also o inc ease i s compe i i eness in
he global ma ke . The implemen a ion o his s a egy
en isages he in oduc ion o an “indus ial isa- ee e-
gime”, which opens up new oppo uni ies o Uk ainian
indus ies by acili a ing access o EU public p ocu emen ,
as well as ecei ing inancial and echnical suppo om
he Eu opean Union in he a ea o clima e change adap a-
ion. Howe e , in o de o success ully implemen eco e y
s a egies and ansi ion o g een ini ia i es, i is necessa y
o ake in o accoun he obs acles aced by companies and
p ojec s. L.Donchak & D.Shk a chuk(2024) ind ha he
high cos s o implemen ing g een echnologies can be a
se ious inancial obs acle o many Uk ainian en e p ises.
This makes i di icul o a ac he necessa y inancing,
as many en e p ises a e no eady o la ge up on cos s.
Ano he majo challenge is he uns able poli ical and legal
en i onmen in Uk aine. Changes in legisla ion and policy
can signi ican ly a ec he e ec i eness o g een inancial
ins umen s, c ea ing addi ional unce ain y o in es o s
and bo owe s, which educes hei le el o us and en-
cou agemen o in es in g een p ojec s.
clima e c isis and he need o add ess i ha e become global
issues ha equi e quick and e ec i e solu ions. One o he
main ways o o e come hese challenges is h ough a deca -
bonisa ion s a egy, which in ol es educing g eenhouse
gas emissions. A he same ime, he ansi ion o a ‘deca -
bonised’ economy equi es signi ican inancing, which will
be qui e a challenge o Uk aine in he con ex o pos -wa
eco e y. In his con ex , g een inance can become an im-
po an ool o a ac ing he inancial esou ces necessa y
o he coun y’s en i onmen ally sus ainable de elopmen
and es o a ion o i s ecosys em. The ele ance o he s udy
is d i en by he need o de elop e ec i e mechanisms o
using g een inance o achie e sus ainable de elopmen in
Uk aine, especially du ing he pos -wa eco e y pe iod,
when i is impo an o balance economic eco e y wi h
en i onmen al sus ainabili y. The e o e, s udying he op-
po uni ies and obs acles o a ac ing g een inance o he
pos -wa eco e y is c i ical o ensu ing he sus ainabili y
o he coun y’s economy and ecosys em in he u u e.
As o 2024, he e was no single gene ally accep ed de i-
ni ion o g een inance; he concep is mul i ace ed and
encompasses bo h en i onmen al and economic aspec s.
In economics, he e m is seen as he accumula ion o i-
nancial esou ces o add ess clima e and en i onmen al is-
sues, on he one hand, and o imp o e he managemen o
inancial isks ela ed o clima e and he en i onmen , on
he o he (Solodo nik,2023). Due o he mul i ace ed na-
u e o he concep o g een inance, he e a e di e en ap-
p oaches o he in e p e a ion o his e m among schola s.
M.Ka lin & O.I ashko(2020) unde s and g een inance as
inancial ela ions, en i ies and inancial measu es ha en-
su e he condi ions o sus ainable de elopmen and a e an
impo an elemen o inancial and economic egula ion o
en i onmen al managemen a all le els. A.Dubko(2022)
belie es ha g een inance is a se o economic ela ions o
he accumula ion and use o unds o he implemen a ion
o en i onmen al p ojec s and o he p og ammes aimed
a educing ha m ul en i onmen al impac and minimis-
ing nega i e en i onmen al consequences. Scien is s B.
Lu si  e al. (2023) explain he essence o g een inance
in a na ow sense as he implemen a ion o en i onmen-
ally iendly in es men s and low-ca bon echnologies,
p ojec s, and indus ies based on app op ia e ools and
p oduc s ha ake in o accoun en i onmen al ac o s in
making decisions on loans and isk managemen . Uk aine’s
economy is pa icula ly ulne able o en i onmen al and
economic isks, gi en he e ec s o he wa and he decline
in na u al esou ces. This calls o he e ec i e implemen-
a ion o g een inance mechanisms ha can suppo he
coun y’s pos -wa eco e y, con ibu ing o bo h en i on-
men al sus ainabili y and economic g ow h.
A g een inancial s a egy is impo an o main aining
inancial sus ainabili y and sus ainable de elopmen , pa -
icula ly in he con ex o pos -wa in as uc u e and in-
dus ial eco e y. O. Chebe yakoe al.(2021) analysed he
key aspec s o g een inance de elopmen in Uk aine as a
ool o social and en i onmen al secu i y. Among he main
G een inance as a ool o sus ainable de elopmen and pos -wa eco e y in Uk aine
Uni e si y Economic Bulle in | Vol. 20, No. 1
10
The pu pose o he a icle was o explo e he po en ial
impac o g een inance on he pos -wa economic eco -
e y o Uk aine, in pa icula h ough he implemen a ion
o ini ia i es in he ield o ecology, ene gy e iciency, and
sus ainable de elopmen . To achie e his goal, his pape
se ou he ollowing objec i es: o highligh he heo e ical
ounda ions o g een inance as a ool o sus ainable de-
elopmen , o conside he p e equisi es and in e na ional
ini ia i es ha con ibu ed o hei eme gence, o analyse
he cu en s a e o g een inance in Uk aine, and o o mu-
la e he p ospec s o g een inance in Uk aine as a ool o
pos -wa eco e y.
MATERIALS AND METHODS
To achie e he goal o conside ing g een inance as a ool
o he pos -wa eco e y o Uk aine, gene al scien i ic and
special scien i ic me hods and app oaches we e used. The
p e equisi es o he eme gence o g een inance, which
became he basis o he de elopmen o he g een inance
concep , we e s udied using he ch onological me hod. In
pa icula , he de elopmen o he g een inance concep
om 1972 o 2019 was analysed in dynamics. A c i ical e-
iew o scien i ic li e a u e sou ces made i possible o de-
e mine he economic essence o he e m ‘g een inance’.
The his o ical me hod was used o cla i y he essence
o he concep o “g een inance”. The g ouping me hod was
used o classi y g een inance by economic sec o s, and he
abula me hod allowed o p esen key in e na ional e en s
and ini ia i es ha became he basis o he o ma ion o he
g een inance concep . The abula me hod was also used o
sys ema ise in o ma ion on he main p og ammes o in e -
na ional o ganisa ions ha suppo he de elopmen o g een
inance in Uk aine, hei a eas o ac i i y and inancial in-
s umen s ha can be used in he pos -wa eco e y p ocess.
The g aphical me hod made i possible o build a g aph
o he dynamics o g een inance in he wo ld o e a six-
een-yea pe iod, as well as o analyse he a es o i s g ow h
and inc ease, which made i possible o assess global ends
in he de elopmen o his a ea o inancing. To s udy he
main ends in g een inance, he a icle used he sys emic
and s uc u al me hods, and o analyse s a egies o hei
implemen a ion in di e en coun ies, he me hod o s a-
is ical compa isons was used. The s uc u al- unc ional
app oach has p o ided o he disclosu e o he impac o
g een inance on sus ainable de elopmen . I was used o
model hei po en ial con ibu ion o he pos -wa econ-
s uc ion o Uk aine, aking in o accoun he p inciples
o sus ainable de elopmen , wi h a special emphasis on
he implemen a ion o g een ini ia i es. The obse a ion-
al me hod was used o analyse he en i onmen al conse-
quences o mili a y ope a ions, which signi ican ly a ec
he implemen a ion o he sus ainable de elopmen mod-
el in Uk aine. Empi ical me hods we e used o iden i y
he s a egic goals o g een inancing in he con ex o he
coun y’s pos -wa eco e y.
The in o ma ion base o he s udy was based on scien-
i ic a icles by schola s om he UK, he US and Uk aine,
as well as publica ions and epo s by in e na ional o -
ganisa ions o he pe iod om 2009 o 2024. Key sou ces
include documen s om he Eu opean Union, he Wo ld
Bank, he O ganisa ion o Economic Co-ope a ion and
De elopmen (OECD), he Uni ed Na ions (UN), and he
Wo ld Commission on En i onmen and De elopmen
(WCED). In addi ion, ma e ials om esea ch ins i u ions
and non-go e nmen al en i onmen al o ganisa ions, such
as he Cen e o Clima e and Ene gy Solu ions (C2ES),
we e used. The s udy also analysed p og ammes o in e -
na ional o ganisa ions ope a ing in Uk aine, including
he EaP GREEN p og amme implemen ed by he Uni -
ed Na ions Economic Commission o Eu ope, OECD,
UNEP and UNIDO; he EU- unded EU4En i onmen in-
i ia i e; he EBRD G een Ci ies p og amme; and he No -
way-Uk aine ene gy e iciency p og amme.
RESULTS
Amid global change, sus ainable and esponsible in es -
men in he economy has become an in eg al pa o de-
elopmen . G een inance, which aims o inance en i on-
men ally sus ainable p ojec s, is one o he key ools o
achie ing sus ainable de elopmen and comba ing clima e
change. They con ibu e no only o en i onmen al p o ec-
ion bu also s imula e inno a ion in ene gy, anspo and
o he c i ical sec o s o he economy. The e o e, i is im-
po an o con inuously analyse he s a e o g een inance,
i s po en ial, challenges and oppo uni ies o ensu e a sus-
ainable u u e.
G een inance is aimed a achie ing economic g ow h
while educing en i onmen al pollu ion in gene al, im-
p o ing was e managemen and he use o na u al esou c-
es (OECD iLib a y,n.d.). I can con ibu e o sus ainable
de elopmen by imp o ing coun ies’ egula o y ame-
wo ks, aligning go e nmen inancial incen i es, inc eas-
ing in es men in g een p ojec s ac oss sec o s, in eg a ing
en i onmen al p inciples in o decision-making on inanc-
ing go e nmen p og ammes in line wi h he Sus ainable
De elopmen Goals, inancing sus ainable use o na u al
esou ces and he clima e-o ien ed blue economy, and in-
c easing he use o g een bonds. The goals o g een inance
can be de ined as speci ic a eas o achie emen s ha so-
cie y seeks o achie e: adap a ion o clima e change, con-
se a ion o na u al esou ces, suppo o he ansi ion o
enewable ene gy, educ ion o g eenhouse gas emissions,
c ea ion o new g een inancial ins umen s, aising awa e-
ness and a ac ing in es o s, suppo o g een inno a ions
and echnologies, e c.
The p econdi ions o he eme gence o g een inance
e lec key in e na ional e en s and ini ia i es ha ha e be-
come he basis o he de elopmen o he g een inance
concep . S a ing wi h he Club o Rome, which in 1972
i s d ew a en ion o he limi s o economic g ow h in he
ace o limi ed na u al esou ces, o mode n ini ia i es such
as he Eu opean G een Deal, p esen ed in 2019. The ollow-
ing de elopmen s ha e o med he basis o he implemen-
a ion o en i onmen ally sus ainable inancial p ac ices a
Uni e si y Economic Bulle in | Vol. 20, No. 1
Chebe yako & Leshchenko
11
he global le el (Table1). They ha e become he basis o a
axonomy o g een inance ha plays a key ole no only in
global policies bu also in na ional s a egies, including o
Uk aine in i s pos -wa eco e y.
P e equisi e E en Yea Desc ip ion
The “Limi s
o G ow h”
Repo P esen ed by he Club o
Rome a an in e na ional mee ing,
New Yo k
1972
Awa eness o he plane ’s limi ed esou ces and he need
o p ese e he en i onmen has p omp ed in es o s
and inancial ins i u ions o look o new,
mo e sus ainable in es men models.
“B und land”
epo
42nd session o he UN Gene al
Assembly, New Yo k
“Ou Common Fu u e”
1987 The epo became he basis o he o mula ion
o global sus ainable de elopmen s a egies.
Agenda o he
21s cen u y
UN Con e ence on En i onmen
and De elopmen (Ea h Summi ),
Rio de Janei o
1992
I e lec ed a comp ehensi e app oach o achie ing
sus ainable de elopmen , combining economic,
social and en i onmen al aspec s.
Kyo o P o ocol 3 d Con e ence on Clima e Change
(COP3 – UNFCCC), Kyo o 1997
I has become he basis o he de elopmen
o inancing o g een p ojec s and ini ia i es ela ed
o emissions educ ion and clima e change.
Millennium
De elopmen Goals
(MDGs)
55 h session o he UN Gene al
Assembly / Millennium Summi ,
New Yo k
2000/2001
I se 8 global goals o be achie ed by 2015
aimed a comba ing po e y, hunge , disease, illi e acy,
en i onmen al deg ada ion
and disc imina ion agains women.
Copenhagen
clima e con e ence
15 h UN Clima e Change
Con e ence (COP15 – UNFCCC),
Copenhagen
2009 The con e ence highligh ed he impo ance
o global e o s o comba clima e change.
Sus ainable
de elopmen goals
(SDGs)
69 h session o he UN Gene al
Assembly / UN Summi on
Sus ainable De elopmen ,
New Yo k
2015 The SDGs encou age he in eg a ion o en i onmen al and
social aspec s in o inancial s a egies.
Pa is clima e
ag eemen
21s UN Clima e Change
Con e ence (COP21 – UNFCCC),
Pa is
2015
P esen a ion o he Eu opean Commission’s s a egy
o he de elopmen o he Eu opean con inen ,
Eu opean Pa liamen .
EU ac ion plan
o inancing
sus ainable g ow h
P esen a ion o he Eu opean
Commission’s ac ion plan on
inancing sus ainable g ow h,
Eu opean Pa liamen
2018
The plan aims o mobilise inance o sus ainable
economic g ow h by p omo ing en i onmen ally
esponsible in es men s.
Eu opean G een
Deal
P esen a ion o he Eu opean
Commission’s s a egy o he
de elopmen o he Eu opean
con inen , Eu opean Pa liamen
2019
The EU s a egy aimed a achie ing clima e neu ali y
by 2050, which includes incen i es
o inancing g een ini ia i es.
Table 1. P e equisi es o he eme gence o g een inance
Sou ce: de eloped by he au ho s based on da a om The Limi s o G ow h (1972), Repo o he Wo ld Commission… (1987), Uni ed
Na ions Con e ence… (1992), Kyo o P o ocol (1997), C2ES (2009), Uni ed Na ions (n.d.), The Pa is Ag eemen (2015)
Acco ding o he e en s and documen s p esen ed, i
can be concluded ha g een inance has de eloped in pa -
allel wi h he awa eness o global en i onmen al p oblems
and he need o sus ainable de elopmen . Thus, he p e-
condi ions o he de elopmen o g een inance ha e been
e ol ing o e se e al decades, and ha e e en ually esul ed
in speci ic ini ia i es and policies aimed a achie ing glob-
al sus ainable de elopmen goals. They clea ly e lec he
g owing in luence o en i onmen al ac o s on economic
decisions, which has la gely d i en he de elopmen o sus-
ainable g ow h inance.
Add essing clima e change and en i onmen al p o ec-
ion equi es signi ican in es men , and expe s es ima e
ha be ween USD125 illion and USD275 illion will
be needed o achie e ne ze o g eenhouse gas emissions
by 2050 (K ishnan e al., 2022). In his ega d, in e na-
ional go e nmen s and in es o s a e ac i ely looking o
new ways o aise capi al h ough g een inance, which
should become he main mechanism o add essing global
en i onmen al issues and achie ing clima e goals. Table2
and Figu e 1 show he olume o g een inance in he wo ld
o e he pas 16yea s, as well as i s g ow h and g ow h
a es, which allows us o assess he dynamics o g een i-
nance de elopmen a he global le el.
The g aph clea ly demons a es he apid g ow h o
g een inance in he wo ld om 2009 o 2024, which indi-
ca es a signi ican in e es o in es o s in en i onmen ally
iendly p ojec s and a gene al end owa ds mo e sus ain-
able de elopmen models. This ac is con i med by he ac-
i i ies o companies such as Apple, Gene al Mo o s, Me a,
and Google, which a e ac i ely in es ing in enewable ene -
gy sou ces. Fo example, as o Feb ua y2023, Amazon be-
came he la ges buye o enewable ene gy (24.8GW), and
Mic oso signed a USD10billion ag eemen o pu chase
10.5GW o enewable ene gy o he pe iod om 2026 o
2030(Mic oso signs la ges -e e co po a e...,2024). These
la ge in es men s highligh he impo ance o g een inance
as a key ool o achie ing sus ainable de elopmen . Mo e

G een inance as a ool o sus ainable de elopmen and pos -wa eco e y in Uk aine
Uni e si y Economic Bulle in | Vol. 20, No. 1
12
han 50coun ies a e ac i ely using g een inance in hei
na ional economies. Gi en he s eady in ol emen o g een
inance in he wo ld, i is also impo an o analyse how i is
dis ibu ed ac oss di e en sec o s o he economy (Fig.2).
Yea Volume Absolu e g ow h G ow h a e, % G ow h a e, %
Basic Chain Basic Chain Basic Chain
2009 1.4 - - - - - -
2010 1.6 0.2 0.2 1.1 1.1 0.1 0.1
2011 1.4 0.0 -0.2 1.0 0.9 0.0 -0.1
2012 1.7 0.3 0.3 1.2 1.2 0.2 0.2
2013 2.0 0.6 0.3 1.4 1.2 0.4 0.2
2014 2.1 0.7 0.1 1.5 1.1 0.5 0.1
2015 2.2 0.8 0.1 1.6 1.0 0.6 0.0
2016 2.5 1.1 0.3 1.8 1.1 0.8 0.1
2017 3.3 1.9 0.8 2.4 1.3 1.4 0.3
2018 3.0 1.6 -0.3 2.1 0.9 1.1 -0.1
2019 4.1 2.7 1.1 2.9 1.4 1.9 0.4
2020 5.8 4.4 1.7 4.1 1.4 3.1 0.4
2021 7.2 5.8 1.4 5.1 1.2 4.1 0.2
2022 5.4 4.0 -1.8 3.9 0.8 2.9 -0.3
2023 6.8 5.4 1.4 4.9 1.3 3.9 0.3
2024 7.2 5.8 0.4 5.1 1.1 4.1 0.1
Table 2. Analysis o he olume o g een inance in he wo ld in 2009-2024, illion US dolla s
Sou ce: de eloped by he au ho s on he basis o L. Clemen se al.(2024)
A b eakdown o g een inance by sec o in 2024
showed ha he la ges sha e o in es men s is in echnol-
ogy (32%), e lec ing he high demand o inno a i e and
en i onmen ally iendly echnologies ha con ibu e o
sus ainable de elopmen . A signi ican pe cen age (19%)
1.41.61.41.72.02.12.22.53.33.0
4.1
5.8
7.2
5.4
6.87.2
0
2
4
6
8
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Figu e 1. Dynamics o he olume o g een inance in he wo ld in 2009-2024, illion US dolla s
Sou ce: de eloped by he au ho s on he basis o L. Clemen se al.(2024)
Figu e 2. B eakdown o g een inance by sec o in 2024, %
Sou ce: de eloped by he au ho s on he basis o L. Clemen se al.(2022; 2024)
32%
19%
11%
11%
5%
4%
4%
3%3% 8%
Technologies
Indus ial goods and se ices
U ili ies
Ca s and spa e pa s
Cons uc ion and ma e ials
Re ail ade
Ene gy
Real es a e
Chemicals
O he
is accoun ed o by indus ial goods and se ices, which
unde lines he impo ance o ansi ioning o sus ainable
p oduc ion p ocesses and minimising hei en i onmen al
impac . U ili ies, au omobiles and spa e pa s (11%each)
also ecei e signi ican unding, indica ing he impo ance
Uni e si y Economic Bulle in | Vol. 20, No. 1
Chebe yako & Leshchenko
13
o in as uc u e de elopmen and g een mobili y. A he
same ime, he cons uc ion, ene gy and eal es a e sec o s
ecei e a smalle sha e, e lec ing he g adual, albei im-
po an , ansi ion o hese indus ies o en i onmen ally
sus ainable models. O he sec o s, such as chemicals and
e ail, ha e a smalle sha e o in es men s, indica ing ha
u he e o s a e needed o adap hem o en i onmen al
equi emen s. The cu en s a e o g een inance in Uk aine
is an impo an s ep owa ds he coun y’s in eg a ion in o
global economic and en i onmen al p ocesses. To da e,
Uk aine has a i ied 42in e na ional ag eemen s and con-
en ions ela ed o he p o ec ion o he en i onmen , na-
u e, lo a and auna (Chebe yako & Mied iedko a,2021).
Uk aine’s ax sys em con ains axes ha can be a iscal
ins umen o g een inance: en i onmen al ax, excise ax
on uel and elec ici y, en o he use o na u al esou ces,
e c. In o de o achie e he deca bonisa ion goals in Uk aine,
UAH759million was alloca ed o 2024, which was signi -
ican ly less han he UAH1,953million alloca ed in 2023.
Since2022, he numbe o axpaye s o ai emissions om
s a iona y sou ces has dec eased by 20% due o he conse-
quences o Russia’s ull-scale in asion (SAFUk aine,2024).
A he same ime, he S a e Tax Se ice o ecas s ha
due o a dec ease in p oduc ion olumes, he amoun o
his ax will dec ease by 10% annually s a ing in 2024.
The basis o g een inance in he wo ld is he use o a
ca bon ax (i.e. he p ice o emissions o each onne o ca -
bon dioxide). Acco ding o he Tax Code, in 2024, Uk aine
will ha e a ca bon ax o EUR0.77pe onne o CO2eq
(UAH32/ CO2eq), which is one o he lowes ca bon p ic-
es in he wo ld (SAFUk aine,2024). Fo example, in he
EU, he ma ke p ice o 1 onne o ca bon dioxide equi -
alen is abou €6. The e o e, o mee global g een inance
s anda ds, Uk aine should no only inc ease he ca bon ax
a e bu also c ea e app op ia e inancial ins umen s ha
would help a ac in es men in en i onmen ally iend-
ly p ojec s. This includes he de elopmen o g een bonds,
suppo o enewable ene gy sou ces, and inc eased i-
nancial incen i es o businesses ha swi ch o cleane and
mo e ene gy-e icien echnologies.
Eu opean coun ies oge he cu en ly lead he g een
bond ma ke in e ms o olume ( ading almos hal o he
wo ld’s bonds) (She chenko,2024). The i s g een bond
issues by Uk ainian issue s ook place in 2019-2021. In
2019, DTEK issued bonds on he I ish S ock Exchange wi h
a ma u i y o 5yea s and an annual in e es a e o 8.5%. The
p oceeds om hese bonds we e used o inance enewable
ene gy p ojec s, including he cons uc ion o he Tiligul
wind a m. In No embe  2021, s a e-owned Uk ene go
placed g een bonds wo h USD825million on he London
S ock Exchange. USD825million on he London S ock Ex-
change wi h a i e-yea ma u i y and an annual in e es a e
o 6.875%. Howe e , no g een go e nmen bonds we e is-
sued, due o he ma ial law in Uk aine and he issuance o
domes ic go e nmen bonds and go e nmen bonds. Ne -
e heless, he po en ial o inancing en i onmen al p ojec s
wi h g een inancial ins umen s emains ele an , al hough
i is complica ed by poli ical and inancial con o e sies. Ac-
co ding o IMF es ima es, he o al olume o g een bonds
issued in Uk aine be ween 2012 and 2022 was USD1.2bil-
lion (Eme ging ma ke g een bonds,2023). I is expec ed
ha by 2030 Uk aine is expec ed o aise USD36billion
h ough he issuance o g een bonds (Lu si e al.,2023).
Gi en he g owing impo ance o sus ainable de el-
opmen and he igh agains clima e change, in e na ion-
al o ganisa ions such as he In e na ional Ene gy Agency
(IEA), he Wo ld Bank, he OECD and he Wo ld Eco-
nomic Fo um a e ac i ely suppo ing a ious ini ia i es
and p og ammes aimed a inancing g een p ojec s. These
p og ammes p o ide go e nmen s and businesses wi h
access o inance and expe ise o implemen en i on-
men ally iendly, ene gy e icien and socially esponsi-
ble p ojec s. They con ibu e o in as uc u e de elop-
men , educe g eenhouse gas emissions, imp o e ene gy
e iciency, and suppo g een in es men s, which in u n
helps Uk aine make he ansi ion o sus ainable de elop-
men and clima e change adap a ion. Table3 below sum-
ma ises he main p og ammes o in e na ional o ganisa-
ions ac i e in Uk aine ha suppo he de elopmen o
g een inance in a ious sec o s o he economy. These
p og ammes help Uk aine o achie e i s s a egic goals
in he ield o g een inance, suppo ene gy-e icien and
en i onmen ally iendly p ojec s, c ea e condi ions o
a ac ing in e na ional in es men and clima e change
adap a ion, and p omo e he in eg a ion o en i onmen al
s anda ds in o he na ional economy.
№ P og amme Essence
1P og amme
“EaP GREEN”
The p og amme, implemen ed by he Uni ed Na ions Economic Commission o Eu ope (UNECE),
OECD, UNEP and he Uni ed Na ions Indus ial De elopmen O ganiza ion (UNIDO), aims o assis
he EU’s Eas e n Pa ne ship coun ies (including Uk aine) in he ansi ion o a g eene de elopmen
and business model. I suppo s he decoupling o economic g ow h om en i onmen al deg ada ion
and p omo es he in eg a ion o sus ainable de elopmen p inciples in o na ional s a egies.
2 EU4En i onmen
The p og amme suppo s pa ne coun ies in iden i ying g een in es men needs and oppo uni ies,
as well as sou ces o public and p i a e inance. The p og amme also ini ia ed a p ojec o issue g een
bonds, suppo subsidy e o m and p omo e g eene public spending. The p og amme, ini ia ed
wi hin he amewo k o Eu o Clus e s, aims o acili a e he ansi ion o small and medium-sized
en e p ises (SMEs) o sus ainable g een p oduc ion.
3 GEMSTONE
Th ough he de elopmen o specialised se ices and inancial ins umen s, he p og amme p o ides
SMEs wi h access o g een inance and suppo s hem in implemen ing inno a i e en i onmen al
solu ions o inc ease hei sus ainabili y and compe i i eness.
Table 3. G een inance suppo p og ammes in Uk aine
G een inance as a ool o sus ainable de elopmen and pos -wa eco e y in Uk aine
Uni e si y Economic Bulle in | Vol. 20, No. 1
14
Since 24 Feb ua y 2022, Uk aine has been going
h ough a di icul ime o wa , which has caused sig-
ni ican damage in many a eas, including he economy,
in as uc u e and social li e o he popula ion. Russia’s
ull-scale in asion has no only caused a humani a ian
ca as ophe, bu also made i di icul o implemen sus-
ainable de elopmen in Uk aine. The wa has exace -
ba ed exis ing en i onmen al p oblems and c ea ed new
ones ha a e much mo e di icul o sol e. The wa has
caused se ious en i onmen al consequences ha ha e
a signi ican impac on Uk aine’s sus ainable de elop-
men model. The main ones a e:
mining o la ge a eas, which es ic s access o na u-
al esou ces and nega i ely a ec s he conse a ion o lo a
and auna;
soil con amina ion, in pa icula h ough he use o
explosi es and he des uc ion o en i onmen ally haza d-
ous indus ial acili ies (des uc ion o a chemical plan in
Sie ie odone sk, des uc ion o he Done sk Azo plan , e-
pea ed ocke a acks on he A em plan , e c.);
de e io a ion o he quali y o d inking wa e con-
amina ed by explosions and ae ial bombing (wa e pollu-
ion due o he des uc ion o sewage sys ems in Kha ki ,
ocke a acks on he Kyi ese oi , e c.);
emissions o chemicals in o he ai due o i es, shell-
ing and o he hos ili ies;
des uc ion o such impo an acili ies as he Kak-
ho ka and Dnip o hyd oelec ic powe plan s, which led o
he loss o pa o he g een ene gy po en ial and he need
o use less en i onmen ally iendly ene gy sou ces;
inabili y o conduc en i onmen al audi s in he a -
ec ed a eas, which complica es he assessmen and es o a-
ion o ecosys ems;
complica ions in he implemen a ion o measu es o
educe he nega i e impac o oxic and chemical pollu ion,
which u he wo sens he s a e o he en i onmen .
Despi e he ongoing hos ili ies, la ge-scale conse-
quences and he occupa ion o ce ain e i o ies, ep e-
sen a i es o s a e and municipal au ho i ies o Uk aine,
as well as in e na ional expe s, a e ac i ely discussing he
needs and oppo uni ies o pos -wa econs uc ion o he
coun y. One o he mos impo an a eas o such discus-
sions is he opic o econs uc ion based on he p inciples
o sus ainable de elopmen , wi h a ocus on g een ini ia-
i es. Inc easing unding o na u e should no be based on
limi ing spending on inclusi e de elopmen p io i ies in
pos -wa econs uc ion (Naumenko ae al.,2023). G an s
om dono s and loans on concessional e ms o Uk aine
canno be pe manen and co e he g owing needs o na-
u e inancing in ull (Naumenko a & Mishchenko,2024).
Thus, in Janua y 2023, he Eu opean Commission dis-
cussed he possibili y o in eg a ing Uk aine’s g een eco -
e y in o he Eu opean G een Deal, which was an impo an
s ep in de ining s a egic guidelines o he coun y’s pos -
wa eco e y. In his con ex , p og ammes and ini ia i es
in ol ing he use o g een inance should become he basis
o sus ainable eco e y and mode nisa ion o he na ion-
al economy. Table4 shows he main a eas o eco e y, i-
nancial ins umen s and p og ammes ha can be used o
achie e hese goals in he pos -wa pe iod.
№ P og amme Essence
4P og amme EBRD
“G een ci ies”
The p og amme no only p omo es he sus ainable de elopmen o u ban in as uc u e, bu also ac i ely
suppo s g een inance as he main ool o implemen ing en i onmen ally iendly and sus ainable
p ojec s. The aim o he p og amme is o help ci ies implemen a g een de elopmen s a egy ha
includes imp o ing he en i onmen and he quali y o li e o esiden s by in eg a ing sus ainable
solu ions in o u ban in as uc u e and na u al esou ce managemen .
5
No way-Uk aine
Ene gy E iciency
P og amme
The main objec i e o he p og amme is o p omo e he use o local and ex e nal inancing o imp o e
he ene gy e iciency o public buildings. The p og amme also suppo s he de elopmen o local
go e nance and sus ainable p ocu emen . Mixed inancing is o e ed o p ojec implemen a ion,
including loans, g an s, echnical assis ance and o he suppo .
Table 3. Con inued
Sou ce: de eloped by he au ho s on he basis o da a aken om he websi es EU4En i onmen (n.d.), No way-Uk aine Ene gy
E iciency Ini ia i e (n.d.), EBRD G een Ci ies (n.d.) та OECD iLib a y (n.d.)
Objec i e Examples o inancial ins umen s and p og ammes Desc ip ion
Ecosys em
es o a ion and
na u e conse a ion
Ecodia; EU Emissions T ading Sys em (EU ETS);
Was e Managemen Suppo P og amme (EU);
ISO 14001
Remedia ion o con amina ed o mined a eas,
biodi e si y p o ec ion, conse a ion
o na u al esou ces
Ene gy eco e y
(g een ene gy)
G een Deal (EU), Comme cial Ene gy E iciency
P og amme in Uk aine (UKEEP); g een bonds,
in e na ional loans and g an s
T ansi ion o enewable ene gy sou ces (sola , wind,
bioene gy), es o a ion o ene gy in as uc u e
Indus ial eco-
mode nisa ion
EU Indus ial Ene gy E iciency P og amme; Ho izon
2020 P og amme; Eco-inno a ion P og amme;
g een bonds
Mode nisa ion o en e p ises, ansi ion o ene gy
e icien and en i onmen ally iendly echnologies,
educ ion o CO2 and o he pollu an emissions
Sus ainable
ag ibusiness
de elopmen
CAP – Common Ag icul u al Policy; G een
Ag icul u e Ini ia i e; suppo o o ganic a ming
h ough subsidies and g an s
Suppo o sus ainable p oduc ion me hods in he
ag icul u al sec o , in oduc ion o en i onmen ally
iendly me hods o soil cul i a ion
and wa e conse a ion
Table 4. S a egic goals o g een inance in he con ex o pos -wa econs uc ion o Uk aine
Uni e si y Economic Bulle in | Vol. 20, No. 1
Chebe yako & Leshchenko
15
Gi en he cu en challenges, including he e ec s o
he wa , he g een inancial sec o can be an impo an
ool o achie ing en i onmen ally iendly and sus ain-
able de elopmen . Thus, despi e he challenges posed by
he consequences o he wa , hese ac o s also open up
new oppo uni ies o he in oduc ion o g een inance.
The need o en i onmen al es o a ion a e he des uc-
ion and mode nisa ion o in as uc u e can be an im-
pe us o a ac ing signi ican in es men s in sus ainable
de elopmen . Res o ing he en i onmen al si ua ion in
Uk aine and implemen ing g een inance p og ammes
will be an impo an s ep owa ds building a mo e sus-
ainable economy ha mee s he equi emen s o he cu -
en en i onmen al agenda.
In ligh o he g owing a en ion o he se ious en-
i onmen al challenges acing he plane , g een inance
is becoming inc easingly impo an as a key elemen
o he mode n economy. I goes beyond adi ional in-
es men and becomes an impo an a ea ha links he
inancial sec o o he p inciples o sus ainable de elop-
men . Majo en i onmen al challenges such as clima e
change, pollu ion and he deple ion o na u al esou c-
es equi e immedia e a en ion and ac ion. As no ed by
D.Shk a chuk(2024), g een inance is an inno a i e and
c i ical ool o achie ing sus ainable de elopmen and
p ese ing he plane ’s ecosys ems.
The wa has caused signi ican losses o he economy,
en i onmen and ci izens o Uk aine, which equi es he
de elopmen o an app op ia e mechanism o compensa e
o hese losses. An impo an elemen o his mechanism
should be he de elopmen o a sys em o measu es o
g een inancing he econs uc ion o he Uk ainian s a e.
I is impo an o s eng hen no only s a e inancial con-
ol o e he implemen a ion o g een p ojec s wi h o eign
in es men , bu also public con ol, as he le el o co up-
ion in s a e en i onmen al se ices is qui e high. This is
p ima ily impo an o p e en so-called ‘en i onmen ally
oxic’ o eign in es men s om en e ing Uk aine du ing
he econs uc ion pe iod. Such in es men s may include,
among o he hings, suppo o coal and oil ene gy p o-
jec s, ine icien was e managemen me hods, o o he
p ac ices ha ha m biodi e si y o con ibu e o clima e
change (Ka lin & P o s,2022).
The e a e a numbe o ac o s ha hinde he sp ead o
g een in es men s. Fi s and o emos , i is he imbalance o
economic indica o s, high in la ion and high in e es a es
ha educe he coun y’s in es men a ac i eness. Ano he
impo an obs acle is ha he echnologies used in Uk aine
a e lagging behind hose o de eloped coun ies. Low le -
els o echnological inno a ion and poo in as uc u e also
educe he coun y’s in es men a ac i eness. In addi ion,
co up ion p ocesses in Uk aine signi ican ly complica e
he implemen a ion o sus ainable p ojec s and hinde he
de elopmen o g een inance (Naza o a & Ha yk,2023).
Ensu ing sus ainable de elopmen in he con ex o
pos -wa eco e y in Uk aine equi es a mo e ho ough
de ini ion o he legal amewo k o g een inance, es ab-
lishing coope a ion wi h o eign in es men companies,
in e na ional inancial o ganisa ions and dono unds o
a ac g een inance o Uk aine, al hough in such ci cum-
s ances i is di icul o p edic i s u he de elopmen .
The main a eas o g een inance de elopmen include
public-p i a e pa ne ships, clima e isk insu ance, sus-
ainabili y bonds, Islamic inance, go e nmen suppo ,
and in es men in educa ion (Chebe yako e al., 2021).
In addi ion, Uk aine’s ene gy s a egy equi es ambi ious
changes in he pos -wa pe iod o Uk aine’s eco e y,
which should ensu e ene gy independence and ene gy se-
cu i y o he s a e and con ibu e o he wel a e o ci izens,
and RES should no be one o he op ions o di e si ying
ene gy esou ces, bu he basis o ebuilding Uk aine’s en-
e gy sys em (Me elenkoe al.,2022).
S.Naumenko a & S. Mishchenko(2024) no e ha ex-
cessi e deb bu den limi s he inancing o p og ammes o
es o e damaged ecosys ems and c ea e a g een and sa e
en i onmen . They see g een deb swaps as a ool o ais-
ing capi al in low-income coun ies o add ess en i on-
men al issues. The deb swap (o con e sion) is based on
he cancella ion o a po ion o a coun y’s ex e nal deb in
exchange o a commi men by i s go e nmen o mobilise
domes ic esou ces (local cu ency o o he asse s) o i-
nance he achie emen o ag eed en i onmen al goals on
e ms ag eed wi h he c edi o .
Thus, he o ma ion o g een inance is a mode n end
o ensu ing sus ainable de elopmen o he s a e in he con-
ex o globalisa ion in o de o educe po e y, con ol he
Objec i e Examples o inancial ins umen s and p og ammes Desc ip ion
Sus ainable
in as uc u e
p ojec s
IQ Ene gy; G een In as uc u e (EU); U ban
Sus ainable In as uc u e P og amme;
Clima e Ci y P og amme
Rebuilding and mode nising in as uc u e in line
wi h he p inciples o sus ainable de elopmen ,
ene gy e iciency, and low pollu ion
Financing h ough
g een bonds and
loans
Clima e Bonds Ini ia i e; g een bonds; g een loans Raising unds o inance g een p ojec s,
bo h a he na ional and local le els
In e na ional
coope a ion
Uni ed Na ions De elopmen P og amme (UNDP);
EU4En i onmen ; EaP GREEN;
G een Economy Financing Facili y (GEFF)
A ac ing o eign in es men , in e na ional
echnical assis ance and suppo o
he implemen a ion o sus ainable de elopmen
p ojec s and g een ini ia i es
Sou ce: de eloped by he au ho s on he basis o da a aken om he websi es Eme ging ma ke g een bonds (2023), EU4En i onmen
(n.d.), OECD iLib a y. (n.d.), UNDP, GEFF (n.d.), Ecodia (n.d.) та ISO (n.d.)
Table 4. Con inued