Financing sustainable development and determining state policy vectors regarding capital investments in Ukraine

Kovalenko Yuliia
Doctor of Economics, Professor, Professor of the Department of Financial Markets and Technologies, State Tax University, Irpin, E-mail:kovalenko0202@ukr.net, ORCID ID: https://orcid.org/0000-0002-5678-3185

Khelemskyi Viktor
PhD student, Department of Financial Markets and Technologies, State Tax University, Irpin, E-mail:vhelemsky@gmail.com, ORCID ID: https://orcid.org/0000-0002-1397-1506

Cite this article:

Kovalenko Yu., Khelemskyi V. (2023) Financing sustainable development and determining state policy vectors regarding capital investments in Ukraine. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Finansuvannia staloho rozvytku ta vyznachennia vektoriv derzhavnoi polityky shchodo kapitalnykh investytsii v Ukraini; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 11-12 (312-313), pp. 114-122.

Abstract

The article deals with the financing of sustainable development and determination of the vectors of state policy on capital investments in Ukraine. The purpose of the article is to determine the relationship between finance, capital investment and sustainable development, as well as the vectors of the state policy of financing capital investment for sustainable development in Ukraine. Based on a critical analysis of the essence of the concept of "financing of sustainable development", the author's own understanding of the essence of financing of sustainable development capital investments is proposed. The author shows the interrelation of the economic system and the financial, investment and social spheres of society, as well as finance, capital investment and sustainable development (economic, social and environmental). The development of a system of financial support for sustainable development capital investments is ensured by its engine - the mechanism of state financial regulation/stimulation of such a system, which is implemented through fiscal, monetary and other levers of the state financial policy. The financial policy of the State in Ukraine is based on the basic principles of sustainable development. The vectors of the State policy of financing capital investments for sustainable development are presented. It is proved that the development of financing of capital investments for sustainable development in Ukraine, in particular in the conditions of war and post-war period, will require a systematic, coordinated and coordinated approach and the introduction of sustainable financing principles into legislation that comply with international, including European, standards.

Keywords

capital investment, sustainable development, economic system, financial sphere, financial sector, investment process, green bonds, financial policy.

JEL classification: G280; E220; F290; DOI: https://doi.org/10.32680/2409-9260-2023-11-12-312-313-114-122

UD classification: 336.02 (477)

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