Development of a mechanism for formulating “green” investment policy

This article is dedicated to the issues of formulating a “green” investment policy. The research aims to analyze, systematize, and improve the existing theoretical and methodological framework concerning the development of the “green” economy in Ukraine and develop a mechanism for formulating a “green” investment policy. The development of the “green” economy in Ukraine and its significance for achieving sustainable economic development are examined. A comprehensive analysis of the main aspects influencing the country’s ecological economic formation is presented, including carbon dioxide emissions, transformational mechanisms for the transition, and the state of ecological innovation implementation. It is substantiated that developing the “green” economy is crucial in the transition to sustainable economic development, which considers ecological, social, and economic aspects. The results of expert evaluations are provided, indicating some progress in developing the “green” economy from 2021 to 2023 despite the country’s military conflict’s negative consequences. It is found that one of the critical tools for stimulating the development of the “green” economy is environmental taxes, which contribute to pollution reduction and foster corporate responsibility. The research also revealed that while the environmental tax in Ukraine has potential, it still occupies a minor share of the tax revenue structure, indicating the need to improve its implementation mechanisms. The study identified that the market for “green” investments is actively developing; however, obstacles exist, such as the lack of clear standards and criteria for defining “green” projects and a high level of risk associated with investing in advanced ecological technologies. A mechanism for formulating a “green” investment policy is proposed. It is determined that implementing the “green” investment policy in Ukraine requires a systematic approach and coordinated efforts from many stakeholders in the process, including government bodies, private companies, and non-governmental organizations. Developing an investment policy that stimulates investments in environmentally friendly technologies is also essential. It is noted that to achieve the goals of developing a “green” economy in Ukraine, it is necessary to overcome existing barriers and ensure stability and transparency in the investment environment. Keywords: green economy, green policy, green investments, environmental taxes, sustainable development.