FINANCIAL INSTRUMENTS FOR SUSTAINABLE FOREST MANAGEMENT: APPROACHES AND PERSPECTIVES

This study examines financial instruments supporting sustainable forest management (SFM), including green bonds, carbon credits, and payments for ecosystem services (PES). Through case studies in Brazil, Indonesia, and Costa Rica, their economic, environmental, and social effectiveness is assessed. Findings indicate that green bonds attract significant capital but require transparency; carbon credits are effective for emission reductions but rely on market stability; PES promote social sustainability but are limited in scale. Challenges include high transaction costs and the need for local community involvement. Recommendations include strengthening certification, diversifying funding, and leveraging technology for efficiency. The study highlights the importance of context-specific adaptation to achieve Sustainable Development Goal 15.