GREEN BONDS AS A TOOL FOR FINANCING SUSTAINABLE DEVELOPMENT IN UKRAINE

Introduction. In today’s conditions of global environmental challenges and climate changes, the world economy is increasingly oriented towards sustainable development, which requires the integration of environmental aspects into economic processes. Green bonds, as one of the key financial instruments of sustainable development, have become a powerful means of attracting investments in projects aimed at reducing greenhouse gas emissions, developing renewable energy and increasing energy efficiency. In Ukraine, the “green” economy has not only ecological, but also strategic importance, as it stimulates post-war infrastructure reconstruction and economic stabilization. Researching the economic potential of green bonds in this context is an urgent task for the development of effective financing mechanisms for sustainable development and Ukraine’s integration into global environmental initiatives. The purpose of the article is to conduct a comprehensive study of the potential of green bonds as a responsible investment tool for sustainable development and post-war recovery in Ukraine. Results. Analysis of the current state of the green bond market in Ukraine shows the significant potential of this instrument for financing sustainable development projects. Green bonds will help modernize the energy infrastructure, increase energy efficiency and reduce CO2 emissions. However, for the full development of the market, it is necessary to improve legislative regulation, create incentives for investors, and develop an effective system of certification of environmental projects. Conclusions. The development of the green bond market in Ukraine is a strategically important tool for ensuring sustainable economic growth, increasing energy efficiency and accelerating the country’s post-war reconstruction. The analysis showed that the green economy requires active development of the green finance market, which will contribute to the modernization of infrastructure, reducing greenhouse gas emissions and fulfilling Ukraine’s international obligations regarding climate neutrality. However, there are a number of barriers to the integration of this instrument, including imperfect legislative regulation, low investor awareness and significant costs for certification of environmental projects. Addressing these problems requires expanding state support, creating tax incentives for investors, harmonizing the regulatory framework with international standards and intensifying cooperation with international financial institutions. Green bonds can become a key financial mechanism in the process of Ukraine’s post-war reconstruction, ensuring long-term investments in renewable energy, environmentally friendly transport, energy-efficient construction and decarbonization of the economy. The introduction of transparent monitoring and reporting mechanisms on the use of raised funds will contribute to increasing trust in the green bond market and Ukraine’s integration into the global sustainable finance market.