In the dissertation, theoretical and methodical foundations are deepened, and recommendation for improving the efficiency of using financial instruments to ensure sustainable development are developed.
In the dissertation, theoretical provisions of the essence of sustainable development and financial instruments by analyzing the content of theses definitions are deepened. As a result, this made it possible to specify the content of the definition “financial instrument of sustainable development” and to proposes considering it as a means of the impact used to shape the requires behavior of business entities in the process of implementing a new economic model of the society development based on a harmonious combination of modern human needs and protection of the interests of future generations, taking into account the preservation of the environmental and natural resources.
Based on the analysis of the current state of the implementation of the sustainable development model in Ukraine, the assessment of certain indices that characterize the pace of formation of this model, the PESTLE analysis method was used. This made it possible the main obstacles to ensuring sustainable development of the Ukrainian society and the effective use of available financial resources to stimulate this development. In particular, all the identified barriers were divided into following groups: social, economic, political, technological, legal and environmental. Special attention is paid to the identification of the obstacles of a financial nature.
In the dissertation, conceptual provisions of the functioning and transformation of the financial mechanism of sustainable development are examined. This is based on the results of a detailed consideration of the essence of the category of the “financial mechanism”, clarification of scientific approaches to specifying the content of the definition of the “financial mechanism for sustainable development”. The author proposes to consider this mechanism as a set of methods, instruments and levers by means of which economic entities are influenced in order to create favorable conditions for the balanced development of economic, social and ecological systems of society, to ensure the implementation of a model of the rational nature management and reduce the anthropogenic impact on the environment.
In conclusion, the author examines the structure of this mechanism, defines its purpose, functions, areas of the resource provision, methods and instruments. Significant attention was paid to specifying the basic principles of this mechanism, which were divided into two groups, namely: principles of functioning and principles of transformation. The latter group of principles was expanded by new principles, namely: a principle of the balanced development – attracting financial resources to ensure development of all components of the sustainable development model, namely social, economic and environmental components; a principle of the priority financing – identifying the main priorities in financing the implementation of the sustainable development model of Ukraine.
A detailed consideration of the essence of the financial mechanism of sustainable development allowed to specify the measures to stimulate the implementation of the model of such development and to contribute them according to two criteria, namely: dependingding on the scale of implementation (micro-measures, macro-measures) and on the scope of implementation of such measures, namely: organizational, economic, environmental and social. This made it possible to specify, first of all, general directions of intensifying the implementation of sustainable development model, the use of which will have positive impact on the functioning of the economic, environmental and social systems. It is also emphasized in the paper that there are differences in the recommendations for stimulating the implementation of sustainability principles in the macroeconomic systems and within individual business entities.
The dissertation also focuses on the essence of the impact investing as one of the financial instruments for ensuring sustainable development in society. To this end, we analyzed the content of this financial instrument, the specifics of its use, and current trends in its use by investors. The main barriers and directions for the development of the impact investing in Ukraine are specified in the paper, the system of such investing as an integral set of individual components is substantiated, which has its own properties, functions and principles of the functioning and transformation. This made it possible to formulate an integration and adaptation model for the development of such system, identify its components (organizational, economic, behavioral) and propose the directions for their transformation, taking into account current challenges and strategic vectors of the national economy.
