Tverezovska O. Financing of Sustainable Infrastructure Projects

Українська версія

Thesis for the degree of Doctor of Philosophy (PhD)

State registration number

0826U000408

Applicant for

Specialization

  • 072 - Фінанси, банківська справа, страхування та фондовий ринок

03-03-2026

Specialized Academic Board

PhD 11775

Sumy State University

Essay

In the context of growing global instability driven by military conflicts, climate change, energy risks, and structural shifts in the global economy, the development of an effective financial framework for sustainable infrastructure projects has become increasingly important. Infrastructure is progressively viewed as a key instrument for implementing the sustainable development model, integrating economic efficiency, environmental balance, and social responsibility. For Ukraine, this issue is of strategic importance given the extensive destruction of infrastructure and the urgent need for post-war economic recovery. Ensuring long-term and diversified financing for infrastructure transformation is becoming a systemic priority of public financial policy and a prerequisite for achieving the Sustainable Development Goals (SDGs), strengthening economic security, and enhancing national competitiveness. The aim of the research was to improve the theoretical foundations, methodological approaches, and practical recommendations for the financial support of sustainable infrastructure projects in the context of the SDGs. To achieve this objective, a combination of general scientific and specialized methods was employed, including scientific abstraction, induction, deduction, analysis and synthesis; bibliometric and content analysis; trend, system-structural and classification analysis; economic-statistical, comparative, descriptive, correlation and time-series regression analysis (with lagged variables and Newey-West robust standard errors); cluster analysis; quantitative risk assessment methods (FCEM, FMECA); SWOT analysis; expert evaluation; case studies; scenario modeling; graphical methods; and roadmapping. Empirical calculations were conducted using VOSviewer, CiteSpace, Google Trends, Scopus Tool Analysis, STATA, Gretl, MS Excel, and Google Forms. The study deepens the theoretical and methodological foundations and substantiates practical approaches to developing an effective system of financial support for sustainable infrastructure projects based on the principles of sustainable development. Scientific approaches to the study of sustainable infrastructure projects were systematized, and a bibliometric analysis of the evolution of academic discourse was conducted. Classification approaches to identifying types of sustainable infrastructure projects were generalized, and their relationship with financial aspects of sustainable development was substantiated. A comprehensive analysis of the current state of financing sustainable infrastructure projects was carried out, identifying key barriers, prospects, and the role of international financial institutions. A systematic analysis of traditional and innovative financing mechanisms was performed, and the role of public-private partnerships as a key financing instrument was substantiated. A quantitative model was developed to assess the impact of financial resources invested in PPP-based sustainable infrastructure projects on the achievement of the SDGs. The approach to risk assessment in the implementation of sustainable infrastructure projects was improved. A roadmap for financing sustainable infrastructure projects was formulated, aimed at creating an integrated financial architecture for sustainable development. The findings of the dissertation provide a methodological basis for improving the system of financial support for sustainable infrastructure projects, enhance the efficiency of mobilizing and allocating financial resources within public–private partnerships, and may serve as a practical tool for strengthening financial resilience and stimulating investment processes in the context of Ukraine’s post-war recovery and long-term sustainable economic transformation.

Research papers

Hrytsenko L., Boiarko I., Tverezovska O., Polcyn J., Miskiewicz R. Risk-Management of Public-Private Partnership Innovation Projects. Marketing and Management of Innovations, 2021. № 2. Р. 155-165

Tverezovska O., Hrytsenko L. The role of green project financing in the economic development of Ukraine. Financial and Credit Activity: Problems of Theory and Practice, 2022. № 6 (47). Р. 124-138

Boiarko I., Hrytsenko L., Tverezovska O., Saltykova H., Kyrychenko K. War impact on the market value of the industrial complex enterprises of Ukraine. Investment Management and Financial Innovations, 2023. № 20 (1). Р. 328-341

Боронос В. М., Захаркін О. О., Захаркіна Л. С., Тверезовська О. І. Фінансова інклюзія як драйвер забезпечення фінансової безпеки України. Вісник Сумського державного університету. Серія Економіка, 2019. № 1. № 43-52

Hrytsenko L., Tverezovska O. Public-Private Partnership in the Investment Sphere. Mechanism of Economic Regulation, 2020. № 3. Р. 153-167

Humenna Yu., Tuituinyk I., Tverezovska O. Digital effects on macroeconomic stability in the framework of Сovid-19 pandemic: EU practice. The Journal of V. N. Karazin Kharkiv National University. Series: International Relations. Economics. Country Studies. Tourism, 2021. № 13. Р. 70-77

Tverezovska O., Samusevych Y. Environmental taxes as a tool for the green economy and sustainable infrastructure development. Topical Issues in Economic Sciences, 2024. № 6

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