Abstract
This paper’s goal is to develop a scientific methodology of financial risk management of ecologically responsible entrepreneurship for the sustainable development of the green economy. The originality of this paper is due to the fact that, for the first time, the financial risks of the green economy are considered through the prism of its sustainability. The paper’s novelty is due to the modelling and quantitative measuring of the impact of the COVID-19 pandemic and the financial and economic crisis on the financial risks to the green economy’s sustainability, in addition to the development of precise quantitative recommendations for financial risk management of the green economy. This enables an increase in its sustainability and reduces ecological disproportion in regions of the world (reducing the differences in the green economy’s sustainability among regions of the world through the management of green investments). The paper’s contribution to the literature consists of specifying the theory of financial risks to the green economy. According to the specified fundamental provisions of this theory, the essence of the process of green economy development is clarified (the “black box” is opened) as the increase in its contribution to sustainable development. As the indicator of achieving this development, an increase in the green economy’s sustainability is offered. A new source of achieving the goal is proposed, consisting of a financial risk management of ecologically responsible entrepreneurship based on (private) green investments.
Highlights
The COVID-19 pandemic and crisis caused high financial risks to sustainable development, which is noted in many works (Dzau and Balatbat 2020; Kwon and Kim 2021; Tsani et al 2021; Tsao et al 2021)
RQ2: What was the impact of the COVID-19 pandemic and financial and economic crisis on the financial risks of the green economy’s sustainability? To answer this research question, research was performed dynamically: the change in green economy sustainability in 2020 compared to 2019 was assessed
RQ2: What was the impact of the COVID-19 pandemic and financial and economic crisis on the green economy’s sustainability?
Summary
The COVID-19 pandemic and crisis caused high financial risks to sustainable development, which is noted in many works (Dzau and Balatbat 2020; Kwon and Kim 2021; Tsani et al 2021; Tsao et al 2021). The green economy occupies a central place in the system of the Sustainable Development Goals (SDGs). It is no coincidence that the SDGs concerning ecology (preservation of biodiversity, fight against climate change, etc.) are many and dominate, by their number, in the general structure of the SDGs. when studying sustainable development, it is expedient to pay special attention to the green economy. The impact of the COVID-19 pandemic and crisis on the financial risks of the green economy is not defined (which is a research gap)
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