Financing of Sustainable Development: Global Approach and National Solutions

Abstract

The article analyzes general reasons of formation of the sustainable development concept and “green” economics based on it, as well as examines the issues of effect of transition to “green’ economics on the financial markets and strategies of development of the countries.Aim. To systemize information about the role of sustainable development concept in designing the new model of economic growth.Objectives. To summarize the history of establishing the concepts of “sustainable development” and “green economics”, to find out transformations of financial markets and changes in the investment process caused by transition to “green” economics; to describe the developing system of the governing effect on investors and financial markets that is being established in transition to “green” economics; to summarize contemporary experience of the countries in terms of integration of the topic of sustainable development and “green’ economics into the national strategic plans.Methods. The features of financing of sustainable development in a global scale were identified and characterized by means of both methods of scientific inquiry, as well as its representation in the national policy of the countries.Results. Transformation of the concept of “sustainable development” stipulated by integration of ESG-criteria, as well as the concept of “green” economics was described. Areas of transformation effect of the concept of sustainable development on financial markets and investment behavior of the economic entities were dentified. Description of the system is proposed, through which the governing effect on investors and financial markets (structure, levels, and key companies) is made. Objectives of the countries that entered on the path of sustainable development and “green” economic growth are specified.The main areas and measures taken by the countries for establishing the policy of sustainable development financing are summarized.Conclusions. Despite that the countries significantly differ in quantitative and qualitative characteristics of the factors affecting development of the national priorities, they demonstrate similar approaches to establishing the policy aimed at financing of sustainable development.