FORMATION OF FINANCIAL SPACE OF SUSTAINABLE MANAGEMENT

Abstract

The article is aimed at outlining theoretical and methodological approaches and practical recommendations for the formation of financial space in the system of sustainable management in Ukraine. The substantive features of the components of the economic category «financial space» are analyzed. The essence of the financial space of sustainable management has been identified. It is determined that it reflects the relationship between the formation and functioning of the financial system of the state and its territorial entities with the relations of economic entities on the accumulation, use, distribution and redistribution of financial resources for sustainable development. Problematic aspects of formation of financial space of the state are defined on the basis of the analysis of dynamics of indicators of development of financial institutions of Ukraine. The place and role of the financial space is determined in the system of sustainable management in such a way that it firstly acts as a spatial environment for the implementation of the basic functions of sustainable finance; secondly: it is a factor of the formation of financial support for the sustainable management system; thirdly, it is the market environment for the functioning of the «green» financial market for the needs of sustainable development. It is established that along with the activities of the United Nations Environment Program Finance Initiative UNEP FI, grassroots sustainability initiatives of financial institutions should play a leading role in the formation of a sustainable financial space, they should assume appropriate obligations within the framework of global financial initiatives in accordance with the relevant specifics of their action and be able to form institutional field for the formation of a system of sustainable finances. The leading role in the formation of a sustainable financial space in the country of national economy management bodies at the national regional and local levels, which should focus on the global financial sustainability initiatives of UNEP FI in the formation of financial policy and improvement of national financial legislation was emphasized. A number of events have been proposed to form a sustainable financial space in Ukraine.