Sustainable financial services as a tool for sustainable economic development

Abstract

The author reviewed the essence and role of sustainable financial services, emphasised the main aspects of the introduction of sustainable financial services, and provided a chronology of the introduction of global climate initiatives. Due to the fact that in many countries the level of development of “green” finance is still relatively low and further development requires efforts at the level of governments, financial institutions, investors and the public, the author emphasises the need to focus on promoting the development of a sustainable financial system, which will further contribute to solving environmental problems and achieving sustainable development goals. The author also touched upon the factors that influence the degree of development of “green” finance in different countries of the world and noted that in developed and developing countries there is a striking contrast in the use of “green” financial instruments and it is natural. It is undeniable that “green” financial instruments are a significant help in solving the problem of concentration of financial resources for active implementation of green economy principles. Consequently, governments are taking all measures to stimulate green capital to accelerate the achievement of sustainable development goals.