THEORETICAL ASPECTS OF FORMATION FINANCIAL RESOURCES TO ENSURE SUSTAINABLE DEVELOPMENT

Abstract

The article aims to study the mechanism of financing sustainable development to ensure a balanced approach to economic, social, and environmental development. The article examines the theoretical aspects of forming financial resources necessary for sustainable development. Sustainable development involves a balanced approach to economic growth, social well-being, and environmental protection, which requires adequate funding. The main conceptual approaches to defining sustainable development and financial resources are analyzed, focusing on their interrelationship. One of the key issues of the concept of sustainable development is the search for effective sources of financing for the implementation of sustainable development projects. The article considers the possibilities of attracting both public and private funds, including investments, grants, loans and other financial instruments. However, it also emphasizes the crucial role of international financial institutions and organizations in supporting national sustainable development strategies, highlighting the global nature of the issue and the need for international cooperation. The question of the distribution of financial resources between different economic sectors was studied to achieve the maximum effect from their use. Financial planning and management tools that can ensure optimal use of resources are considered separately. The positive dynamics of the growth of expenses for financing sustainable development in Ukraine are shown; however, a negative trend can be observed in terms of the direction of funds from 2022, namely, the volume of financing has decreased in all directions except for the allocation of funds for social protection and social security. The impact of financial resources on the implementation of sustainable development programs is analyzed, including issues of efficiency and transparency of their use. The importance of creating favorable conditions for attracting investments, developing partnerships between the public and private sectors, as well as the need to increase the financial literacy of the population was determined. This underscores the need for education and empowerment in financial matters, as it is a key factor in the successful implementation of sustainable development strategies. Based on the conducted research, it was concluded that the effective formation and management of financial resources is a key factor in the successful implementation of sustainable development strategies. It is recommended to develop a comprehensive system of monitoring and evaluating the effectiveness of the use of financial resources to ensure the achievement of sustainable development goals.