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Sustainable Finance as a Factor in the Transformation of Financial Relations
Shkodinа I. V., Zelenko O. O.

Shkodinа, Iryna V., and Zelenko, Oleksandr O. (2023) “Sustainable Finance as a Factor in the Transformation of Financial Relations.” Business Inform 2:204–209.
https://doi.org/10.32983/2222-4459-2023-2-204-209

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 336.64

Abstract:
The purpose of the article is to consider the transformation of financial relations, which occurs as a result of the active development of sustainable finance. The business’ awareness of the importance of sustainable ESG financial strategies (environment, social sphere, corporate governance) is becoming increasingly significant for assessing the efficiency of the global economy, markets, industries and business models. The development of sustainable finance transforms financial relations: on the one hand, enterprises are obliged to adhere to certain social and environmental standards, but on the other hand, enterprises themselves revise their strategy and improve it to become more sustainable and competitive. Sustainable finance provides a more transparent market, which forces enterprises to take into account the social and environmental aspects of their activities, as this affects the availability of «green» financing, including through government subsidies and tax rebates. To increase the scale of the sustainable finance market, governments and international organizations develop regulatory policies and provide financial support to businesses through a variety of programs and initiatives. The expediency of developing strategies and programs aimed at attracting international and national sustainable investments to support post-war economic recovery in Ukraine at different levels (international, national, regional, local) has been determined. Institutionalizing the sustainable finance market and increasing demand for personalized sustainable product portfolios will increase the profitability of sustainable projects, which will be beneficial for international business in the long term in view of sustainability and competitiveness. The interest of international business to various fintech projects with ESG capabilities will grow. At the same time, it is important not to overregulate the industry, as many international companies wishing to switch to sustainable financing simply will not be able to achieve global or European standards.

Keywords: sustainable finance, ESG, green bonds, social bonds, sustainable development bonds.

Fig.: 2. Bibl.: 9.

Shkodinа Iryna V. – Doctor of Sciences (Economics), Professor, Professor, Department of International Business and Economic Theory, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]
Zelenko Oleksandr O. – Candidate of Sciences (Economics), Associate Professor, Head of the Department, Department of Socio-Economic Disciplines and Geography, H.S. Skovoroda Kharkiv National Pedagogical University (29 Alchevskykh Str., Kharkіv, 61002, Ukraine)
Email: [email protected]

List of references in article

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Fatemi, A. M., and Fooladi, I. J. “Sustainable finance: A new paradigm“. Global Finance Journal, vol. 24, no. 2 (2013): 101-113. DOI: https://doi.org/10.1016/j.gfj.2013.07.006
“Global Low-Carbon Energy Technology Investment Surges Past $1 Trillion for the First Time“. Bloomberg NEF. January 26, 2023. https://about.bnef.com/blog/global-low-carbon-energy-technology-investment-surges-past-1-trillion-for-the-first-time/
Goel, R., Gautam, D., and Natalucci, F. “Sustainable Finance in Emerging Markets: Evolution, Challenges, and Policy Priorities“. International Monetary Fund Working Papers. September 09, 2022. https://www.imf.org/en/Publications/WP/Issues/2022/09/09/Sustainable-Finance-in-Emerging-Markets-Evolution-Challenges-and-Policy-Priorities-521689
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“One Year On: BlackRock Still Addicted to Fossil Fuels“ Reclaime Finance. January 12, 2021. https://reclaimfinance.org/site/en/2021/01/12/one-year-on-blackrock-still-addicted-fossil-fuels-2/
Sancak, I. E. “Role of Sustainable Finance in Fostering Sustainable Development and Transitioning to Sustainable Economy“. https://ssrn.com/abstract=4321145
Sugrue, D., and Popoola, B. “Sustainable Bond Issuance Will Return To Growth In 2023“. S&P Global Ratings. February 07, 2023. https://www.spglobal.com/_assets/documents/ratings/research/101572346.pdf
“The Sustainability-Linked Bond Principles (SLBP). Voluntary Process Guidelines“. ICMA. June 2020. https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/June-2020/Sustainability-Linked-Bond-Principles-June-2020-171120.pdf

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