INSTRUMENTARIUM OF PUBLIC FINANCE IN THE IMPLEMENTATION OF THE GREEN ECONOMY MODEL: THEORETICAL VISION AND EFFICIENCY ISSUES
Анотація
Introduction. The article explores the theoretical foundations and efficiency issues of public finance instruments in the context of transitioning to a green economy model. It identifies key shortcomings of the environmental tax in Ukraine, which act as barriers to the full realization of its fiscal function and diminish its effectiveness as a tool for influencing the volume of harmful emissions into the environment. The prospects for using green bonds by public authorities to raise funds for green projects and the main barriers that hinder their utilization are examined. The reasons for the insufficient effectiveness of budget expenditures on environmental protection are also discussed.
The purpose of the article is to highlight the key features and challenges associated with applying public finance instruments in the context of implementing a green economy model in Ukraine.
Methods. The study employs general scientific and specific methods of knowledge; methods of theoretical generalization are used to elucidate scientific views on the nature and classification of green finance instruments, as well as to define the role of public finance instruments among them. Comparative analysis and modeling are utilized to determine the impact of specific public finance instruments on the dynamics of harmful emissions into the environment. Tabular and graphical methods are used for the visual presentation of research results, and generalization is applied in the formulation of research findings.
Results. The study proposes an original approach to classifying green finance instruments by distinguishing them into public finance instruments and market-based instruments. The shortcomings of the environmental tax are identified, particularly regarding the narrowing of the tax base and the inefficiency in the allocation and use of the revenues generated from it. It is substantiated that the low efficiency of budget expenditures on environmental protection is due to structural imbalances and the secondary importance given to environmental protection funding by governmental authorities.
Conclusions. Transitioning to a green economy model in the post-war period requires enhancing the effectiveness of financial instruments in achieving the environmental goals of sustainable development. Under current conditions, there is a need to develop scientific and methodological approaches to improve the design of the environmental tax and develop the system of environmental taxation, create favorable conditions for the development of the green bond market, and increase the efficiency of budget expenditures on environmental measures.
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West Ukrainian National University