Green, Blue and Digital Economy Journal (May 2021)
ECO-INNOVATION FINANCING AS AN ELEMENT OF A “GREEN” ECONOMY FORMATION IN THE GLOBALIZATION CONDITIONS OF SUSTAINABLE DEVELOPMENT
Abstract
The purpose of the paper is to substantiate the necessity for eco-innovation supporting and provide the scientific and practical recommendations for improving eco-innovation public and private financing in the globalizing conditions of sustainable development. Methodology. In the paper, eco-innovations are considered as new technologies, new ways of organizing production and social programs that ensure the movement of society in line with the principles of the theory of sustainable development and the interaction between economic development and environmental preservation, to a greater extent due to the production of additional interrelated internal and external effects.The survey is based on the modern methods of scientific research, in particular, general and special methods of analysis of economic phenomena and processes: historical-logical method; comparative analysis; structural-comparative and graphic analysis; structural-factor analysis (to analyze the impact of environmental factors on economic development and determine the relationship between environmental indices, individual factors and GDP growth rates); correlation-regression analysis (to model the impact of environmental factors on the economic development of the world); scenario approach (to substantiate the priority areas of development of greening of the global economic space); methods of logical analysis, abstract and cognitive modeling. The results of the survey showed that along with the existing problems, there is significant potential for green financing scaling up. The study identified problems that limit the development of eco-innovation financing, which include both problems typical for “green” projects (for example, the lack of a clear definition of the term “green”), and problems typical for the financial sector as a whole (for example, underdeveloped capital markets or discrepancy in financing terms). Scientific and practical recommendations for capital attraction stimulating and the development of eco-innovation financing in the context of world economy sustainable development are proposed. It is substantiated that the main condition for the mobilization of “green” investments from the private sector is a combination of public funding, regulation and participation of private market actors in an effective public-private partnership. Practical implications. The analysis of the peculiarities of the eco-innovation financing allows to determine the impact of public financial instruments on the acceleration and increase of the effect from private financing for “green” investment. The main advantages of introducing and tracking eco-innovations in the global economic system are identified. The conclusion is made about the positive impact of the use of environmental and energy efficient technologies on the level of economic development, investment attractiveness and competitiveness of the country. Value/originality. The provided theoretical bases and practical recommendations consider current trends and conditions for sustainable development of the developed and developing countries economies, may be used by the governments of countries to develop policies towards effective environmental natural resources use and formate an environmental management system in the global economic development greening process, and are the basis for the formation of an ecological and economic model of the country’s development.
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