The aim of this paper is to elaborate recommendations for politicians and authorities for the accumulation of climate finance in Ukraine, to evaluate different financial instruments and their role in mobilization of the necessary financial resources. The authors describe the shift from voluntary corporate social responsibility (CSR) to the new principles of investing (ESG) and business models in the climate change area and explain how these changes affect mobilization of climate finance.
Special attention is paid to the importance of transaction costs, and ways how the accounting, reporting and evaluation of the results of emission reduction projects could reduce existing costs and improve access to the financial market, i.e. to relatively “cheap” financial resources. In this Paper are also described ways for establishing the necessary infrastructure on the financial market needed to minimize the transaction costs while getting financial resources for purpose of greenhouse gases reduction.
Young scientists from Scientific Society and Center for BLENDED VALUE Studies of KNEU (Kyiv
National Economic University named after Vadym Hetman) and European University Viadrina
(Frankfurt, Oder) - T.A. Beyer, E. Schultze, C. Stanek, joined their forces to prepare this paper.
First results of this research were presented at the second International Summer School on "Economic Aspects of Climate Change", which brought together professors, students and experts from Germany and Ukraine and took place near Kyiv from August 30 till September 2, 2016.