Sustainable Financing and Security in the Context of EU Policy

Abstract

The article examines the essence of the category "sustainable financing" and provides its author's definition. Sustainable financing is a global system that ensures the implementation of the goals and objectives of sustainable development, declared in the UN Resolution "Transforming our world: The 2030 Agenda for Sustainable Development" and focuses on supporting the implementation of agreements and commitments on its financing.

To investigate the essence of the category "sustainable financing" and provide its author's definition. To analyze the concept of "sustainable development finance", to highlight its essential features. To find out the impact of financial globalization on the stability of the international financial system. To look sustainable financing in the context of EU policy and the state of the financial system of Ukraine in the conditions of the hot phase of the war.

The methodological basis of the research is modern general scientific and special methods of cognition, among which the following should be highlighted: formal-legal method, comparative-legal method for the analysis of international documents. Such scientific methods as observation, description, theoretical and practical modeling, formal-logical generalization were used, which made it possible to reveal the particularity of legal facts and their trends of development.

The authors arrived to the conclusion that sustainable financing is a global system that ensures the fulfillment of the goals and objectives of sustainable development. These goals are announced in the UN Resolution "Transforming our world: Agenda for sustainable development until 2030". Sustainable financing supports the implementation of agreements and commitments on financing sustainable development.

Sustainable development finance 1) takes into account the economic, social and environmental components of sustainable development; 2) provide financial capital for the goals and objectives of sustainable development; 3) aim to have a positive impact on the economy and society; 4) financing is provided by various financial institutions; in their activities, they are guided by the principles of sustainable development and corporate social responsibility.

In the context of EU policy, sustainable financing is understood as a complex mesures to support economic growth as well as the simultaneous reduction of pressure on the environment.

Financial globalization is characterized, among other things, by the possibility of free access of countries to foreign capital. It increased the instability of the international financial system, caused the possibility of rapid transfer of financial crises between the national financial systems of countries.

The financial system of Ukraine, even in the conditions of the hot phase of the war, remains stable and manageable. The banking system successfully resisted the challenges of the war thanks to a significant margin of safety, timely reaction of the National Bank of Ukraine and substantial international assistance.