INVESTMENT AND INSTITUTIONAL FRAMEWORK FOR REGULATING THE PROVISION OF GREEN COMPETITIVENESS OF ENTERPRISES

Abstract

The article is devoted to the issues of forming an investment and institutional framework for managing the green competitiveness of enterprises in Ukraine during the transition to a circular economy and the strengthening of environmental requirements for economic activity. The relevance of the research topic is confirmed by the need to ensure the effective functioning of the institutional environment capable of stimulating environmentally oriented transformations of enterprises, activating green investments, and enhancing the competitiveness of the national economy in the context of the global transition to sustainable development. In this regard, the study aims to develop an approach to the formation of an investment and institutional framework to ensure effective management of green competitiveness among enterprises in Ukraine.

The article examines the roles of monitoring institutions and state environmental control in shaping enterprises' green competitiveness and assesses their influence on transforming environmental constraints into a driver of business efficiency. The effectiveness of state environmental control in Ukraine is analyzed, and the level of environmental damage compensation, the degree of voluntary environmental responsibility among businesses, and the effectiveness of environmental administration mechanisms are assessed. The necessity of transitioning from a coercive model of state regulation to a stimulating system of institutional influence focused on increasing the investment attractiveness of environmentally responsible business is substantiated. The dynamics of environmental investments and expenditures on environmental protection in Ukraine are analyzed, and their insufficient share in the national investment portfolio and their predominantly compensatory nature are identified. Limited access of enterprises to green capital markets, insufficient development of green financing instruments, limited integration of financial institutions into environmental lending processes, and imperfections in environmental taxation mechanisms are revealed.

The study of international experience in developing green finance enabled the identification of the growing roles of environmental taxation, climate finance instruments, and international partnerships in ensuring the transition to a green economy. The expediency of developing inclusive access of enterprises to green financial resources, forming a national taxonomy of green investments, expanding state support instruments, and strengthening coordination within the institutional environment is substantiated. The study identified that the formation of an effective investment and institutional framework should be based on the principles of transparency, regulatory stability, adaptability, integration, and environmental orientation.