TRANSFORMATION OF FINANCING OF CAPITAL INVESTMENTS IN THE PARADIGM OF SUSTAINABLE DEVELOPMENT OF UKRAINE

Abstract

The article examines the theoretical and applied foundations of the transformation of financing capital investments within the paradigm of sustainable development of Ukraine. It is substantiated that under current conditions of structural economic change, intensification of global environmental challenges, deepening social imbalances, and the growing role of institutional reforms, the issue of forming a new model of financial support for capital investment is acquiring strategic importance. It is determined that traditional mechanisms of investment financing are gradually losing their ability to ensure the long-term reproductive sustainability of the economy, which necessitates their reorientation toward the principles of sustainable development, the ESG approach, financial inclusion, targeted stimulation of investment activity, and the combination of public, private, and international sources of capital. The content of the transformation of capital investment financing is revealed as a process of qualitative renewal of financial instruments, regulatory approaches, institutional architecture, and resource mobilization mechanisms aimed at achieving economic, social, and environmental effectiveness. Particular attention is paid to the role of state regulation, public-private partnership, foreign investment, sustainable finance, green bonds, and other financial instruments in shaping a new-type investment ecosystem. It is proved that the transformation of capital investment financing should be based on the integration of sustainable development goals into the system of national investment policy, which will contribute to the modernization of the production base, infrastructure renewal, enhancement of economic competitiveness, and strengthening of Ukraine’s financial resilience. It is established that the effectiveness of such transformation largely depends on the coherence of institutional changes, the quality of financial regulation, and the ability of the state to create a favorable environment for long-term investment. It is substantiated that the combination of economic, social, and environmental criteria within the system of financing capital investments creates the basis for the formation of a new model of investment development focused on the resilience, balance, and adaptability of the national economy. The expediency of considering the financing of capital investments not only as an instrument of resource provision, but also as an important mechanism for the strategic direction of structural change in the context of Ukraine’s long-term development priorities, is proved.