ANALYSIS OF THE STATE AND ROLE OF FINANCIAL SUPPORT IN THE FUNCTIONING OF GREEN ENTREPRENEURSHIP IN UKRAINE

Abstract

The article provides a comprehensive analysis of the current state and role of financial support in the functioning of green entrepreneurship in Ukraine, taking into account the latest statistical data and regulatory changes of 2024–2026. Green entrepreneurship is interpreted as a form of economic activity in which the environmental outcome is integrated into the business model at the level of value creation. It is proven that the financial support of green entrepreneurship is a multilevel system encompassing state, banking, market, and international sources of capital, whose effectiveness is determined by the coherence of sources, instruments, and the institutional-regulatory environment. The author systematizes the regulatory frameworks of sustainable finance in Ukraine – the Policy of the National Bank of Ukraine, the Sustainable Finance Roadmap of the National Securities and Stock Market Commission for 2025–2030, and the updated bond issuance regulation – and demonstrates their convergence with EU standards (EU Taxonomy, EuGB). A significant gap is revealed between the estimated potential of climate investment in Ukraine (USD 73 billion) and the actually insignificant volumes of the national green instruments market. Scholarly debates regarding the volumes of green lending and sovereign green bond issuance are recorded, caused by the absence of a unified taxonomy and standardized reporting. The study analyzes green banking, market instruments, state fiscal incentives, and the decisive role of international financial organizations amid reconstruction needs of USD 524 billion. Barriers to financing green small and medium-sized enterprises are outlined, and directions for improving the financial support system are proposed, including completing the national taxonomy, scaling up blended finance mechanisms under guarantees, and introducing the principle of proportionality of sustainability reporting requirements.