Green Bonds as an Instrument of International Financing for the Entry of Ukrainian Companies into the Global Sustainable Capital Market

Abstract

The relevance of the study is determined by the intensification of the global sustainable finance market, the increasing role of environmental criteria in international investment processes, and the necessity of attracting long-term capital for the post-war modernization of the Ukrainian economy. Under conditions of the development of ESG-oriented investment, green bonds acquire particular importance as an instrument for integrating companies into the global sustainable capital market. At the same time, the use of this financial mechanism in Ukraine is complicated by military risks, the insufficient development of sustainable finance infrastructure, and the limited adaptation of the corporate sector to international environmental reporting standards. The purpose of the study is to substantiate the theoretical and practical foundations for the use of green bonds as an instrument of international financing for the entry of Ukrainian companies into the global sustainable capital market under conditions of ESG-oriented economic development and the post-war transformation of Ukraine. Methods. The study applies methods of analysis and synthesis to generalize theoretical approaches to the functioning of green bonds within the system of international financing, systematization to structure key trends in the development of the sustainable investment market, comparative analysis to assess the impact of global financial trends on the opportunities for Ukrainian companies to attract international capital, as well as logical generalization to develop practical recommendations. Results.The economic essence and functional characteristics of green bonds within the system of international sustainable financing are investigated. The influence of global trends in the development of the green bond market on the transformation of international investment mechanisms and the increasing role of ESG criteria in capital attraction processes is identified. Organizational and economic approaches to the integration of Ukrainian companies into the global sustainable investment market are substantiated. It is proven that the use of green bonds contributes to expanding access to international financial resources, increasing investment attractiveness, and stimulating environmentally oriented modernization of production. At the same time, it is established that the effectiveness of this instrument is constrained by high military risks, the insufficient development of sustainable finance infrastructure, the low level of ESG readiness among companies, and the high cost of environmental verification procedures. Conclusions. It is concluded that green bonds form an important mechanism for integrating Ukrainian companies into the global sustainable capital market and create prerequisites for attracting international financing for the environmental modernization of the economy. Prospects for further research are associated with the development of methodological approaches to assessing the effectiveness of green bonds under conditions of a wartime economy, improving climate risk management mechanisms, and investigating instruments for the post-war green recovery of Ukraine.