TRANSPARENCY OF ECOLOGICAL REPORTS AS A BASIS OF GREEN INVESTMENT MARKET DEVELOPMENT
Abstract
The paper deals with the analysis of the main prerequisites to format the domestic green investments market. Thus, the declining tendency of volumes of foreign investments to the national economy is revealed, which could be explained by the existing economic and military-political conflicts. From the other side, the existing environmental problems, green growth and the implementation of Sustainable Development Goals 2030 require to attract additional financial resources. In the paper, green investment market is analysed as an alternative source of additional financial resources for the implementation of Sustainable Development Goals 2030, especially for developing countries. The purpose of the paper is to analyse the main prerequisites to establish the ecological reporting system (as part of non-financial corporate reporting) and to ensure its transparency in order to form the information basis for the development of the green investment market. Thus, it is determined that the lack of the unifying principle for the creation of publicly available ecological reports is one of the constraining factors for the development of green investment market in Ukraine. The author analyses the foreign experience and trends of non-financial corporate reporting publication that contains the environmental aspects of the company's activities. It has been established that there are legislative requirements for disclosure of information in countries (England, Japan, India, Malaysia, France, Denmark, South Africa, the USA and Mexico) with a high percentage of disclosure (more than 90 %). It is determined that compliance with the principle of transparency (openness) of non-financial corporate reporting, which contains information on the environmental and social aspects of the company's operations, is a decisive factor in the decision- making by green investors. In addition, it has been determined that a combination of government regulation, stock exchange demands, and potential green investors is an effective mechanism for improving the quality of disclosure of corporate reporting. A reliable and modern system of non- financial corporate reporting is a basis for the development of an efficient market for green investments and attracting foreign investors.
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