Financial and legal instruments for promoting the implementation of sustainable development policy of the state (states, region)

Abstract

Financial and legal instruments for promoting the implementation of sustainable development policy of the state (states, regions) require a detailed study of the application of financial and legal instruments for the implementation of the Global Sustainable Development Goals by 2030. The EU financial instruments provide funding for the goals and policies of sustainable development of the state or the region through the involvement of budgetary and private financial resources. The purpose of the research is to analyze the existing practice of promoting the implementation of sustainable development policy of the state (states, regions) in the EU countries through the use of financial and legal instruments in order to provide investors with economic returns in accordance with probable risks, while promoting sustainable development goals. The research methods are as follows: comparative analysis; statistical analysis; systematization, generalization. Results. Financial and legal instruments are measures of financial and legal support provided on an additional basis from the budget in order to promote the implementation of the policy of sustainable development of the state. It has been established that the sustainable development goals, namely: 1, 2, 4, 5, 10, 11, 16 and 17 are connected with the fewest of financial and legal instruments. Sustainable and green bonds that best contribute to objectives 7 (Affordable and Clean Energy), 11 (Sustainable Urban and Community Development) and 13 (Climate Change Mitigation) have been identified as perspective and promising financial and legal instruments. The financial and legal instruments towards supporting small and medium-sized enterprises, research and innovation and a low-carbon economy are the most popular in the EU. As a result of the research conducted, it has been found that financial and legal instruments towards promoting the implementation of sustainable development policy direct financial resources to the implementation of certain goals, thereby forming a gap in the implementation of the Global Sustainable Development Goals by 2030. It has been also revealed that during the programming period, financial and legal instruments were installed exceptionally slowly; as a result, by the end of 2016, less than 5 percent was actually invested than planned.