ORIGINAL PAPER
Innovative financial instruments to stimulate the development of renewable energy in Ukraine
1
Education and Research Institute “Ukrainian Engineering and Pedagogical Academy” of V.N. Karazin Kharkiv National University, Ukraine
2
Higher Educational Institution “Podillia State University”, Ukraine
3
National University of Life and Environmental Sciences of Ukraine, Ukraine
Submission date: 2025-10-03
Final revision date: 2025-11-27
Acceptance date: 2025-12-03
Publication date: 2026-06-29
Corresponding author
Liliya Prokopchuk
Education and Research Institute “Ukrainian Engineering and Pedagogical Academy” of V.N. Karazin Kharkiv National University, Ukraine
Education and Research Institute “Ukrainian Engineering and Pedagogical Academy” of V.N. Karazin Kharkiv National University, Ukraine
Polityka Energetyczna – Energy Policy Journal 2026;29(2):59-86
KEYWORDS
economic support mechanismsfinancial incentivesgreen energyinvestment strategiesregulatory policyloan programsgovernment support
TOPICS
ABSTRACT
The research investigates contemporary financial tools that facilitate the advancement of renewable energy in Ukraine. This research assesses the efficacy and cost-effectiveness of instruments, including green bonds, energy auctions, and public-private partnerships, through a comprehensive analysis of regulatory documents, financial metrics of sector firms, and international best practices. From 2019 to 2024, the capacity of solar power plants in Ukraine expanded from around 1,500 MW to over 5,000 MW, while wind capacity rose from 600 MW to over 1,700 MW. The results demonstrate that the primary obstacles to capital attraction are regulatory volatility and significant market unpredictability. The research illustrates that contemporary financial tools can diminish project expenses, mitigate investor dangers, and bolster economic stability within the energy industry. The findings may benefit governmental authorities, private investors, financial institutions, and international organizations in formulating investment strategies and enhancing financing systems for renewable energy.
CONFLICT OF INTEREST
The Authors have no conflicts of interest to declare.
METADATA IN OTHER LANGUAGES:
Polish
Innowacyjne instrumenty finansowe mające na celu stymulowanie rozwoju energii odnawialnej w Ukrainie
mechanizmy wsparcia gospodarczego, zachęty finansowe, zielona energia, strategie inwestycyjne, polityka regulacyjna, programy pożyczkowe, wsparcie rządowe
Niniejsze badanie dotyczy współczesnych narzędzi finansowych sprzyjających rozwojowi energii odnawialnej w Ukrainie. W ramach badania oceniono skuteczność i opłacalność takich instrumentów, jak zielone obligacje, aukcje energii oraz partnerstwa publiczno-prywatne, poprzez kompleksową analizę dokumentów regulacyjnych, wskaźników finansowych przedsiębiorstw z sektora oraz najlepszych międzynarodowych praktyk. W latach 2019–2024 moc elektrowni słonecznych w Ukrainie wzrosła z około 1500 MW do ponad 5000 MW, a moc elektrowni wiatrowych z 600 MW do ponad 1700 MW. Wyniki wskazują, że głównymi przeszkodami w przyciąganiu kapitału są niestabilność regulacyjna i znaczna nieprzewidywalność rynku. Badania pokazują, że współczesne narzędzia finansowe mogą zmniejszyć koszty projektów, ograniczyć ryzyko dla inwestorów i wzmocnić stabilność ekonomiczną w branży energetycznej. Wyniki mogą pomóc władzom, prywatnym inwestorom, instytucjom finansowym i organizacjom międzynarodowym w tworzeniu strategii inwestycyjnych i ulepszaniu systemów finansowania energii odnawialnej.
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