Зелене мікрофінансування в Європі: регуляторні тенденції та сучасна практика

Abstract

У статті наведено визначення терміну «мікрофінансування»; досліджено особливості зеленого мікрофінансування в Європі, його нормативне регулювання; здійснено огляд основних законодавчих актів Європейського Союзу (ЄС), які стосуються екологічних проблем і можуть мати вплив на даний сектор у найближчі роки. Визначено необхідність застосування Зеленого індексу (Green Index 3.0) – основного міжнародного стандарту, розробленого Європейською мікрофінансовою платформою e-MFP Green Inclusive & Climate Smart Finance Action Group (GICSF AG) для оцінки екологічної ефективності мікрофінансових організацій; проведено аналіз даних п’яти кейсів, які представляють конкретні приклади того, як грошово-фінансові установи (MFIs) розробили свої екологічні стратегії, запровадили пропозиції зелених фінансових продуктів і послуг, а також керували своїми екологічними ризиками та можливостями. Обґрунтовано необхідність подальших досліджень щодо можливостей запровадження зеленого мікрофінансування в сучасних українських реаліях.

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Abstract. Introduction. Climate change requires actions that must be directed at both mitigation and adaptation. Many sectors of the economy will feel the impact of this process, so they will need comprehensive measures to successfully conduct operational activities in new conditions. This generates great needs for financing, which in turn provides great opportunities for the MFIs.

Purpose. The main purpose of the academic paper is to study the peculiarities of regulation and practical application of “green” microfinancing in EU countries, which will contribute to faster adaptation of Ukraine to European requirements and practices in the field of green “microfinancing”.

Results. For European microfinance institutions (MFIs), which are in close contact with vulnerable groups and specialized in supporting them with financial and non-financial services, the integration of green practices and products into their business models is an opportunity to meet the needs of vulnerable populations by pursuing a triple bottom line (positive social & environmental impact and financial sustainability).

At the EU and global level, we are witnessing a growing societal and political interest in sustainability and climate change, which is expected to shape the microfinance sector’s activities.

The EU has accelerated the pace of the green transition in recent years with several regulatory developments, such as the Action Plan on Sustainable Growth, EU taxonomy, and European Green Deal. Bringing green finance to the forefront will have concrete impacts and provide opportunities for the development of the sector. Other initiatives that will soon impact MFIs include the adoption of new green standards by he inclusive finance sector (e.g., Green Index 3.0) or the introduction of an environmental clause in the European Code of Good Conduct for microcredit provision, which might have an effect on investor reporting requirements, as well as material opportunities available to MFIs.

Conclusions. The research conducted makes it possible to argue that in recent years the EU has accelerated the pace of the “green” transition with the help of several regulatory developments, such as the Sustainable Growth Action Plan, the EU Taxonomy and the European Green Deal. Bringing green finance to the fore will have concrete results and create opportunities for the sector to grow. Other initiatives that will soon affect MFIs include the adoption of new environmental standards in the inclusive financial sector (e.g. Green Index 3.0) or the introduction of an environmental clause in the European Code of Conduct for microcredit, which may affect investor reporting requirements as well as facilities available to MFIs.

Constant monitoring of the evolution of the initiatives summarized in the work is key to supporting the sector in preparing for the future stimulation of innovation and the use of financing opportunities in EU countries, as well as the introduction of green microfinancing in modern Ukrainian realities.