GREEN INVESTMENTS AS FINANCIAL FLOWS AND INSTRUMENTS FOR ENERGY MODERNIZATION OF THE UKRAINIAN ECONOMY IN THE CONTEXT OF POST-WAR RECOVERY

Abstract

This article examines the theoretical, methodological, and practical foundations of green investment as a key driver of the ecological transformation of the national economy. The relevance of the study is due to the need to modernize Ukraine’s energy sector, which has suffered extensive damage as a result of the full-scale war. The article analyzes the nature and structure of the international capital market, where green investments are regarded as targeted financial flows aimed at decarbonization and the deployment of low-carbon technologies. It is demonstrated that the modernization of the energy sector in the context of post-war recovery should be based on the principles of the European Green Deal and sustainable development. The study provides a comprehensive analysis of the dynamics, composition, and structure of investments in Ukraine’s renewable energy sector by funding source during 2022-2025. Structural shifts in the investment climate are identified, particularly the declining role of bank lending and the increasing importance of international financial institutions. Particular attention is paid to the main forms of international cooperation in the field of green investment during 2024-2025. The findings indicate that the integration of innovative financing instruments, including green bonds and ESG investment mechanisms, contributes to risk diversification and enhances investment at-tractiveness. Based on an analysis of financial flows into the renewable energy sector, a mechanism for stimulating cap-ital investment through the expansion of public–private partnership models is proposed. Such an approach would reduce risks for donors and investors, mobilize domestic financial resources, and ensure the long-term sustainability and inde-pendence of Ukraine’s energy system. The study substantiates that the effective application of green financing mecha-nisms can transform green investments into a powerful instrument for the energy modernization of Ukraine’s economy during post-war reconstruction, while strengthening the country’s energy independence and environmental security.