In order to reduce greenhouse gas emissions, decrease consumption of natural resources and mitigate negative impacts on the environment, the global community needs to carry out the transition from «brown» to «green» economy, at the same time improving the people’s quality of life. In this context, all of the leading international organizations emphasize the importance of attracting considerable financial flows to «green» economy, but do not define the sources of such financing. At that, the majority of experts point out to the key role of governmental tools for supporting and stimulating both financial sector and business structures in attracting «green» investments. The author defines «green» investments as a set of financial instruments that allow channeling financial resources and capital flows to environmental objectives through various «green» financial products and governmental programs aimed at optimization of production, generation of profits and achievement of balance between environment and economy. «Green» investments, argues the author, constitute a complex phenomenon which calls for a similar complex and flexible governmental approach tailored to the specificities of various categories of «green» products and their implementing entities. This article presents an analysis of various categories of «green» projects and contains the author's recommendations on the most effective financial instruments as well as mechanisms of governmental support and incentives for each category. Highlighted is the need to ensure the linkage between various instruments for attraction of «green» investments at the local, regional and state levels, all of which should be accompanied by programs aimed at citizens’ ecological education, development of business skills and financial literacy of companies, especially of small ones.
green economy; sustainable development; green investments; green loans; green bonds; crowdfunding; governmental support measures; environmental policy.