Publications

The Reform of Natural Gas Market in Ukraine Fails: Governance Risks at NAK “Naftogaz” and Steady Monopolization

The changes of the constituent documents of “Ukrtransgas” and subsequent subordination of this company to the Ministry of Economic Development and Trade could threaten the functioning of the GTS (gas transmission system). It was also a clear evidence of the governance risks importance and their potential impact on the company’s activities and financial performance. Thus, violations of the Principles of Corporate Governance for State-owned Enterprises of the Organization for Economic Cooperation and Development (OECD) could limit also the access to next loans from the World Bank and other financial institutions.
While in Ukraine assessment of the governance risks impact on financial performance of the company starts only to emerge, there is a clear system in the world for assessing such impact on financial performance, the company’s rating.

Carbon taxation and market financial instruments for mobilizing climate finance

The aim of this paper is to elaborate recommendations for politicians, authorities in the area of climate finance accumulation, evaluate financial instruments and their role in mobilization of the necessary financial resources. It is also important to show the shift from voluntary corporate social responsibility (CSR) to the new principles of investing (ESG) and business models in the climate change area and how it affects mobilization of climate finance. Another important goal of this paper is to show the importance of transaction costs, and ways how the accounting, reporting and evaluation of the results of emission reduction projects could reduce existing costs and improve access to the financial market, i.e. to the relatively “cheap” financial resources. We also highlights ways for establishing the necessary infrastructure on the financial market needed to minimize the transaction costs while getting financial resources for the purpose of greenhouse gases reduction (GHG reduction).

Reform of the public utility sector and financial decentralization as two sides of the same medal 

Today Ukraine is on the eve of fundamental changes that are long overdue. It`s about the decentralization processes taking place in the sector of public utilities and entire financial system – decentralization of the basic public services supply and the strengthening of the financial capacity of local governments. How are they related and whether they can strengthen each other?

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Sustainable development policy: experience of Germany in combating environmental and social risks and possible ways to implement it in Ukraine

Our publication is an analytical report which reveals the essence and stages of development, basic tools of sustainable development policy. The main emphasis is made on financial instruments for combating social and environmental risks, transitioning to a low carbon economy. The paper highlights the experience of development and implementation of the German sustainable development policy, outlines possible ways to use it in Ukraine.