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Purpose: the aim of this article is to study the features of the financial and economic security of the integrated financial market of the EU   Theoretical Framework: the concept of financial security was considered as a complex multi-tiered system. The theories of healthy competitive investment environment, and theory of capital markets functioning were employed in the study.   Design/Methodology/Approach: the instrumental and methodological apparatus of the work is based on the use of general methods of scientific knowledge: comparison, abstraction, analysis and synthesis. Dialectical metod was used, as well as formal-logical, problem-theoretical, systemic-structural, and the method of comparative legal analysis.   Findings: the EU has achieved noticeable success in providing economic security of financial markets over the past decades. The EU experience in this area can be considered the most complete. The uniqueness of this experience is also proven by the fact that it is based on national achievements and the centuries-old financial culture of the EU member states, among which several states are rightfully recognized as global financial players and have the status of international financial centers.   Research, Practical and Social Implications: For global expert and regulators community, turning to the EU experience is not only valuable, but also relevant, under the necessity to consider the best world practices when creating a common financial market.   Originality/Value: the EU experience in the field of financial and economic security of financial markets is systematized not at the level of individual EU members, but at the level of EU as a community in whole.

The 2014 Conference of the Parties (COP 12) for the Convention on Biological Diversity (CBD) was another step on the road to achieving the Aichi Targets the CBD agreed in 2010. It was also a key step on the way to making progress towards the vision of a more balanced relationship between people and the rest of biodiversity by 2050. Many key issues were left for this COP by negotiators from COP 11 and earlier meetings; such as settling financial issues, articulating clearly the Aichi Targets for national implementation by 2020, or providing clear guidance on capacity-building for developing states. This paper utilizes 22 stakeholder interviews taken at the 2012 Hyderabad COP to develop discussion of ongoing issues in the CBD negotiations. These interviews yielded a number of tractable policy opportunities available for the 2014 Conference to create significant space for developing countries to contribute effectively to global achievement of the Aichi Targets. Breakthroughs and developments at the COP, despite the inevitability of some difficult discussions, will be provided by developing country perspectives. Despite that potential traction, Ministers at the high-level segment noted that progress towards the Aichi targets is insufficient and recognizing there was still much to do on resource mobilization, reaffirmed their commitment to mobilize financial resources from all sources for the effective implementation of the Strategic Plan for Biodiversity 2011–2020. As we enter the second half of the 2011–2020 decade, developing countries must be placed at the center of efforts to improve sustainable use, conservation and benefit sharing of biodiversity around the world.

The article substantiates key financial and administrative aspects of small business development. It is noted that entrepreneurship in the field of small business is determined as the activity of business units with the inherent features that are both characteristic to entrepreneurial structures in general, and also peculiar features that determine the peculiarities of such a functioning of business units in the sphere of implementing the tasks and objectives of the business. It is highlighted that the success of a small business depends on the conditions of the environment in which entrepreneurial structures operate. It is explained that to such conditions there should be included economic, legal, socio-cultural, demographic, technological, natural-geographical and organizational ones. The peculiarities of business development in developed countries and Ukraine are analyzed and their comparative estimation is presented. It is determined that small and medium business play a significant role in the development of economic systems of developed countries around the world. It is established that the share of small and medium business in the GDP of many developed countries stands for more than 50%, which speaks of their significance for society as a whole.It is proved that in order to reach the level of developed countries in Ukraine and to increase the presence and importance of small business, it is necessary to improve the mechanisms of public administration and to strengthen the financial factor of influence on the processes of business development in the country. The ways of improving financial mechanisms of small business management at the level of the state are presented. The direct and indirect means of public administration influence are characterized, on the basis of which entrepreneurs will be able to attract financial resources for their development.It is suggested to allocate budget allocations, preferential lending and partial compensation of interest rates on loans to the direct means of public administration influence on the development of small business. Also, in the article there is offered to treat the development of alternative financing schemes, the activity of specialized guarantee funds, improvement of access of business to credit resources, improvement of the financial market infrastructure and training of specialists for the provision of consulting services for the participation of small business in financial market operations as the indirect means of public administration influence on the development of small business.

The research aims to evaluate financial instruments on household uptake of energy efficiency and renewable energy towards different risk scenarios. The study addresses the problem of behavioral response to financial incentives when technological, financial, or institutional risks are perceived as continuous. Two sophisticated models were used for the analysis to quantify the effect of subsidies, green loans, personal income, energy costs, and governmental support for energy efficiency and renewable energy uptake. The research data came from the UK, Estonia, Germany, Poland, and Ukraine between 2022 and 2024. The results suggest that countries experiencing drops in risk indices with strong institutional support, such as Germany and the UK, had maximum improvement in energy efficiency (as high as 598.72 kWh saved a year) and renewable energy implementation rates (above 30%). Countries posing high risk, like Ukraine, require more potent and custom-made strategies to achieve comparable advances compared to a less-risky environment. The evidence indicates that even financial mechanisms are most fruitful if they are complemented by risk management tactics. With these results, policymakers can proceed with useful information in formulating economically appropriate strategies that rely on realistic assumptions of behavior.

Buildings account for a significant share of global energy consumption and carbon emissions, making deep renovations essential for climate mitigation. Renovation passports (RPs) are an emerging concept still in the early stages of development, designed to provide structured step-by-step renovation roadmaps that prevent lock-in effects and optimise energy performance over time. However, their large-scale adoption in the European Union (EU) remains limited due to technical, financial, behavioural, and policy challenges. This study conducts a Systematic Literature Review (SLR) to identify key strategies for the successful development and large-scale implementation of RPs in EU. A total of 217 research articles from Scopus and ScienceDirect, along with 99 EU policy documents and 16 Building Performance Institute Europe (BPIE) reports, were analysed to assess the technical, financial, behavioural, and policy dimensions of RP adoption. Our findings highlight the role of digital tools like Building Information Modelling (BIM), digital building logbooks (DBLs), and one-stop shops (OSSs) in improving RP usability and accessibility. Financial barriers, such as high upfront costs and fragmented funding, require harmonised incentives, green loans, and energy performance contracting. Behavioural factors, including homeowner awareness, trust in renovation services, and decision-making complexity, also influence RP adoption. This study underscores the need for stronger policy integration between RPs and energy performance certificates (EPCs), improved financial instruments, and enhanced stakeholder engagement. By addressing these gaps, this research provides actionable recommendations for policymakers and stakeholders to accelerate the adoption of RPs and contribute to the EU’s Renovation Wave strategy and broader climate neutrality objectives.

The realization of sustainable plus energy neighborhoods (SPENs) is key to achieving a carbon neutral built environment, and meeting the objectives of the green deal. Financial schemes have demonstrated effectiveness in driving the energy transition of individual buildings. However, the role of financial schemes in initiating the development of SPENs remains unclear. This study aims to address this research gap by investigating the extent to which existing financial schemes support the technological advancements and stakeholders involved in SPEN realization. The focus is on four European countries: Austria, The Netherlands, Norway, and Spain, where noteworthy SPEN initiatives have been established. This study investigates whether and how financial schemes facilitate SPEN development and address the neighborhood-level dynamics. Our research used a mixed-methods approach comprising a literature review, case studies, and interviews. Our findings shed light on two significant barriers within current schemes. Firstly, the schemes rarely incentivize collective energy sharing and may inadvertently impede individuals’ prosumerism. Secondly, they primarily favor individuals capable of making upfront capital investments, rendering them inaccessible to a large portion of European citizens. By identifying these limitations, our study highlights the need for policy adjustments and innovative financial mechanisms to overcome the barriers hindering SPEN implementation. Moreover, our research contributes to the broader understanding of sustainable urban development and offers insights that extend beyond the examined countries, aiding policymakers and stakeholders in other regions facing similar challenges.

The New Generation Productive Capacity Index (PCI) and the E-Government Development Index (EGDI) are increasingly used in various economies. Therefore, can e-government contribute to the continuous development of the new generation of productive capacity? Focusing on this important issue, this paper systematically examines the mechanism of the impact of e-government on the new generation of productive capacity and tests it using relevant data from major global economies. Firstly, this paper conducts regression analysis using the panel fixed-effects model, and the results show that e-government has a positive facilitating effect on the new generation of productive capacity. Secondly, the development of e-government will directly reduce the time, procedural, and monetary costs for enterprises and individuals to obtain government services, thereby promoting the development of production capacity. Finally, the specific changes in the structure of social expenditures are that government education expenditures and general expenditures will increase, but total government expenditures and household expenditures will not be affected by the construction of e-government. The research contribution of this paper is mainly reflected in the following three aspects: first, in terms of research perspectives, this paper extends the research on e-government’s ability to improve the efficiency of governments and organizations in handling affairs and its impact on the productive capacity of a society. Second, it contributes to the theory on the topic of e-government. This paper proposes a general equilibrium model to reveal the impact of e-government construction on a government and the public, and to more comprehensively reveal the impact mechanism of e-government construction in the whole economy. Third, this paper contributes empirical evidence. This paper utilizes the data of the major economies around the world to reveal the mutual influence between the construction of e-government and the new generation of productive capacity, and then effectively proves the specific impact of e-government on governments, enterprises, and individuals through the test of cost mechanism and financial mechanism. Different from the existing literature, this paper focuses on the impact of e-government on the new generation of productive capacity, revealing that e-government construction does not increase the financial burden on governments but reduces the burden on firms and individuals, thus providing new insights into the productivity effects of e-government development.

1. Despite advances in conservation efforts within Europe during recent decades, assessments highlight a need for adequate financing mechanisms to support the Natura 2000 network, the centrepiece of the EU's Biodiversity Strategy. Besides the need for greater investment (currently only covering a fifth of the estimated cost of the network), better planning for this investment could help better achieve conservation goals. 2. We demonstrate a method that could be used to identify priority Natura 2000 sites, and species therein, that could guide investment in the future. We first used the lists of key species associated with each Natura 2000 site to map the distribution of all priority species covered by the Birds and Habitats Directives. We then used Marxan software to prioritise allocation of conservation funds among all Natura 2000 sites, while trying to mimic the observed conservation effort implemented under the LIFE programme, the main financial tool of the EU's Biodiversity Strategy, in the period 1992-2013. 3. Some Natura 2000 sites show exceptional value, holding species that either do not, or only very rarely, occur elsewhere in the network. These priority sites were concentrated mainly on islands and in the south western, eastern and northern extremes of Europe's mainland, thus reflecting patterns in species richness and endemism. 4. We found a poor relationship between the priorities identified here and the way funds had been distributed in previous LIFE-Nature programmes. 5. Policy implications. We propose that prioritisation exercises like the one shown here could be used to inform a top-down EU regulation mechanism by providing lists of site and species priorities that better reflect European conservation needs. These recommendations, performed at continental scale, could then help guide LIFE project proposals from the Member States and fill the current gap in the coverage of priority species. This top-down control mechanism could be integrated in the current system of budget distribution, rather than replacing it comachievement of continental goals.

In recent decades, cataclysmic events, deterioration of air and water quality, and loss of biodiversity have forced us to look for ways to save nature. One of the ways to solve the problems is to ensure rational environmental management, which is possible by establishing an effective balance between consumption and compensation by creating an effective financial mechanism. The purpose of the study is to assess the efficiency of the current financial mechanism for environmental management in Ukraine and to determine the prospects for its improvement. The study uses analysis, synthesis, specification, systematization, and generalization. The graphical method was used to assess environmental taxes, and mathematical modelling was used to analyze the dependence of emissions on direct costs and capital investments in air protection and climate change. Environmental taxes in Ukraine are an ineffective instrument of the financial mechanism of environmental management. Their share in the structure of domestic GDP is lower than the share in the EU. The author suggests ways to improve them: to replace the CO2 tax with an energy tax; to cancel the tax-free limit of 500.000 tons of CO2 emissions per year; to change the structure of tax distribution; to introduce tax rebates. The correlation and regression analysis of the dependence of air pollutant emissions on current expenditures and capital investments in air protection and climate change issues showed the existence of a feedback loop. Investment support for environmental management should be provided from various sources in the following areas: national, local and international finances - primarily for the restoration of air, water and contaminated areas; own funds and international investments - for the modernization and greening of production.

This paper explores the institutional and financial conditions that determine the development of rural tourism in the Republic of Serbia, as well as the challenges faced by entrepreneurs in rural areas. Through a systematic examination of relevant institutional policies and financial mechanisms, the study aims to identify key factors that foster development and influence the sustainability of rural tourism. Additionally, by conducting interviews with the owners of five rural tourism households in Serbia as representative stakeholders, the authors analyzed specific circumstances and challenges in rural tourism, providing valuable insights into the practical aspects of institutional and financial regulation in this sector. This analysis offers policy recommendations for improving institutional and financial conditions for rural tourism, and provides guidelines for potential investors. Furthermore, the research aims to contribute to the promotion of entrepreneurship in rural areas, the further development of rural tourism in Serbia, and, consequently, the strengthening of rural sustainability.