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The situation on the market of bank crediting of agricultural enterprises is analysed. Have been identified the key reasons for the low efficiency of the current mechanism of lending by banks to the agro-industrial sector. The key shortcomings in the system of financing the enterprises of the agro-industrial complex are revealed. The investment attractiveness in Ukraine is considered and specified in the dynamics by regions. The volumes of financing the activity of agro-industrial enterprises in Ukraine by sources of income are analysed. It is proved that effective financing opens wide opportunities for the development of enterprises in the agricultural sector. In the study general and specific economic methods, as well as a basic research approach, which allowed us to determine the economic nature of the financial sector and the scope of financing of agricultural enterprises are used. The financial instruments of the agricultural enterprise use of which will promote the achievement of the European standards are offered. Scientifically substantiated recommendations on the directions of application in Ukraine of the international experience of stimulation of the financial activity of subjects of the agro-industrial complex are entered. In developed countries, a rich arsenal of support tools is used to support financial activities in the agro-industrial complex. A list of the most common tools for such support used in developed countries is given. It is noted that the solution of problems of financial support for the development of the agro-industrial complex should be carried out on the basis of studying, generalizing, and taking into account the best international experience. The world experience of financing the agricultural sector of the economy and the peculiarities of the distribution of state subventions for the development of agricultural production are studied. The scientific novelty of the obtained results is represented by a set of theoretical and practical aspects of the study, namely proposals for the current state of lending to agriculture and recommendations for the use of new financial instruments in the context of the implementation of international experience. Keywords: crediting, financial sector, agro-industrial complex, international experience. JEL Classification Q14 Formulas: 0; fig.: 5; tabl.: 2; bibl.: 16.

The optimal function of the financing function is achieved through the planning process. By planning development, as one of the basic functions of management, goals, tasks and the way of their realization are determined. The realization of financing plans is realized through the function of financing with own funds, and borrowed both from the domestic and foreign markets. The importance of financing consists in the fact that the level of reproductive capacity of the agro-industry complex depends to a considerable extent on the normative organization, organization and quality of financing. The goal of financing is precisely, timely, quality and under the most favorable conditions, the acquisition of financial resources on the market in order to meet the needs for continuous business of the subjects of the agro-industrial complex.

Offsetting is emerging as an important but controversial approach for managing environment–development conflicts. Biodiversity offsets are designed to compensate for damage to biodiversity from development by providing biodiversity gains elsewhere. Here, we suggest how biodiversity offset policies can generate behaviours that exacerbate biodiversity decline, and identify four perverse incentives that could arise even from soundly designed policies. These include incentives for (i) entrenching or exacerbating baseline biodiversity declines, (ii) winding back non‐offset conservation actions, (iii) crowding out of conservation volunteerism and (iv) false public confidence in environmental outcomes due to marketing offset actions as gains. Synthesis and applications. Despite its goal of improving biodiversity outcomes, there is potential for best‐practice offsetting to achieve the opposite result. Reducing this risk requires coupling offset crediting baselines to measured trajectories of biodiversity change and understanding the potential interaction between offsetting and other environmental policies.

In the California compliance cap-and-trade carbon market, improved forest management (IFM) projects generate carbon credits in the initial reporting period if their initial carbon stocks are greater than a baseline. This baseline is informed by a “common practice” stocking value, which represents the average carbon stocks of surveyed privately owned forests that are classified into the same general forest type by the California Air Resources Board. Recent work has called attention to the need for more ecologically informed common practice carbon stocking values for IFM projects, particularly those in areas with sharp ecological gradients. Current methods for estimating common practice produce biases in baseline carbon values that lead to a clustering of IFM projects in geographical areas and ecosystem types that in fact support much greater forest carbon stocks than reflected in the common practice. This phenomenon compromises additionality, or the increases in carbon sequestration or decreases in carbon emissions that would not have occurred in the absence of carbon crediting. This study seeks to expand upon recent work on this topic and establish unbiased common practice estimates along sharp ecological gradients using methods that do not rely upon discrete forest classification. We generated common practice values for credited IFM projects in the Southern Cascades using a principal components analysis on species composition over an extensive forest inventory to determine the ecological similarity between inventoried forests and IFM project sites. Our findings strengthen the results of recent research suggesting common practice bias and adverse selection. At several sites, even after controlling for private ownership, 100% of the initial carbon stocks could be explained by ecological variables. This result means that improved management did not preserve or increase carbon stocks above what was typical, suggesting that no carbon offsets should have been issued for these sites. This result reveals greater bias than that been found at project sites in this region by research that has used discrete forest categorization.

Societal Impact Statement Humankind is facing both climate and biodiversity crises. This article proposes the foundations of a scheme that offers tradable credits for combined aboveground and soil carbon and biodiversity. Multidiversity—as estimated based on high‐throughput molecular identification of soil meiofauna, fungi, bacteria, protists, plants and other organisms shedding DNA into soil, complemented by acoustic and video analyses of aboveground macrobiota—offers a cost‐effective method that captures much of the terrestrial biodiversity. Such a voluntary crediting system would increase the quality of carbon projects and contribute funding for delivering the Kunming‐Montreal Global Biodiversity Framework. Summary Carbon crediting and land offsets for biodiversity protection have been developed to tackle the challenges of increasing greenhouse gas emissions and the loss of global biodiversity. Unfortunately, these two mechanisms are not optimal when considered separately. Focusing solely on carbon capture—the primary goal of most carbon‐focused crediting and offsetting commitments—often results in the establishment of non‐native, fast‐growing monocultures that negatively affect biodiversity and soil‐related ecosystem services. Soil contributes a vast proportion of global biodiversity and contains traces of aboveground organisms. Here, we outline a carbon and biodiversity co‐crediting scheme based on the multi‐kingdom molecular and carbon analyses of soil samples, along with remote sensing estimation of aboveground carbon as well as video and acoustic analyses‐based monitoring of aboveground macroorganisms. Combined, such a co‐crediting scheme could help halt biodiversity loss by incentivising industry and governments to account for biodiversity in carbon sequestration projects more rigorously, explicitly and equitably than they currently do. In most cases, this would help prioritise protection before restoration and help promote more socially and environmentally sustainable land stewardship towards a ‘nature positive’ future. Inimkond ägab nii kliima‐ kui ka elurikkuse kriiside all. Selles artiklis pakume välja kaubeldava süsiniku ja elurikkuse kooskrediteerimise skeemi, kus eri organismirühmade (selgrootud loomad, seened, bakterid, protistid, taimed) kaalutud liigirikkus mullaproovides on peamine elurikkuse näitaja. Molekulaarsete meetodite abil läbiviidud mulla DNA uuringud koos video ja akustilise materjaliga võimaldavad kulutõhusalt hinnata kogu ökosüsteemi elurikkust. Siin väljapakutud kooskrediteerimise põhimõte võimaldab tõhustada süsinikuprojekte ja rahastada looduskaitset. Humankind is facing both climate and biodiversity crises. This article proposes the foundations of a scheme that offers tradable credits for combined aboveground and soil carbon and biodiversity. Multidiversity—as estimated based on high‐throughput molecular identification of soil meiofauna, fungi, bacteria, protists, plants and other organisms shedding DNA into soil, complemented by acoustic and video analyses of aboveground macrobiota—offers a cost‐effective method that captures much of the terrestrial biodiversity. Such a voluntary crediting system would increase the quality of carbon projects and contribute funding for delivering the Kunming‐Montreal Global Biodiversity Framework.

Direct measurement of methane emissions is cost-prohibitive for greenhouse gas offset projects, necessitating the development of alternative accounting methods such as proxies. Salinity is a useful proxy for tidal marsh CH₄ emissions when comparing across a wide range of salinity regimes but does not adequately explain variation in brackish and freshwater regimes, where variation in emissions is large. We sought to improve upon the salinity proxy in a marsh complex on Deal Island Peninsula, Maryland, USA by comparing emissions from four strata differing in hydrology and plant community composition. Mean CH₄ chamber-collected emissions measured as mg CH₄ m⁻² h⁻¹ ranked as S. alterniflora (1.2 ± 0.3) ≫ High-elevation J. roemerianus (0.4 ± 0.06) > Low-elevation J. roemerianus (0.3 ± 0.07) = S. patens (0.1 ± 0.01). Sulfate depletion generally reflected the same pattern with significantly greater depletion in the S. alterniflora stratum (61 ± 4%) than in the S. patens stratum (1 ± 9%) with the J. roemerianus strata falling in between. We attribute the high CH₄ emissions in the S. alterniflora stratum to sulfate depletion likely driven by limited connectivity to tidal waters. Low CH₄ emissions in the S. patens stratum are attributed to lower water levels, higher levels of ferric iron, and shallow rooting depth. Moderate CH₄ emissions from the J. roemerianus strata were likely due to plant traits that favor CH₄ oxidation over CH₄ production. Hydrology and plant community composition have significant potential as proxies to estimate CH₄ emissions at the site scale.

This study analyzed the relationship between economic growth and emissions of eight environmental air pollutants (carbon dioxide (CO₂), methane (CH₄), nitrous oxide (N₂O), nitrogen oxide (NOx), sulfur oxide (SOx), carbon monoxide (CO), non-methane volatile organic compound (NMVOC), and ammonia (NH₃)) in 39 countries from 1995 to 2009. We tested an environmental Kuznets curve (EKC) hypothesis for 16 individual industry sectors and for the total industrial sector. The results clarified that at least ten individual industries do not have an EKC relationship in eight air pollutants even though this relationship was observed in the country and total industrial sector level data. We found that the key industries that dictated the EKC relationship in the country and the total industrial sector existed in CO₂, N₂O, CO, and NMVOC emissions. Finally, the EKC turning point and the relationship between economic development and trends of air pollutant emissions differ among industries according to the pollution substances. These results suggest inducing new environmental policy design such as the sectoral crediting mechanism, which focuses on the industrial characteristics of emissions.

The permanence or temporary nature of carbon removals from the atmosphere into natural systems has been a major topic of debate in the design of accounting methodologies for climate policy. These topics are currently being discussed in the preparation of a new mechanism established by the Paris Agreement. Emerging concepts from the field of ecosystem ecology could provide the key metrics needed to address the problems of permanence and reversibility of removals in carbon accounting. I show here how the concept of compartmental system provides the level of generality needed to address the temporal nature of removals in carbon accounting, with clearly defined metrics for assessing climate benefits of temporary storage. I also show how the variable time can be incorporated in the definitions of carbon sequestration and removals in a way that would encourage the development of climate actions that would keep carbon out of the atmosphere for long periods of time. In contrast to traditional ‘stock change’ or ‘tonne-year’ accounting methods, the approach proposed here takes explicit consideration of the time that carbon remains stored in a natural system and does not contribute to warming in the atmosphere. The proposed methodology may resolve current issues related to the definition of baselines, permanence and quantification of temporary storage and reversals.

Incorporating carbon offsets in the design of cap-and-trade programs remains a controversial issue because of its potential unintended impacts on emissions. At the heart of this discussion is the issue of crediting of emissions reductions. Projects can be correctly, over- or under-credited for their actual emissions reductions. We develop a unified framework that considers the supply of offsets within a cap-and-trade program that allows us to compare the relative impact of over-credited offsets and under-credited emissions reductions on overall emissions under different levels of baseline stringency and carbon prices. In the context of a national carbon pricing scheme that includes offsets, we find that the emissions impacts of over-credited offsets can be fully balanced out by under-credited emissions reductions without sacrificing a significant portion of the overall supply of offsets, provided emissions baselines are stringent enough. In the presence of high predicted business-as-usual (BAU) emissions uncertainty or low carbon prices, to maintain the environmental integrity of the program, baselines need to be set at stringent levels, in some cases below 50 percent of predicted BAU emissions. As predicted BAU emissions uncertainty declines or as the carbon market achieves higher equilibrium prices, however, less stringent baselines can balance out the emissions impacts of over-credited offsets and under-credited emissions reductions. These results imply that to maintain environmental integrity of offsets programs, baseline stringency should be tailored to project characteristics and market conditions that influence the proportion of over-credited offsets to under-credited emissions reductions.

Objective: to familiarize the readers with the main ideas discussed at a session of the constant seminar “Digital Finance” at the Institute of Economics of the Russian Academy of Sciences, on the topic “Prerequisites for the emergence and world experience in the introduction of digital currencies of central banks”.Methods: scientific methods (analysis, synthesis, induction, deduction), theoretical methods (abstraction, generalization, historical, systematic methods), and empirical methods (observation, description).Results: the content of the reports by D. A. Kochergin and A. Yu. Mikhailishin is presented; suggestions, comments, questions and speeches of the seminar participants are presented: Yu. M. Goland, A. K. Moiseev, K. N. Korishchenko, O. L. Kurnyavko, A. I. Yakovlev, S. A. Andryushin, and M. Yu. Golovnin, which reflect the practical and theoretical features, including legal, economic and social aspects, of the implementation of various types of central banks digital currencies (CBDC) in the context of the Russian and world experience.Scientific novelty: the issues of theory and practice are considered regarding the issuance and design of CBDCs; the possibilities are investigated of using CBDCs with the characteristics of anonymity inherent in cryptocurrencies; the reasons and conditions are reflected for the growing interest of central banks (CB) in digital currencies, as well as the impact of cryptocurrencies on CBDCs; forecasts are clarified for the implementation of CBDC projects in various countries. Practical significance: the main provisions and conclusions of the review can be used by the Central Bank in forming the CBDC concept and platform, preparing projects and strategic plans for CBDC both at the national and international levels.