DEBT SECURITIES IN THE CONTEXT OF ENVIRONMENTAL MODERNIZATION

The securities market is an integral part of the financial market provides for the accumulation and efficient allocation of savings in the economy, stimulation of investment activity in priority sectors and financing of environmental protection activities. The article deals with problems of issue and circulation of debt securities in the light of the complication of environmental challenges, acceleration of the pace and scale of global warming. The advantages of state debt securities over obtaining a bank loan are substantiated. There have been analyzed of environmental tax revenues to the state budget. The necessity of introducing «green» investments is grounded for the possibility for Ukrainian enterprises to receive irrevocably financing of projects connected with reduction of energy consumption, reduction of greenhouse gas emissions, reduction of consumption of production resources. There have been analyzed of the level of financing activities which are aimed atreducing emissions. The list of financial instruments by introducing green bondsand REDD certificates. In the future, this will allow economic entities to invest the minimum funds on the implementation of programs to reduce CO2 emissions in the context of maintaining the pace of global warming. The introduction of green bonds in Ukraine will help to reduce the cost of financial resources for the implementation of clean energy projects and it will enable the mobilization of the necessary investment resources. The have been characterized among the advantages of issuing green bonds - access to the Green Climate Fund. The result, the exit from the liquidity crisis of government bonds, requires the introduction of new financial instruments and reduce the financial and investment risks of debt instruments in the context of environmental modernization.