FINANCING POST-WAR RECONSTRUCTION OF ECONOMIES ON THE BASIS OF SUSTAINABLE DEVELOPMENT: CHALLENGES AND SOLUTIONS
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Abstract
The purpose of the article is to study the past experience of post-war reconstruction of countries' economies, the features of sustainable economic activity and sustainable financing, and on that basis to identify challenges/risks, and new opportunities/prospects for business, governments and the population of countries in the event of post-war reconstruction based on the principles of sustainable development. Methodology. The authors utilised a range of established fundamental research methods, including analysis and synthesis, historical and logical approaches. In addition, they employed special principles, criteria, taxonomies and standards specific to sustainable economic activity and sustainable finance. These serve as guidelines for identifying and assessing sustainable economy/finance. Results. The analysis of successful post-war economic reconstruction is facilitated by the utilisation of case studies, with examples drawn from Germany, Japan, Singapore, Bosnia and Herzegovina, and South Korea. In light of nearly a decade of experience following the formal endorsement of the concept of sustainable economic development at the global level (as approved in 2015 at the UN Climate Change Conference, UNCCC), nine pivotal components essential for effective post-war economic reconstruction on the basis of sustainability have been identified and examined. In this context, sustainable development is regarded as a comprehensive process aimed at harmonising social, economic and environmental components for the purpose of effective use, preservation and restoration of the natural environment.
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sustainable economic development, sustainable development goals (SDG), ESG (environment, social, governance), green bonds, green loans, taxonomies of sustainable economic activity, sustainable finance policy, greenwashing, public finance, corporate finance, inclusion, circular economy, transition finance
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