SUSTAINABLE FINANCE IN NEW POLITICAL AND ECONOMIC REALITIES

The article reviews recent trends in sustainable finance development. The new economic and geopolitical challenges resulted in volume decrease of the sustainable debt market in 2022. Still the estimates for the next year and especially in the mid and long term are more optimistic. Besides the falling markets the analysis shows qualitative changes in project structure as well as in investment preferences. Though the decarbonization maintains its dominant position as green finance priority, the nature and biodiversity protection attracts more and more attention. The energy transition became better tailored to national interests and very often accepts transition financing of the so-called brown industries. Alongside with green finance during COVID-19 pandemic and after the socially responsible finance continues to enlarge its importance. The focus of the research is also the rapid growth in the last years of the climate and other ecological risks as well as financial regulators policies at different levels (national, regional, global) to mitigate these risks. The author came to the conclusion that the elaboration of the sustainable finance principles and standards, including the disclosure of non-financial information and, to some extent, measures against greenwashing are more or less successful. Still, the real flows of capital and the role of private finance are still insufficient to achieve the declared goals, especially what concerns the development finance. It is evident that the global problems of climate change and environmental disruption can be solved only by the global cooperation of all countries.