ANALYSIS OF CAPITAL INVESTMENTS IN ENVIRONMENTAL PROTECTION MEASURES IN ZAKARPATTIA REGION WITHIN THE FRAMEWORK OF SUSTAINABLE DEVELOPMENT PROVISION
DOI:
https://doi.org/10.32782/2786-8273/2026-13-3Keywords:
capital investments, environmental protection measures, regional sustainable development, environmental policy, decarbonization, investment efficiency indexAbstract
Introduction. Environmental investment plays a crucial role in ensuring sustainable regional development, especially in territories whose economic specialization depends directly on natural resource potential. However, the assessment of these investments is often limited to nominal indicators that do not reflect their real dynamics under inflationary conditions and do not allow evaluation of their actual environmental impact. Purpose. The purpose of the article is to analyze the dynamics and structure of capital investments in environmental protection measures in Zakarpattia region adjusted for inflation effects and to develop an analytical approach to assessing their effectiveness through the investment efficiency index of regional decarbonization. Methods. The study is based on methods of statistical analysis, comparison, structural analysis, and index adjustment of nominal indicators using the consumer price index. A methodological approach to evaluating the environmental effectiveness of investments was implemented through the calculation of a relative indicator reflecting emission reduction per unit of financial resources invested in air protection measures. Results. The results demonstrate significant fluctuations in both nominal and real capital investments in environmental protection during 2006–2024 and confirm the absence of a stable long-term growth trend in real environmental financing. Structural analysis revealed the concentration of financial resources mainly in air protection and wastewater treatment measures, while biodiversity conservation and soil protection received comparatively limited support. The calculated regional decarbonization investment efficiency index indicates an increase in the environmental return on investments aimed at reducing pollutant emissions from stationary sources in recent years. Conclusion. The proposed analytical approach makes it possible to move from evaluating only the scale of environmental financing to assessing its actual ecological effectiveness. The application of the regional decarbonization investment efficiency index improves the methodological basis for monitoring environmental investment policy and can be used in developing regional sustainable development strategies and supporting evidence-based management decisions in environmental planning.
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