ESG Factors in the Transformation of Ukraine's Financial Architecture: Investment Dimension and Sustainable Finance (Financial and credit activity problems of theory and practice)

Summary

• Ukraine's discount rate stood at 6% in January 2021 and reached 15.5% by July 2026.p.8
• In 2025, Ukraine scored 36 out of 100 and ranked 104th among 182 countries on the Corruption Perceptions Index.p.9
• FDI into Ukraine peaked at USD 6,687 million in 2021, fell to USD 1,152 million in 2022 and was USD 2,602 million in 2025.p.11
• DTEK placed green bonds totalling €325 million on the Irish Stock Exchange, and NPC Ukrenergo issued USD 825 million on the London Stock Exchange.p.6
• The National Securities and Stock Market Commission approved the 2025–2030 Sustainable Finance Roadmap.p.5

Key insights

1. Military risk and the risk of asset destruction are viewed by most investors as the main obstacle to investing in Ukraine.p.8
2. A law that came into effect on July 1, 2021 introduced green bonds as a separate subclass of securities.p.9
3. The European Business Association's Ukraine Investment Attractiveness Index has been measured since 2008 and has never reached the positive range above 4 points.p.9
4. A draft law on the taxonomy of sustainable economic activities was presented in July 2026.p.12
5. Friede, Busch and Bassen summarized over 2,000 empirical studies and found a predominantly positive correlation between ESG criteria and corporate financial performance.p.3
6. Ukraine's innovation results far exceed the resources invested in it.p.10
7. The Ukrainian sustainable finance sector is still in its formative stages.p.16