ECO- ENVIRONMENTAL RISKS' INSURANCE AS SUPPORT AND INVESTMENT TOOL FOR ECO-ENTREPRENEURS IN NATURE RESERVE FUND


Keywords: eco-environmental risks insurance, nature reserve fund, investment instruments, financial infrastructure, economic development.

Abstract

Topicality. Market changes in all fields of economy of Ukraine demand the creation of new cooperation's institutions and mechanisms between branches, including the sphere of environmental reserve affair requires transformations, which will be directed into the development not only environmentally protected, but also its ecological and economic components. Nowadays, the eco-ecological's development is insufficient and requires the introduction of investment approach to the economic relations between Nature Reserve's administrations, private sector and local communities. Insurance of eco- environmental risks will stabilize market relations in of Nature Reserve's field, reduce the business risks.
Aim and tasks. The aim of the article is representedeco- environmental insurance, as partnership, which can attribute economic privileges to the results of innovation activities. Our research focuses on the use of insuring eco-environmental risks'instruments, analysis of their advantages and disadvantages, both for nature reserves and for the private sector.
Research results. The eco- environmental insurance, as financial and regalation institutions, can become tool for formation investment flows in the nature reserve fund industry. The instruments of eco-environmental risk's insurance will combine not only guarantees of business initiatives in theNature Reserve Fund, but also many financial and organizational benefits not only for businesses, but also for local communities, as well as for authorities and environmental institutions.
Conclusion. Currently, the cooperation'smechanisms between the Nature Reserve Fund of Ukraine, private sector, authorities and local communities should be comprehensive, combining compliance with environmental objectives and the environmentally friendly economic activities. The eco-environmental risk's insurance tools can also become a form environmentally oriented business activities, a development vector of cooperation of naturally reserved fund institutions and representatives of the private sector, who want to carry out their activities taking into account environmental imperatives and produce truly ecologically pure products, but first of all corresponding contractual mechanism must be formalized into a legal structure and an independent object of normative-legal regulation.

Author Biography

Tetyana NIKOLAYCHUK

postgraduate (Economics), Institute of Market Problems
and Economic-Ecological Researches of the NASY
29 Frantsuzkyj boulevard, 65044, Odesa, Ukraine

References

1. Chichilnisky, Gr., & Hea, G. (1993). Global Environmental Risks. Journal of economic perspectives, 7(4). Retrieved from:https://www.aeaweb.org/articles?id=10.1257/jep.7.4.65.DOI: https://doi.org/10.1257/jep.7.4.65[in English].
2. Laffont, J.-J. (1995). Regulation, moral hazard and insurance of environmental risks. Journal of Public Economics, 58 (3), 319-336. Retrieved from:https://www.sciencedirect.com/science/arti cle/abs/pii/004727279401488A. DOI:https://doi.org/10.1016/0047-2727(94)01488-A[in English].
3. Yang ,Y., Lan, Q., Liu P., &Ma, L. (2017). Insurance as a market mechanism in managing regional environmental and safety risks. Resources, Conservation and Recycling, 124,62-66. Retrieved from:https://www.sciencedirect.com/science/article/pii/S0921344917300940. DOI:https://doi.org/10.1016/j.resconrec.2017.04.004. [in English].
4. Johannsdottir, L.,&Cook, D. (2019). Systemic risk of maritime-related oil spills viewed from an Arctic and insurance perspective. Ocean & Coastal Management, 179. Retrieved from:https://www.sciencedirect.com/science/article/pii/S0964569119300912. DOI:https://doi.org/10.1016/j.ocecoaman.2019.104853. [in English].
5. Phelan, L., Holley, C., Shearing, Cl., &etc. (2020) Insurance and climate change. Insurance and climate change. Routledge, 10. Retrieved from:https://www.taylorfrancis.com/chapters/edit /10.4324/9781315207094-25 /insuran ce- climate-ch ange-liam-phelan-cameron-holley-clifford-shearing-louise-du-toit[in English].
6. Müller, B., Johnson, L., &Kreuer, D. (2017). Maladaptive outcomes of climate insurance in agriculture. Global Environmental Change, 46, 23-33. Retrieved from:https://www.sciencedirect.com/sc ience/article/pii/S0959378016304204. https://doi.org/10.1016/j.gloenvcha.2017.06.010. [in English].
7. Monti Al. (2001) Environmental Risk: A Comparative Law and Economics. Approach to Liability and Insurance, 9 (1), 51-79. Retrieved from:https://kluwerlawonline.com/journalarticle /European+Review+of+Private+Law/9.1/335687[in English].
8. Broderick, J. W., Lavoie, D.- R.,Perel., A. (2000) Environmental risk management and the role of environmental insurance. Journal Environmental Quality Management’s, 10 (1), 3-12. Retrieved from:https://onlinelibrary.wiley.com/doi/abs/10.1002/1520-6483(200023)10:1<3::AID-TQEM2>3.0. CO;2-4. https://doi.org/10.1002/1520-6483[in English].
9. Murphy, M. J. (1986) Environmental risk assessment of industrial facilities: Techniques, regulatory initiatives and insurance. Science of The Total Environment, 51, 185-196. Retrieved from: https://www.sciencedirect.com/science/article/pii/0048969786902986.
DOI:https://doi.org/10.1016/0048-9697(86)90298-6. [in English].
10.Schroeder, M. (2013) Environmental Insurance: A Risk Management Tool for Real Estate. Environmental Claims Journal, 25(2), 99-110. Retrieved from:https://www.tandfonline. com/doi/abs/10.1080/10406026.2013.781471.DOI: https://doi.org/10.1080/10406026.2013.781471[in English].
11. Тu, K., Zhan, Xu, Ding Fei,&etc. (2012) Analysis of Environmental Risk Assessment and Environmental Pollution Liability Insurance.Enviromental Science and Technology, 1. Retrieved from: https://en.cnki.com.cn/Article_en/CJFDTotal-JSHJ201201030.htm[in English].
12. Freeman, P.K., &Kunreuther, H. (1996) Managing Risk through Insurance. In: Managing Environmental Risk Through Insurance. Studies in Risk and Uncertainty, 9. Retrieved from: https://link.springer.com/chapter/10.1007/978-94-011-5360-7_4.DOI:https://doi.org/10.1007/978-94-011-5360-7_4[in English].
13. Opendatabot — servis monitorynhu reiestratsiinykh danykh ukrainskykh kompanii [Opendatabot - service for monitoring the registration data of Ukrainian companies]. Retrieved from:https: //opendatabot.ua/blog/403-fop-cut (Access 15.05.2021) [in Ukrainian].
14. Pro pryrodno-zapovidnyi fond Ukrainy: Zakon Ukrainy [On the Nature Reserve Fund of Ukraine: the Law of Ukraine] (1992). The Bulletin of the VerkhovnaRada of Ukraine, 34, 503. Retrieved from http:www.zakon5.rada.gov.ua/laws/show/2456-12. [in Ukrainian].
15. Pro zatverdzhennia pereliku platnykh posluh, yaki mozhut nadavatysia biudzhetnymy ustanovamy pryrodno-zapovidnoho fondu: Postanova Kabinetu Ministriv Ukrainy [On approval of the list of paid services that can be provided by budgetary institutions of the nature reserve fund: Resolution of the Cabinet of Ministers of Ukraine] (2000).Official website: zakon.rada.gov.ua.Retrieved from http://search.ligazakon.ua/l_doc2.nsf/link1/KP001913.html [in Ukrainian].
16. Derzhavna podatkova sluzhba Ukrainy. Ofitsiinyi portal. Perelik kodiv vydiv ekonomichnoi diialnosti za natsionalnym klasyfikatorom [The State Tax Service of Ukraine. Official web.List of codes of economic activities according to the national classifier].Retrieved from http: https://tax.gov.ua/dovidniki--reestri--perelik/pereliki-/128651.html (Access 20.04.2021) [in Ukrainian].
17. Podatkovyi kodeks Ukrainy [The Tax Code of Ukraine] (2010). The Bulletin of the VerkhovnaRada of Ukraine,№ 13-14, № 15-16, № 17.St.112. Retrieved from http: //zakon.rada.gov.ua/laws/show/2755-17#Text [in Ukrainian].
18. Pro bukhhalterskyi oblik ta finansovu zvitnist v Ukraini: Zakon Ukrainy [On accounting and financial reporting in Ukraine: the law of Ukraine](1999) The Bulletin of the VerkhovnaRada of Ukraine, 40, 365. Retrieved from: https: //zakon.rada.gov.ua/laws/show/996-14#Text [in Ukrainian].
19. Biudzhetnyi kodeks Ukrainy [Budget Code of Ukraine dated 08.07.2010 № 2456-VI. Information of the Verkhovna Rada of Ukraine. 2010.№ 50-51. Article 572]Retrieved from http://zakon.rada.gov.ua/laws/show/2456-17#Text (appeal date 10.06.2021) [in Ukrainian].
20. Derzhavna Fiskalna sluzhba. Ofitsiinyi portal. Publichna informatsiia. [The State Fiscal Service. Official portal.Public information]. Retrieved from http: //sfs.gov.ua / nk / rozdil-viii - ekologichniy-poda / (Access 07.05.2021) [in Ukrainian].
21. Natsionalna komisiia, shcho zdiisniuie derzhavne rehuliuvannia u sferi rynkiv finansovykh posluh (Natskomfinposluh). [National Commission for State Regulation of Financial Services Markets (Natskomfinposlug)]. Official web -portal.Retrieved from http: www.nfp.gov.ua/ua/Re iestr-p erelik-naboriv-vidkrytykh-danykh.html (Access 20.04.2021) [in Ukrainian].
22. Ofitsiinyi veb-portal kredytnoi spilky «Kredyt-Soiuz» [The official web portal of the credit union "Credit-Union"]. Retrieved from http: https://kreditsous.com.uahttps: //kreditsous.com.uahttps: // kreditsous. com. uahttps: //kreditsous.com.ua (Access 03.04.2021) [in Ukrainian].
23. Ofitsiinyi veb-portal kredytnoi spilky «Tsentr finansovykh posluh» [The official web portal of the credit union "Financial Services Center"]. Retrieved from http: //www.kscfp.com.ua/uslugi/credit (Access 03.04.2021) [in Ukrainian].
24. Kredyty dlia maloho ta serednoho biznesu. [Loans for small and medium business]. Banki.ua. Retrieved from http: https://banki.ua/businesscredit?page=1 (Access 04.05.2021) [in Ukrainian].
25. i.Factor. Electronic portal "Taxes and accounting". Bail. Retrieved from http: //i.factor.ua/ukr/journals/nibu/2018/february/issue-16/article-34245.html (Accessed 18.04.2021) [in Ukrainian].
26. Minfin.com.ua. The Ministry of Finance is all about finance, exchange rates, banks. Electronic portal.Income tax.PIT 2021.Retrieved from http: //index.minfin.com.ua/ua/labour/incometax/ (Access 15.04.2021) [in Ukrainian].
27. Franchaizynh v Ukraini. Kataloh Franshyz 2021 [Franchising in Ukraine]. Franchise Catalog 2021. Retrieved from http: //bizrating.com.ua/franch/ (Access 10.05.2021) [in Ukrainian].
28. OstApp.Journal is an online magazine for entrepreneurs. 2nd group of the single tax.Retrieved from http: //journal.ostapp.com.ua/uk/articles/post/2-a-gruppa-edinogo-naloga (Accessed 15.05.2021) [in Ukrainian].
29. Derzhavna sluzhba statystyky. Oftsiinyi veb-potral. [State Statistics Service. Official web trawl].Retrieved from http: //www.ukrstat.gov.ua (Accessed 10.06. 2021) [in Ukrainian].
30. Tsyvilnyi Kodeks Ukrainy [The Civil Code of Ukraine] (2003). The Bulletin of the VerkhovnaRada of Ukraine, №№ 40-44, 356 Retrieved fromhttp: //zakon.rada.gov.ua. [in Ukrainian].
31. Tsvihun T.V. (2011). Klasyfikatsiia ryzykiv pidpryiemstva. [Tsvigun T.V. Classification of enterprise risks]. Collection of scientific works "Economic Sciences".Accounting and Finance Series,8 (29), 4, 385-393. [in Ukrainian].
32. Komertsiinyi ryzyk :Yurydychna entsyklopediia [Commercial risk]. (2001) Yu. S. Shemshuchenko (ed.) Ukrainian encyclopedia named after M. P. Bazhana,3, 792. Retrieved from http: //leksika.com.ua/19220716/legal/komertsiyniy_rizik [in Ukrainian].
33. Stein (von), J. H.,& Ziegler, W. (1984) The prognosis and surveillance of risks from commercial credit borrowers. The Journal of Banking & Finance, 8(2), 249-268. Retrieved from http://www.sciencedirect.com/science/article/pii/0378426684900062. https://doi.org/10.1016/0378-4266(84)90006-2. [in English].
34. Chen, Z. & Khumpaisal, S. (2009). An analytical network process for risks assessment in commercial real estate development". The Journal of Property Investment & Finance, 27 (3), 238-258. Retrieved from http://emerald.com/insight/content/doi/10.1108/14635780910951957/full/html. https://doi.org/10.1108/14635780910951957 [in English].
35. Daly, D., Cooper, P., &Zhenjun, Ma. (2014). Understanding the risks and uncertainties introduced by common assumptions in energy simulations for Australian commercial buildings. The Energy and Buildings, 75, 382-393. Retrieved from http:/www.sciencedirect.com/science/article/pii/S03 7877881400142X.https://doi.org/10.1016/j.enbuild.2014.02.028. [in English].
36. Li, Lin &Kaiguo, Zh. (2011). The Impact of Income Structure Change on the Risks of Chinese Commercial Banks. Studies of international finance, 5. Retrieved from http://en.cnki.com.cn/Article_en/CJFDTotal-GJJR201105009.htm[in English].
37. Hodge, A. Graeme. (2014). Risks in Public-Private Partnerships: Shifting, Sharing or Shirking? Asia Pacific Journal of Public Administration, 26 (2),155-179. Retrieved from http ://www.tandfonline.com/doi/abs/10.1080/23276665.2004.10779291 https://doi.org/10.1080/23276665.2004.10779291[in English].
38. Xenidis, Yia., &Angelides, D. (2005). The financial risks in build‐operate‐transfer projects. Construction Management and Economics, 23 (4), 431-441. Retrieved from http://www. tandfonline.com/doi/abs/10.1080/01446190500041552. https://doi.org/10.1080/01446190500041552
39. SK «Kniazha». Ofitsiinyi veb-portal [Official website the credit union "Kniaja"]. Retrieved from http: //kniazha.ua/service/business. (Accessed 18.05.2021) [in English].
40. AT KB «Pryvatbank». [JSC CB "Privatbank"]. Official portal. Insurance calculator.Retrieved from http://privatbank.ua/business/strahovoy-calc (Accessed19.06.2021) [in Ukrainian].
41. Pro vnesennia zmin do rishennia Odeskoi miskoi rady «Pro vstanovlennia na terytorii mista Odesy stavok yedynoho podatku dlia fizychnykh osib – pidpryiemtsiv [About modification of the decision of the Odessa city council, about establishment in the territory of the city of Odessa of rates of the uniform tax for physical persons - businessmen: the Decision of the Odessa city council] (2011). The Official web portal of Odessa City Council. Retrieved from http: //omr.gov.ua/ua/acts/council/year-2017/? Number = & words = rates + single & dat e = (Accessed07.04.2021) [in Ukrainian].
Published
2021-08-20
How to Cite
NIKOLAYCHUK, T. (2021). ECO- ENVIRONMENTAL RISKS’ INSURANCE AS SUPPORT AND INVESTMENT TOOL FOR ECO-ENTREPRENEURS IN NATURE RESERVE FUND. Economic Innovations, 23(3(80), 254-268. https://doi.org/https://doi.org/10.31520/ei.2021.23.3(80).254-268