Economy, finances, management: topical issues of science and practical activity

SCIENTIFIC JOURNALS OF VINNITSA NATIONAL AGRARIAN UNIVERSITY

Issue №: 1 (75)

Published: 2026.04.17

DOI: 10.37128/2411-4413-2026-1

Description:
The journal deals with the issues of efficiency of functioning of the national economics and organizational forms of management of the national economy. Attention is paid to the problems of marketing, management and efficiency of production and economic activity of agrarian enterprises. The issues of public administration and administration, accounting and taxation, banking and insurance, forecasting and modeling of economic processes, foreign economic activity, commodity flows of economic entities and their infrastructure support.

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FINANCIAL INSTRUMENTS FOR STIMULATING INVESTMENT IN GREEN HYDROGEN PRODUCTION PROJECTS: EU EXPERIENCE AND PERSPECTIVES FOR GEORGIA AND UKRAINE

DOI: 10.37128/2411-4413-2026-1-1

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GOLETIANI Ketevan – Doctor of Business Administration, Professor, Dean of Faculty Business and Logistics, Batumi Navigation University (MMHX+68P, Georgia, Batumi, 38, Tamar Mefe Ave, e-mail: k.goletiani@bntu.edu.ge, https://orcid.org/0000-0002-3074-4794).

Annotation

Within the framework of the research, a comprehensive analysis of the transformation of the financial architecture for stimulating hydrogen energy is implemented, which allows for the formation of a holistic understanding of the mechanisms for transitioning to a climate-neutral economy. A thorough critical assessment of the evolution of state support instruments in the European Union is carried out, with particular focus placed on the paradigm shift from direct subsidization of capital expenditures (CAPEX) to the introduction of high-efficiency market models for stimulating operating activities (OPEX).

The functional role of the European Hydrogen Bank as a key institutional driver that ensures the de-risking of investment projects through a system of competitive auctions and fixed premiums is detailed. In the course of the study, a set of multi-vector barriers restricting capital inflow into the Georgian and Ukrainian energy sector is identified and systematized. The destructive impact of high costs of financial resources on project payback indicators is examined, and a critical dependence of investment activity on the availability of effective war risk insurance mechanisms in Ukraine is revealed. The necessity for the prompt implementation of a digital system for guarantees of origin of energy is substantiated as a fundamental condition for the full integration of Georgia and Ukraine into the EU hydrogen space and participation in cross-border renewable fuel trade schemes.

Significant attention in the work is devoted to the scientific substantiation of the strategic synergy between the states’ agro-industrial potential and the latest technologies for hydrogen generation. The feasibility of forming integrated energy clusters based on the biogas capacities of sugar factories and organic waste processing enterprises is proven. It is established that the use of waste heat and digestate in closed cycles allows for a significant optimization of the levelized cost of hydrogen (LCOH), increasing the economic resilience of agricultural enterprises. Conceptual frameworks for the functioning of decentralized «energy hubs» are formulated, which are considered as a foundation for ensuring the energy autonomy of territorial communities and creating high-value-added products, such as «green» ammonia. It is confirmed that the combination of European financial instruments with national sectoral advantages is the most rational way to ensure sustainable energy development of the countries.

Keywords: green hydrogen, investments, financial instruments, European Hydrogen Bank, fixed premium, agro-industrial complex, biogas, energy synergy, decarbonization, sustainable development.

List of references

1. European Green Deal: Communication from the Commission to the European Parliament, the European Council, the Council, the European Economic and Social Committee and the Committee of the Regions. Brussels, 11.12.2019. COM(2019) 640 final. URL: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM%3A2019%3A640%3AFIN (дата звернення: 19.03.2026).

2. Kudria, S., Ivanchenko, I., Tuchynskyi, B., Petrenko, K., Karmazin, O., & Riepkin, O. (2021). Resource potential for wind-hydrogen power in Ukraine. International Journal of Hydrogen Energy, 46, 1, 157-168. DOI: https://doi.org/10.1016/j.ijhydene.2020.09.211 [in English].

3. Tushar, S., Mathur, A., Shrivastava M. (2025). Enabling financing for carbon emission phase-out in the steel sector in India. Water and Energy International, 68r, 1, 53-58 [in English].

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5. Pereira E., Nieves-Zarate M. Thomas M. Mutindi J. Olujobi O. (2025). Hydrogen Development: Legal Challenges And Current Trends. Journal of Sustainable Development Law and Policy (The), 17, 51-76. DOI: https://doi.org/10.4314/jsdlp.v17i1.3 [in English].

6. Pilarski, K., Pilarska, AA, Pietrzak, M.B., & Igliński B. (2026). Bioenergy from Maize Silage by Anaerobic Digestion: Batch Kinetics in Relation to Biochemical Composition. Energies, 19(4), 1105. DOI: https://doi.org/10.3390/en19041105 [in English].

7. Łuczka W., Gavkalova N., Harbar Z., Koval V., Cioca L. (2024). Analysis and management of organic agriculture development in Eastern European countries. INAMTEH - Agricultural Engineering, 72, 1, 265–279. DOI: https://doi.org/10.35633/inmateh-72-25 [in English].

8. Kaletnik, G., Honcharuk, I., Yemchyk, T., & Okhota, Y. (2020). The World Experience in the Regulation of the Land Circulation. European Journal of Sustainable Development, 9, 2, 557–568. DOI: https://doi.org/10.14207/ejsd.2020.v9n2p557 [in English].

9. Pysarenko, V., Pronko, L., Pidvalna, O., Lozhachevska, O., Fastovets, N., & Ramos, O.R. (2024). Marketing management of the bioeconomic potential of enterprises and the quality of their innovative products in the post-war recovery strategy. Financial and Credit Activity: Problems of Theory and Practice, 6, 59, 648–664. DOI: https://doi.org/10.55643/fcaptp.6.59.2024.4637 [in English].

10. Honcharuk, I., Tokarchuk, D., Gontaruk, Y., & Hreshchuk, H. (2023). Bioenergy recycling of household solid waste as a direction for ensuring sustainable development of rural areas. Polityka Energetyczna, 26, 1, 23-42. DOI: https://doi.org/10.33223/epj/161467 [in English].

11. Hontaruk, Y., Furman, I., Bondarenko, V., Riabchyk, A., & Nepochatenko, O. (2024). Production of biogas and digestate at sugar factories as a way of ensuring the energy and food security of Ukraine. Polityka Energetyczna, 27, 2, 195-210. DOI: https://doi.org/10.33223/epj/185210 [in English].

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About the journal

Topics of the journal:

С1 Economics and International Economic Relations (by specialization)

D1 Accounting and Taxation

D2 Finance, Banking, Insurance and Stock Market

D3 Management

D4 Public Management and Administration

D5 Marketing

D7 Trade

J3 Tourism and Recreation

Keywords: economics , international economic relations , accounting , taxation , finance , banking , insurance , stock market , management , public management and administration , marketing , trade , tourism and recreation

Key information:

ISSN (print): 2411-4413

DOI: 10.37128

All-Ukrainian scientific and production journal “Economics, finance, management: topical issues of science and practical activity” is a peer-reviewed open-access journal that publishes original research, theoretical articles and reviews on a wide range of economic and business issues. The articles, which have scientific and scientific-practical significance, highlight theoretical and methodological aspects of the development of agrarian sector of economy and related industries, the results of fundamental and applied research.

The purpose of the journal is to highlight the results of fundamental and applied research in the field of economic sciences, aimed at developing modern approaches to managing economic processes, financial support for enterprise activities and increasing the efficiency of economic systems. The publication is focused on creating a scientific environment for the exchange of research results between scientists, higher education students and practitioners in economic sphere, as well as on the dissemination of modern scientific and methodological approaches to solving current economic and management problems. The journal contributes to the development of the research in the field of enterprise economics, finance, accounting, auditing, management, marketing, entrepreneurship, trade, tourism and recreation, public management and administration, economic development and international economic relations, which meets the modern needs of the socio-economic development of the state.

The journal’s objectives are:

• publishing the results of fundamental and applied research in the fields of economics, international economic relations, finance, management, public administration, accounting, marketing, tourism and recreation, and entrepreneurship;

• promoting the development of modern methods of managing enterprises and organizations, increasing the efficiency of using financial and material resources;

• supporting the research aimed at improving the economic mechanisms of enterprise functioning, developing innovative activity, and increasing the competitiveness of economic structures;

• ensuring the scientific exchange of research results between higher education institutions, scientific institutions, and business entities;

• developing methods of economic analysis, forecasting, and modeling of socio-economic processes;

• disseminating of modern approaches to financial management, accounting, taxation, and control of economic activity;

• promoting the development of interdisciplinary research related to the economic support of the development of agrarian sector of economy and rural areas;

• integration of scientific research results into the international scientific space and increasing the level of scientific communication.

Publisher: Vinnytsia National Agrarian University

Link to the journal on the publisher’s website: ”Economics, finance, management: topical issues of science and practical activity”

Frequency of issue: 4 times a year.

Language of publication: Ukrainian, English.

Editor-in-Chief: Inna Honcharuk

State registration: Decision of the National Council of Ukraine on Television and Radio Broadcasting No. 1337 and No. 1178. Media identifier – R30-05171. Publisher registration number (EDRPOU) 00497236.

Publisher’s ROR: https://ror.org/05m3ysc06 Publisher’s DOI prefix: 10.37128 ISSN (print): 2411-4413

Publisher DOI prefix: 10.37128 ISSN (print): 2411-4413

The scientific journal is included in category "B" of the List of scientific professional publications of Ukraine, in which the results of dissertations for the degree of Doctor and Candidate of Sciences in the specialties C1 (051) - Economics, D1 (071) - Accounting and Taxation, D2 (072) – Finance, Banking, Insurance and Stock Market, D3 (073) – Management, D5 (075) – Marketing, D7 (076) – Entrepreneurship and Trade, (241) – Hotel and Restaurant Business, D4 (281) – Public Management and Administration (Order of the Ministry of Education and Science of Ukraine dated March 17, 2020 №409)

History of journal:

Founded in 1997 under the name ”Bulletin of Vinnytsia State Agricultural Institute”. In 2010-2014 it was published under the name “Collection of Scientific Papers of Vinnytsia National Agrarian University”. Since 2015 “Economics, finance, management: current issues of science and practical activity” (Certificate of State Registration of Mass Media No. 21154-10954 PR dated 12/31/2014).