Issue №: 1 (75)
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.
FINANCIAL INSTRUMENTS FOR STIMULATING INVESTMENT IN GREEN HYDROGEN PRODUCTION PROJECTS: EU EXPERIENCE AND PERSPECTIVES FOR GEORGIA AND UKRAINE
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).
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.
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].
4. Lebrouhi, B.E., Djoupo, J.J., Lamrani, B., Benabdelaziz K., & Kousksou, T. (2022). Global hydrogen development – A technological and geopolitical overview. International Journal of Hydrogen Energy, 47, 11, 7016-7048. DOI: https://doi.org/10.1016/j.ijhydene.2021.12.076 [in English].
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].
12. European Commission. (2020). A hydrogen strategy for a climate-neutral Europe. COM(2020) 301 final. Brussels. eur-lex.europa.eu. Retrieved from: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52020DC0301 [in English].
13. The EU’s Ukraine Facility and the IMF program: monitoring Ukraine’s implementation of indicators and structural benchmarks. iaa.org.ua. Retrieved from: https://iaa.org.ua/articles/the-eus-ukraine-facility-and-the-imf-programme-monitoring-ukraines-implementation-of-indicators-and-structural-benchmarks/?gad_source=1&gad_campaignid=21280426992&gbraid=0AAAAAp3Jda4f1JrQ6LtxbrLIDkAfXnFsF&gclid=Cj0KCQiA2bTNBhDjARIsAK89wlGXiYqcYKVFY05oes_INZQbrKrXz8pFi__yf2rZGTAxpXqZdlzd_QEaAjDaEALw_wcB [in English].
14. Tatishvili, G., Aliyev, A., Bolashvili, N., Tsatsanashvili, M., Nioradze, N., & Kvinikadze L. (2025). Green hydrogen energy prospects: Georgia - Azerbaijan strategic partnership. International Journal of Hydrogen Energy, 193, 152258. DOI: https://doi.org/10.1016/j.ijhydene.2025.152258 [in English].
15. Anderson, M., Reid, W., Bohrmann, G., Dohrmann, I., Hollyman, P., Kasten, S., Pape, T., Röme,r M., Newton, J., Wigham, B., & Linse, K. (2025). The abundance, diversity, and assemblage structure of the macrobenthos at the South Georgia shelf methane seeps. Frontiers in Marine Science, 12, 1589660. DOI: https://doi.org/10.3389/fmars.2025.1589660 [in English].
16. Holko, L., Melikadze, G., Todadze, M., Chitanava, R., Chankvetadze, A., Tchikadze, T., Gventsadze, A., & Gaphrindashvili, M. (2023). Stable isotopes of oxygen and hydrogen in precipitation and river water in Georgia. Journal of Hydrology and Hydromechanics, 71, 248-258. DOI: https://doi.org/10.2478/johh-2023-0018 [in English].
About journal
051 Economics
071 Accounting and taxation
072 Finance, banking and insurance
073 Management
075 Marketing
076 Business, trade and exchange activities
241 Hotel, restaurant and catering
281 Public administration
The journal “Economy, finances, management: Topical issues of science and practice” is included in the "List of Scientific Professional Editions of Ukraine".
The scientific edition is assigned the Category "Б" in the field of economics in specialties 051, 071, 072, 073, 075, 076, 241, 281
(Order of the Ministry of Education and Science of Ukraine No. 249, March 17, 2020).
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The purpose of the journal "Economics, finances, management: Topical issues of science and practical activity» is the coverage of leading scientific ideas in the economic, financial and management activities of the sectors of the national economy and the involvement of representatives of the domestic and foreign scientific professional community.
Objectives of the journal:
- publication of research findings on innovation in the economy, financial and management spheres, innovation of production processes;
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- adherence to editorial ethics.
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It was founded in 1997 under the name "Bulletin of the Vinnytsia State Agricultural Institute". In 2010-2014 he was published under the title “Collection of scientific works of Vinnitsa National Agrarian University”.
From 2015 ”Economy, finances, management: Topical issues of science and practical activity” (Certificate of State Registration of Mass Media No. 21154-10954 of PR as of December 31, 2014)
According to the decision of National Council of Television and Radio Broadcasting of Ukraine from 25.04.2024 No. 1337 the scientific journal «Economy, finances, management: topical issues of science and practical activity» has the ID of the Media R30-05171.
