Application Of Global Models Of Eco-Development In Ukraine

The purpose of the paper is to analyze the successful experience of both developing and developed countries related to the resolution of environmental issues and implementation of the models of eco-development and provide recommendation for Ukraine regarding the ways to apply this experience in the country’s economy effectively. Methodology. The paper is based on the combination of qualitative and quantitative research and applies the dialectic perception method to analyze economic events and processes at the time of their development, interconnection, and interdependence. Results of the research demonstrate that successful sustainable transformation of the economy may take place not only in highly developed countries but also in the developing ones. Ukraine may consider the successful experience of the implementation of sustainable initiatives of such countries as Luxembourg, Denmark, Switzerland, Seychelles, and Morocco. The success of these countries is addressing environmental issues is related to their focus on establishing cooperation between the public and private sectors while promoting sustainable behavior among citizens. The government of Ukraine needs to prioritize sustainable transformation of the economy by improving the country’s business climate for innovative sustainable startups and by promoting the development and application by businesses of energy-efficient technologies. The main potential challenges that may be faced by Ukraine in its way towards sustainable development are corruption and ineffective use of financial resources, however, these issues may be addressed via the cooperation with international organizations. Sustainable transformation of the Ukrainian economy will not only improve the environmental situation in the country but will also create visible benefits for economic players and people. Practical implications. The environmental situation in Ukraine has been deteriorating for decades and the previously applied as well as existing measures implemented to address environmental issues in Ukraine do not provide desired outcomes. The country needs to apply new innovative instruments and measures to make it economy sustainable and, to this end, Ukraine should create the economic conditions in which sustainable development would be beneficial for all engaged parties. The practical experience of both developed and developing countries has the potential to be implemented in Ukraine in coming years in case the country’s authorities take appropriate and timely measures. Value/originality. The provided recommendations for Ukraine consider the modern trends and conditions existing in the global economy, have regard to the successful experience of sustainable transformation of the economy, in particular, of developed and developing countries, and may be used by the country’s government to develop effective sustainable development policy in the future.