NSSMC is developing a legislative framework for sustainable finance instruments and ESG benchmarks in Ukraine

On 04 December, a forum was held to mark the launch of the Sustainable Development Financing Platform, a national coordination mechanism designed to support Ukraine’s recovery, European integration, and long-term sustainable development, at which the NSSMC was represented by Ielizaveta Revilo, Director of the Strategic Development Department.

Ukraine currently needs significant investment in reconstruction, energy, infrastructure, and social development, and state resources are insufficient. Sustainable financing directs capital to key priorities, supports long-term development, and brings the country closer to EU standards.

That is why the Platform will become the central mechanism for coordinating policy, investment, and regulatory decisions in this area.

Within the framework of the platform, the NSSMC will be responsible for the ESG benchmarks subgroup, so we need to compile a comprehensive list of methodological requirements for calculating ESG benchmarks. As Ielizaveta Revilo noted, the Commission’s first step in this direction will be to create a legislative framework. In cooperation with the National Bank, the Commission will also be responsible for the work of the subgroup on financial instruments.

“Following the adoption of the law on capital markets and organized commodity markets, in particular the introduction of an article on green bonds, we have prepared recommendations for selecting projects for financing and added an appendix on sustainable development to the Corporate Governance Code. At the same time, the private sector is still cautious about soft regulations, but we expect that awareness of their importance will be growing,” she said.

She also emphasized that the European Union Green Bond Standard (EU GBS) has been implemented as part of the European integration track, which will allow social and sustainable development bonds to be launched alongside green bonds, creating broader opportunities for project financing.

At the same time, monitoring systems are being strengthened, in particular to prevent greenwashing, which should ensure confidence in the instruments, the market, and issuers.

According to her, there is already better coordination between regulators. The Platform’s activities are intended to ensure synergy, accelerate progress, and promote more transparent and responsible communication with the market and investors. This is only the beginning, but the foundation for systemic change has already been laid.