METHODOLOGY OF ECONOMIC EFFICIENCY EVALUATION OF ECOLOGICAL INVESTMENT

Abstract

The article explores the main methodological and methodicalapproaches to assessing the economic efficiency of environmentalinvestment. It is set sufficiently high fragmentation of opinions ofscientists about the nature of the concept of «economic efficiency»,but differing approaches of individual authors, taking into accountvarying degrees of detail and a variety of factors, mainly the viewsexpressed are not mutually exclusive, but complement each other.It determined that in its main feature is the result of theefficiency obtained per unit used (spent) resources, and the obtainedresult may have a different expression, since different resources canbe used to achieve the effect. In general, assessments of theeffectiveness of investments are based on the same methodologicalapproach, according to which such an assessment in the most generalform is determined by the ratio of the final useful result (effect)obtained as a result of the investment to the total cost that providesthis effect, there are two main methods: «cost-effectiveness» and«cost-benefit».It has been proven that most of the methods and algorithms areaimed at evaluating exclusively economic efficiency, since theenvironmental consequences of implementing investment projects, inthe process of determining the amount of necessary costs and the size  of the results agreed upon, cannot be quantified and taken intoaccount.We investigated the methodology for assessing the level ofimplementation of the model of «green» economy, at the expense ofenvironmental investments, namely: the rating of the world «GlobalGreen Economy Index» (GGEI) and a rating of «EnvironmentalPerformance Index» (EPI). Low positions of Ukraine in global greenindices have been established; indicate chronic problems associatedwith the search for internal and external sources of environmentalinvestment.It was established that the choice of one or another method forassessing the effectiveness of environmental investments shouldhave certain grounds and be carried out in the following sequence:building a concept for assessing the effectiveness of investments;determination of principles for assessing the effectiveness ofenvironmental investment; determination of selection criteria forassessment methods.The general features of environmental investment performancecriteria are considered and it is determined that the calculation ofchanges in input and output cash flows will be the optimal criterion.