Assessing the Risks of Implementing Green Innovations in the Financial Services Market for the Tourism Sector

Abstract

The article examines the peculiarities of introducing green financial innovations in the tourism sector due to the need for environmental transformation of the industry and providing financial support for sustainable development. It is established that the main barriers are regulatory instability, limited availability of environmental financial products, lack of business interest in long-term environmental investments and the complexity of assessing their effectiveness. The aim of the study is to develop a scientifically sound approach to analyzing the risks of introducing green innovations in financial services for the tourism sector, taking into account the economic, environmental and social aspects of sustainable development. The article uses the methods of system analysis to identify the main risk factors, comparative analysis to assess international experience, and a logical-analytical approach to develop recommendations for the adaptation of financial instruments in Ukraine.

It has been found that European countries widely use tax incentives, specialized green loans, government subsidies, and international grants to support environmental initiatives in the tourism sector. It is proved that Ukraine has mechanisms for stimulating renewable energy, but they are not integrated into the financing of the tourism sector. The necessity of adapting successful international practices, in particular, expanding state support and simplifying mechanisms for attracting environmental financing, is substantiated.

The development of specialized green credits, creation of tax incentives for environmentally responsible tourism enterprises, introduction of digital technologies for monitoring the effectiveness of financing and expansion of international cooperation in the field of sustainable tourism are proposed. The practical value of the study lies in the development of recommendations for optimizing financial mechanisms to support environmental innovations in the tourism sector.

Prospects for further research include analyzing the effectiveness of financial mechanisms to support sustainable tourism, assessing the impact of regulatory initiatives on the investment attractiveness of the industry, and developing integrated models for managing environmental and financial flows.