CLIMATE FINANCE IN THE CONTEXT OF THE PARIS AGREEMENT: OPPORTUNITIES AND CAUTIONS FOR UKRAINE

The adoption of the Paris Agreement (UNFCCC, 2015) mar ked the beginning of a new phase in the se arch for responses to climate change. In particular, the agr ement made important adjustments to the archit ecture and procedures of international climate finance, as one of the key instruments for supporting necessary me asures. Building on systematic review of recent scientific li terature, analytical reports and publicly available official information on climate finance, the article discusses ke y changes in the sphere, taking place after the ado ption of agreement and their relevance to Ukraine, where high ex pectations regarding climate finance come from the government, business and public. Given the polarized climate policy in Ukraine, the emphasis is placed o n the important nuances of the emerging climate finance, th ose that often go unnoticed by analysts and researc h rs, namely – a clear need for alternatives to emissions o ffsetting, the importance of developing a system fo r recognizing, monitoring and verification of the effectiven ess of adaptation measures, and need for solutions outside of the decarbonization policy and the respective fundi ng priorities. Based on international experience, I offer to consider climate finance and other economic instrument s as solutions, which, along with their potential e ffectiveness, are not a panacea. Climate finance should crea te synergies in the system of climate change measur s, but also should not become a barrier or "veil" to systemi c change in society, one that requires changes much ore profound, than the allocation and proper use of suffic ient funds. Financing climate action should consi der not only "hard" solutions, but also investments into and nur turing of social and cultural innovation and experi mentati on, which are at the roots of necessary change. Climate finance shall only be effective when public deliber ation and participation becomes a foundation for all other ac tion. Ключові слова: climate finance; carbon markets; decarbonization p licy; international cooperation.