Issued since 1995
Welcome to the Finance of Ukraine site (demo).
Login | Register

№ 11/2019

№ 11/2019

Fìnansi Ukr. 2019 (11): 76–96



1SESE "The Academy of Financial Management"
OrcID ID :

Monitoring Sustainable Development Goals: an investment aspect

The article is devoted to the analysis of the investment aspects of monitoring the achievement of sustainable development goals (SDGs). The author conducts a comparative analysis of the composition of core investment indicators for sustainable development reporting contained in the UNCTAD Guidelines, as well as those presented in the Global reporting initiative (GRI) and standards developed by the Sustainability Accounting Standards Board (SASB) in the context of providing investment information. It is proposed to systematize the investment challenges for transitive economies in order to achieve SDGs into three groups: resource support, institutional and accounting, which can still be called reporting challenges. Reporting challenges include: the lack of clear sustainability reporting requirements; the problem of reporting uniformity, which covers the lack of harmonization, comparability and consistency in existing methodologies that lead to information asymmetry; the use of SDG-washing and Cherry-picking practices in non-financial reporting; the difficulty in measuring progress of the entity’s contribution to the achievement of the SDGs on the basis of available indicators in the non-financial reporting; weak corporate governance culture concerning reporting issues (company’s accounting policies);. the need to develop approaches to assess the materiality of information received for investment purposes in the context of the formation of data relevant for the investment decision-making process. In order to prevent information asymmetry in SDG reporting at the level of individual companies, regions and countries, the author proposes to expand core indicators in thr economic area with an investment priority indicator reflecting the share of Fixed Capital Investment contributing to improving the environmental performance of the enterprise (green capital investments) in the total volume of Fixed Capital Investment that reflects trends towards economic growth, representing the enterprise’s potential development through expansion or renewal of production capacity. The available sources for the information on the indicator are defined in entity`s financial reporting and state statistical observations.

Keywords:Sustainable Development Goals, nonfinancial reporting, green investments, indicators, information asymmetry, voluntary national reviews, national statistical observations

JEL: A12, D82, E01, E16, E22, M48

Kornieieva I. . Monitoring Sustainable Development Goals: an investment aspect / I. Kornieieva // Фінанси України. - 2019. - № 11. - C. 76-96.

Article original in Ukrainian (pp. 76 - 96) DownloadDownloads :48
1. Daly, H. (1996). Beyond Growth. The Economics of Sustainable Development. Beacon Press.
2. DESA United Nations. (n. d.). Voluntary National Reviews Database. Retrieved from
3. DESA United Nations. (2018). Handbook for preparation of Voluntary National Reviews. Retrieved from
4. Smith, R., Simrad, C., & Sharpe, A. (2001). A proposed approach to environment and sustainable indicators based on capital. Retrieved from
5. Fenichel, E. P., Abbott, J. K. (2014). Natural capital: from metaphor to measurement. Journal of the Association of Environmental and Resource Economists, 1 (1/2), 1–27.
6. Radermacher, W. (2005). The reduction of complexity by means of indicators – case studies in the environmental domain, in statistics, knowledge and policy: Key indicators to inform policy making. OECD.
7. Dasgupta, P. (2009). The welfare economic theory of green national accounts. Environmental and Resource Economics, 42, 3–38.
8. La Torre, M., Sabelfeld, S., Blomkvist, M., Tarquinio, L., & Dumay, J. (2018). Harmonising non-financial reporting regulation in Europe: Practical forces and projections for future research. Meditari Accountancy Research.
9. Giddings, T. (2019). A company perspective on non-financial reporting. Geneva: Palais des Nations. Retrieved from
10. Williamson, K. (2019). UK auditor’s perspective on assurance over nonfinancial reporting (NFR). Geneva: Palais des Nations. Retrieved from
11. Iefymenko, T. I. (2015). Introduction of integrated reporting and accounting reform in the context of European integration. In O. H. Bilorus, T. I. Iefymenko (Eds.). Financial globalization and European integration (pp. 241–257). Kyiv: DNNU “Akademiia finansovoho upravlinnia” [in Ukrainian].
12. Iefymenko, T., Lovinska, L., & Zhuk, V. (2015). Crisis management information: a global aspect of accounting and financial reporting standardization. Kyiv: DNNU “Akademiia finansovoho upravlinnia” [in Ukrainian].
13. Oliinyk, Ya. V. (2014). Institutional principles of accounting organization in the conditions of international integration. Kyiv: TOV “Lazurit-Polihraf” [in Ukrainian].
14. Korol, S. (2011). Non-financial reporting of an enterprise. Herald of Kyiv national university of trade and economics, 6, 102–113 [in Ukrainian].
15. UNCTAD. (2019). World Investment Report 2019: Special Economic Zones. Retrieved from
16. GRI, WBCSD. (2016). Guide to achieving Sustainable Development Goals in Business: SDG Compass. Retrieved from [in Ukrainian].
17. UNCTAD ISAR. (2018). Guidance on Core indicators for entity reporting on the contribution towards the attainment of the Sustainable Development Goals. Retrieved from
18. Global Sustainability Standards Board. (2016). GRI 201: Economic Performance. Retrieved from
19. Global Sustainability Standards Board. (2016). GRI 203: Indirect Economic Impacts. Retrieved from
20. Global Sustainability Standards Board. (2016). GRI 412: Human Rights Assessment. Retrieved from
21. Global Reporting Initiative. (2013). The Oil and Gas Sector Disclosures. Retrieved from
22. Sustainability Accounting Standards Board. (2018). Sustainability Accounting Standard: Investment banking and brokerage. Retrieved from
23. Sustainability Accounting Standards Board. (2018). Sustainability Accounting Standard: Oil and Gas – exploration and production. Retrieved from
24. Global Sustainability Standards Board. (2016). Mapping G4 to the GRI Standards. Retrieved from
25. UNDP. (2017). Indicators for monitoring the achievement of the Sustainable Development Goals: methodology for data collection and calculation. Retrieved from [in Ukrainian].
26. Office for National Statistics of UK. (2019). Low Carbon and Renewable Energy Economy Survey, UK: 2017. Retrieved from
27. Ministry of Finance of Ukraine. (2013). National Accounting Regulation (Standard) 1 “General reporting requirements” (Order No. 73, February 7). Retrieved from [in Ukrainian].
28. UNCTAD. (2019). Methodology for SDG indicator 12.6.1: Draft from the Custodian Agencies.
29. State Statistics Service of Ukraine. (n. d.). Methodological explanations. Retrieved from [in Ukrainian].
30. State Committee of Ukraine for Technical Regulation and Consumer Policy. (2010). Classification of economic activities DK 009:2010 (Order No. 457, October 11). Retrieved from [in Ukrainian].
31. State Statistics Service of Ukraine. (2008). On approval of the Instruction on filling in forms of state statistical observations N 2-investments (annual) "Capital investments" and
N 2-investments (quarterly) "Capital investments" (Order No. 436, November 10). Retrieved from [in Ukrainian].
32. Ministry of Finance of Ukraine. (2010). National Public Sector Accounting Regulation (Standard) 121 “Fixed assets” (Order No. 1202, October 12). Retrieved from [in Ukrainian].
33. Ministry of Finance of Ukraine. (2013). On approval of the Public Sector Accounting (Order No. 1203, December 31). Retrieved from [in Ukrainian].