The evolution of theoretical approaches to optimising the structure of funding sources in the context of the green transport transition
DOI:
https://doi.org/10.26906/EiR.2026.2(101).4645Keywords:
the evolution of approaches, sources of funding, green finance, sustainable finance, the transport sectorAbstract
As theoretical approaches to optimising the structure of transport enterprises’ funding sources have evolved, a shift has become evident from classical models, which focus exclusively on minimising the cost of capital, towards modern concepts that take into account information asymmetries, agency conflicts, climate change risks and other environmental and social factors. This article examines the evolution of theoretical approaches to optimising the structure of funding sources for transport enterprises in the context of the green transport transition. It explores the shift from classical cost-of-capital minimization models to modern concepts that account for information asymmetries, climate change risks, and socio-environmental factors. Particular attention is paid to the concept of green and sustainable finance, which integrates elements of market failure theory, environmental economics, stakeholder theory and modern approaches to enterprise valuation. Based on an analysis of domestic and international research, the practical implementation of green finance through debt, equity and hybrid instruments is explored, and their role in the modernisation of transport infrastructure, electrification, the introduction of alternative energy sources and intelligent management systems is demonstrated. It is established that the concept of green and sustainable financing provides the transport sector with powerful tools for implementing green transformation, yet is accompanied by certain challenges, such as high initial investment, procedural burdens and dependence on regulatory decisions. The article concludes that there is a need to develop a modern theoretical and methodological framework that integrates financial efficiency, environmental responsibility, and social acceptability into models to optimize the structure of funding sources. Further research should focus on developing integrated approaches to assessing the impact of green finance on the transport sector, from both financial and environmental and social perspectives.
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