For the successful increase capital investments on ecological protection and increase current expenditures on ecological protection the recommendations on green business and corporate governance, taking into account the modern European experience are developed. The following actions to control the decentralization reform and implement measures to increase investment in improving energy efficiency and energy independence of rural areas are researched. Unstable growth of capital investments on environmental protection in Ukraine is analysed. Indicators of current expenditures on ecological protection in Ukraine are studied. The necessary to develop success in the implementation of environmental innovations and increased spending on environmental innovations for increase employment and economic growth is researched. Ukraine has unstable increase in ecological protection investments compared with the countries in the European Union, which indicates the need for implementation green innovations for the reform of Ukraine’s circular economy. The economic and mathematical model will allow to increase the objectivity and efficiency of decisions regarding the recommendations on green business and corporate governance, taking into account the modern European experience.