Financial Outsourcing in the Analysis of Environmental Fiscal Revenue Management

Abstract

Despite changes in regulatory policy, greenhouse gas emissions into the atmosphere have not decreased. A methodology for the search and selection of sources of financing for activities to combat climate change is proposed. The basis of the research methodology is the bibliometric and predictive analysis of the generated databases. It is proposed to use not only environmental tax revenues but also other sources of financing as part of mixed capital. It was revealed that the dynamics of environmental tax revenues are inferior to the dynamics of total tax revenues in GDP. The largest share of environmental taxes belongs to transport and energy taxes. The use of logical and predictive research approaches demonstrated that environmental revenues were insufficient and that extra funding and financial outsourcing were required for climate change activities. As a result of the correlation analysis, the most significant environmental revenues were for the following countries: France (0.981), Belgium (0.976), Greece (0.976), Austria (0.972), and Portugal (0.969). A negative Pearson correlation coefficient occurred for the countries: Denmark (-0.040), and Sweden (-0.101). To increase the significance of the coefficient, it is proposed to change the elements of environmental taxes in these countries. An outsourcer providing financial services to clients forms a regional environmental financial system. This will increase the rate of capital turnover and reduce the need for capital. The outsourcer will reduce "cash gaps" by promptly attracting financial tools and financial management techniques, accelerate the turnover period of mixed capital, and boost the effectiveness of managing environmental tax revenues.

Technical and Economic Aspects of Environmentally Sustainable Investment in Terms of the EU Taxonomy

“…The obligations of entrepreneurs in relation to the Taxonomy can be divided into two groups: the first for entities in the financial industry and the second for other entrepreneurs in non-financial industries, including technical ones. In the case of the financial industry, the requirements relate to the transparency of the products offered, according to which if a financial product is used to invest in an economic activity that contributes to an environmental objective, the entrepreneur must disclose information about the objective, a description of the extent to which the project within the financial product qualifies as environmentally sustainable according to the Taxonomy [106,107]. On the other hand, if a financial product promotes an environmental aspect, it must additionally be accompanied by a statement indicating the following principle, "do not cause serious damage to the environment", and is only applicable to those projects within the financial product which consider the EU criteria for environmentally sustainable business.…”