Transformation Stages of the Financing Mechanism for Sustainable Development

Abstract

This article addresses the process of financing sustainable development on a global scale and summarizes problems arising within the process both at national and international levels. The necessity of global and holistic approach to the formation of the financing mechanism for achieving sustainable development is grounded. On the basis of retrospective analysis, this paper presents the evolution of transformations of financing sustainable development divided in three stages, namely sustainable development conceptualisation, sustainable development institutionalization and actualization of financing mechanism for sustainable development in global economy formation. The key characteristics of each stage are described.