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Financial and economical mechanism of project management of the territorial natural-economic complexes

Dmitry Klynovyi and Irina Petrovska
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Dmitry Klynovyi: Public Institution "Institute of Environmental Economics and Sustainable Development of the National Academy of Sciences of Ukraine", Kyiv
Irina Petrovska: Higher educational institute "Kiev University for Market Relations", Kyiv

Economics of Nature and the Environment, 2016, 61-70

Abstract: The article highlights an important challenge, that is the management of natural assets, that can be realized through the concept of project management, highly effective from an economic, social and environmental points of view. The aim of the article is to reveal the features of design and management of territorial natural-economic systems and providing proposals regarding to the establishment of appropriate financial and economic mechanism of natural resource management. There is determined, that effective environmental management have to move from the aggregate natural resource management to an integrative management by the whole natural-economic complexes with the help of organizational and economic mechanism of structural management and consolidated project financing. The priority goal of project management is defined as the development of the infrastructure of project and economic activity in the framework of the corporate associations of cluster type with functional design-process approach to management, which will include the generation of the project, its assessment, including a comprehensive assessment of natural capital assets, approval and implementation. As the main elements of the mechanism of project management in natural resources there are proposed the creation of separate economic institutions project companies and the relevant corporate financial brunches of project management and financing by the type of corporate or collective investment vehicles. There is proposed an involvement of state, regional and local authorities, business corporations, territorial communities and bodies of local self-government as the customers and shareholders of project companies on the basis of public-private partnerships and corporate social and environmental responsibility in conditions of decentralization of governance of national economy.

Date: 2016
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Handle: RePEc:ene:journl:y:2016:p:61-70