**5. Conclusions**

This empirical study has been operating data on the EU member states and the econometric modelling proves that green investments have a positive economic effect. The findings show that green investment could provoke the growth of GDP per capita by 6.4%, reduction of GHG emissions by 3.08% and the increase of renewable energy in the total final energy consumption by 5.6%. These findings proving there is cointegration between GDP and green investments are similar to the results presented in [32–45].

As the energy utility industries are the power generators of GDP and the causes of environmental damages in countries at the same time, their activities should be transformed according to the SDGs goals.

Such transformations so that to fit the SDGs require more of green investments for implementing more energy-efficient projects (oriented on renewable energy, clean technologies etc.). Together they would allow reducing GHG emissions.

The results of our analysis of the EU countries' experience in attracting green investments for renewable energy projects prove that openness and transparency of non-financial reporting are the main factors influencing investors' decisions.

Besides, regular publishing of non-financial reports leads to decreasing of greenwashing and strengthening of positive green brands. And this, in turn, would lead to increasing investing's attractiveness of companies for green investors.

As the EU experience shows, such reports should be published by companies on a regular basis and this norm should become obligatory on the governmen<sup>t</sup> level. Moreover, potential candidates for the EU membership should analyse and implement incentive instruments so that to follow the principles of openness and transparency in their companies' non-financial reporting basing on the provided framework of transformation from traditional to green investment market.

**Author Contributions:** S.L. and T.P., conceptualized this manuscript; T.P. prepared the database, methodology, software validation and wrote this manuscript, consolidated the literature reviewer; S.L., Y.B., D.Š., T.P. and G.M. reviewed the manuscript and assisted in writing and finalizing the manuscript.

**Funding:** This research was funded by the gran<sup>t</sup> from the Ministry of Education and Science of Ukraine (№ g/r 0117U002251 and 0117U003932).

**Conflicts of Interest:** The authors declare no conflict of interest.
