Subject. Contradictions arising in the process of implementing the 'green agenda' at the regional level. Objectives. Development of approaches to harmonizing economic and environmental imperatives of industrial policy. Methods. Tools of systems, comparative, and logical analyses were applied. Results. Theoretical approaches to defining the concepts of 'green economy,' 'circular economy,' and 'green finance' have been systematized. Four main paradoxes associated with the implementation of the 'green agenda' have been identified: investment, technological, financial, institutional. It has been shown that these paradoxes reinforce regional inequality, creating a trap for old industrial regions. Conclusions. Solving the identified problems requires changing the principle from 'financing for a new asset' to 'financing for results' and taking into account regional specifics when developing national criteria for the sustainability of the economic system.
Keywords: green financing, fixed assets, green economy, circular economy, region, sustainable development, decarbonization, investment paradoxes
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