Funds for environmental protection as specific investment funds

Drašković, Božo and Aleksić, Dimitrije (2013) Funds for environmental protection as specific investment funds. In: Post crisis recovery. Belgrade Banking Academy, Belgrade, pp. 620-647. ISBN 978-86-7852-034-1

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Abstract

Environmental protection fund has been constituted and has been operating for gathering financial means for investing in preservation and protection of the environment in Serbia in the past seven years. The idea of creating a special fund was based on definition of particular sources of gathering funds and their dedicated investment in preservation and protection of natural goods, values and capitals. Until its recent termination in the end of 2012, the Environmental protection fund of the Republic of Serbia presented unique, specialised national financial institution through which the funds were provided for financing ecology projects. The fund was formed on the initiatives that were started during the 1990’s by United Nations with a goal of supporting environmental protection investment programs. Unfortunately, the fund in Serbia had a short life so there was no creation of assumptions for the long-term empiric research of its potential role. The doubts that within the fund there were speculative financial transactions lead to political decision to terminate the fund. Later institutional solutions, however, show that the main cause of the fund termination is in conducting centralisation of gathering financial compensations for using natural values, and at the same time to lose the trail of dedicated investment of funds in environmental protection from the total amount of the budget. The Environmental protection fund was planned as non-profitable institution unlike regular investment funds. This paper first presents a short overview of ways of functioning of regular investment funds. Regardless of the fundamental differences in goals it was possible to use some of the experience in the work of the Environmental protection fund. The paper gives comprehensive presentation of the aspects of organization, business, creation of incomes as well as the fields of using the Fund’s resources.

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