The authors note that the “polluter pays” and “user pays” principles provide the direct application of the “polluter pays’ principle and allows receiving 80% of all revenues to Ukrainian environmental funds, which are provided through pollution payments. The research shows that, on average, in Ukraine, the environment protection system’s material costs were financed by 24.3% by the State in 2019. Territorial environmental funds and local budgets covered the rest. The authors pay attention to the practice of co-financing of the “brown” projects. It is unlikely that “brown” projects, which are not attractive to national investors, unlike “green” projects, will attract foreign investors’ attention. The article highlights the critical function of the international financial institutions concerning mobilization of resources in international capital markets and providing loans to recipient countries, particularly those countries where there is a high degree of credit risk for private financial institutions.