Nataliia Ovcharova

The most vital problems of humanity mentioned in SDGs are the consequences of climate change and biodiversity loss and problems with access to water and forest resources. Although there is a deep understanding of the problems, there are reasons that do not allow finding swift solutions, and the increasing funding gap for the relevant SDGs is one of them. This study aims to establish the connection between environmental protection investments and the achievement of environmentally oriented sustainable development goals across 31 European countries (26 EU Member States, 3 EFTA Countries, and Ukraine as a Candidate to EU). The paper employed the PLS-SEM approach. The obtained results proved that the accumulated amount of environmental protection investments does not have a statistically significant relationship with the integral indicators of SDG 6 “Clear water and sanitation,” SDG 13 “Climate action,” and SDG 15 “Life on land” (the coefficient of determination, the path coefficient, and the reliability coefficients were insignificant). The study of a similar relationship between the level and the directions of SDGs 6, 13, and 15 achievements also did not reveal any significant results. As the last step of the analysis, the hypothesis about a relationship between environmental protection investments and Environmental Performance Index components was also rejected. Therefore, the statistical significance and relevance of the analyzed indicators were not confirmed. Based on this, a conclusion was made about the insufficiency of investment resources for environmental protection to overcome the gap in achieving environmentally-oriented SDGs.