Funds for environmental protection as specific investment funds /

摘要

Environmental protection fund has been constituted and has been operating forudgathering financial means for investing in preservation and protection of theudenvironment in Serbia in the past seven years. The idea of creating a special fundudwas based on definition of particular sources of gathering funds and theiruddedicated investment in preservation and protection of natural goods, values andudcapitals.udUntil its recent termination in the end of 2012, the Environmental protection fundudof the Republic of Serbia presented unique, specialised national financialudinstitution through which the funds were provided for financing ecology projects.udThe fund was formed on the initiatives that were started during the 1990’s byudUnited Nations with a goal of supporting environmental protection investmentudprograms. Unfortunately, the fund in Serbia had a short life so there was noudcreation of assumptions for the long-term empiric research of its potential role.udThe doubts that within the fund there were speculative financial transactions leadudto political decision to terminate the fund. Later institutional solutions, however,udshow that the main cause of the fund termination is in conducting centralisation ofudgathering financial compensations for using natural values, and at the same timeudto lose the trail of dedicated investment of funds in environmental protection fromudthe total amount of the budget. The Environmental protection fund was planned asudnon-profitable institution unlike regular investment funds. This paper first presentsuda short overview of ways of functioning of regular investment funds. Regardless ofudthe fundamental differences in goals it was possible to use some of the experienceudin the work of the Environmental protection fund. The paper gives comprehensiveudpresentation of the aspects of organization, business, creation of incomes as welludas the fields of using the Fund’s resources.