ВЕНЧУРНЫЕ ИНВЕСТИЦИИ В ЦИРКУЛЯРНУЮ ЭКОНОМИКУ: СОВРЕМЕННЫЕ ТЕНДЕНЦИИ И СИСТЕМНЫЕ ОГРАНИЧЕНИЯ

Abstract:
The paper is devoted to the analysis of the state and structural imbalances of the global venture capital investment market in closed-loop economy projects. The relevance of the work is determined by the widening gap between the declared goals of the transition to the circular model and the actual amount of its financing: EZZ projects account for less than 1% of total venture capital investments. It is shown that with the general expansion of the circular economy market, venture capital provides about 7% of the total financing of EZZ, although it occupies a leading position in terms of the number of disclosed equity transactions. A pronounced regional concentration of investment flows has been identified: Europe accounts for about 57% of their average annual volume. “Upstream” solutions remain chronically underfunded: about 92% of investments are directed towards downstream models related to recycling, repair, and reuse, while upstream solutions in the field of circular design, innovative materials, and regenerative production receive about 8% of funding. Venture capital participation is limited due to the mismatch between the typical investment horizons of VC funds and the specifics of circular business models. Additional limitations include the underdeveloped nature of methods for assessing circular assets, the competitive advantages of linear business models, and the fragmentation of regulatory requirements. It has been shown that the European taxonomy of sustainable finance, SFDR, and extended producer responsibility mechanisms are capable of supporting demand for circular projects, but they have not yet eliminated the identified structural imbalances. It is concluded that without modernizing approaches to assessing circular assets and without a coordinated system of regulatory incentives, this segment will retain the status of a niche area in the global venture investment market.