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Sustainable financing of the environment protection can be defined as the capacity of providing the long-term, stable and sufficient financial resources and granting them, in an adequate and rhythmic manner, in order to cover the necessary costs for protecting the environment protected areas and ensuring their efficient management. Achieving sustainable financing calls for major changes in conceptualizing and utilizing the funds and, to that end, a series of national innovative sources will play a more and more important role in satisfying the financing needs.

This paper aims at an integrated approach of the risk concept and control of risk management techniques. Risk identification and classification starts in the planning stage and continues all through the project implementation process. In this paper, I will focus on identifying, elaborating and assessing some economic and financial risks occurring in the implementation stage of an investment project. The first part of the paper addresses the theoretical aspects, while the second covers a brief study on assessing the economic and financial risks, which may derive from an environmental protection investment project.