Green economy and green growth as tools for achieving sustainable development goals

Abstract

The article examines the issue of green economy and green growth. The aim is to conduct a comparative analysis of these two concepts regarding their origins, theoretical approaches, practical application, and impact on socio-economic processes. Key international documents, studies by leading economists and ecologists, as well as approaches proposed by international organizations such as the OECD, UNEP, the World Bank, the European Commission, and GGGI are analyzed. Attention is paid to the distinction between the concepts: while the green economy is defined as a strategy for achieving sustainable development goals through investment in environmentally friendly technologies, effective management of natural capital, and social inclusion, green growth is seen as a process that ensures economic growth through environmental factors and innovation. It has been established that there is no single interpretation of the concept of a green economy, which complicates its adaptation to national conditions. The concept of a green economy is broader than green growth, covering not only economic but also social and environmental aspects of development. Green growth, in turn, serves as a tool for transforming the economy towards greater resource efficiency, innovation, and environmental safety. The main principles of the green economy are systematized: efficient use of resources, reduction of greenhouse gas emissions, social justice, preservation of biodiversity, and stimulation of environmentally oriented investments. The role of public policy, in particular, tax mechanisms based on the polluter pays principle, in creating a favorable environment for the development of a green economy is analyzed. It is proven that both concepts — green economy and green growth — are complementary elements of the overall paradigm of sustainable development. They aim to ensure a balance between economic growth, social welfare, and the preservation of ecological balance. An integrated approach to the implementation of green economy principles within the framework of national sustainable development strategies is proposed, taking into account international experience and current challenges.