Decentralization, Green economics, and Cohesion: A Comprehensive Analysis of European Regional Development

This article presents the cohesion policy in the EU and analyzes the role of decentralization for the sustainable development of the European regions at the NUTS 2 level. It examines the regional policy in the EU member states and its relationship with the decentralization and social progress of the regions. The study also covers sustainable urban development in Europe. Trends and effects of decentralization on economic growth and regional inequalities are discussed. A methodology based on statistical analysis is used to compare the social progress of European regions. A comprehensive approach is applied to reveal relationships and dependencies between indicators of a socio-economic nature within EU NUTS 2 level regions. In this sense, the methodology uses statistical software tools to reveal trends in the structural aspect of regional development and thus draw conclusions and recommendations for policies and measures aimed at increasing the effectiveness of fiscal regionalization. Incorporating principles of green economics into regional policy and decentralization efforts can drive the adoption of sustainable practices, such as renewable energy deployment, eco-friendly infrastructure development, and the promotion of green industries. The integration of green economic strategies within regional governance structures empowers regions to pursue environmentally conscious initiatives, contributing to the overall transition towards a low-carbon and resource-efficient economy.