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Green Economy and its Impact on Economic Growth in the 21st Century

Author

Listed:
  • Elena Borisovna Rogatnykh

    (Russian Foreign Trade Academy, Moscow, Russia)

  • Marina Aleksandrovna Serdun`

    (Russian Foreign Trade Academy, Moscow, Russia)

Abstract

Development of the global economy resulted in environment degradation. It became evident that people had to work out new paradigm for sustainable economic growth. Green economy is a new model of economic development based on economic growth, social development, environment protection and inclusive development for all people. Countries face many challenges in the transition to a green economy, including lack of funding and technology. The most innovative economies in Europe are the world leaders in moving towards a green economy. Developing economies recognize the need for green transformation, but the structure of their economies is in many cases based on extraction, processing and exports of raw materials. Due to this fact it is difficult for this countries to meet the modern carbon footprint standards. The European Green Deal is not only an attempt to preserve the environment, but also a tool to secure competitiveness of European companies in international trade.

Suggested Citation

  • Elena Borisovna Rogatnykh & Marina Aleksandrovna Serdun`, 2022. "Green Economy and its Impact on Economic Growth in the 21st Century," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 3, pages 18-32, March.
    • Handle: RePEc:alq:rufejo:rfej_2022_03_18-32
    DOI: 10.24412/2072-8042-2022-3-18-32
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