The Green Economy and its Role in Achieving Sustainable Development

Abstract

This study aimed to analyze the relationship between the transition to a green economy and the achievement of sustainable development. The green transition has had a positive impact on the progress toward achieving the Sustainable Development Goals (SDGs) in countries that have adopted a green economy, which are mostly developed nations. These countries have also managed to achieve high rates of economic growth and other positive economic indicators.

This means that the green economy is not only linked to the environment and sustainable development but also to economic development. It represents a genuine opportunity for countries to achieve numerous economic benefits, especially in light of the European Union's increasing issuance of environmental laws and mechanisms. These include the implementation of carbon taxes, corporate sustainability due diligence laws, and other international standards that will compel countries to transition toward a green, low-carbon economy to remain competitive and access European markets.

The research concluded that there is a positive effect of transitioning to a green economy on achieving sustainable development. Therefore, the study recommended an urgent start to long-

term strategic planning for this transition. It also emphasized the importance of developing countries forming international partnerships with financing institutions to secure the necessary funding for green investments and projects, encouraging green research, development, and innovation, and offering tax and non-tax incentives for these investments.