A Green Concept of Economic Growth and Development

Abstract Subject and purpose of work: The aim of the study is to present the concept of green economy and other notions and concepts related to it and to assess their significance for the formation of development policy and a practical solution to problems of socio-economic development. Materials and methods: The paper is based on the analysis of documents and literature mainly referring to the concepts of “green economy”, “green growth” and “green deal” in the context of “sustainable development goals”. Results: The paper deals with the reasons for the emergence of the greening of economic processes as a new phenomenon of contemporary development, as well as various definitions of green economy, green growth, the principles of implementing green economy and green transformation processes. The study presents the milestones for the development of the European and global green economy and green growth, and their relationsip to the concept and goals of sustainable development. The review of the concept of green economy and green growth comprises the definitions prepared by specialized agencies of the United Nations UNEP, UNCTAD, UN ESCAP, UN FGG, OECD, the European Union and the World Bank. The main principles proposed by international organizations to be applied in the implementation of the green economy transformation policy are also discussed. Conclusions: The conclusions indicate a wide range of the concepts presented, the ambiguity of their definitions and the need for further research in this area.