interrelated factors in this situation. The global green
economy demands significant structural changes,
including adjustments to resource usage,
manufacturing techniques, consumer behaviour, and
environmental protection policies, in addition to GDP
growth via green stimulus (Schmalensee, 2012).
The notions of green growth and the green economy
acquired significant importance in the context of the
swift changes observed in many developing countries
as well as in Central and Eastern Europe at the
beginning of the 20th and 21st centuries (Pelling,
O’Brien, & Matyas, 2015). In addition to overhauling
the social and economic structures, this
transformation entails modifying them to satisfy the
objectives of sustainable development and
environmental sustainability. Green transformation is
the process of reorganizing current systems in
creative ways that are based on sustainable
development principles. These systems include
economic structures, governance structures, and
stakeholder roles. From a practical standpoint, the
green economy consists of several components, such
as eco-friendly investments, sustainable sectors, eco-
friendly goods, eco-friendly taxation, eco-friendly
employment, and eco-conscious consumers (Szyja,
2015). All of these elements work together to lessen
environmental impact, preserve resources, and
promote social and economic development. Many
different players, including companies, individuals,
governments, and international organizations, are
accountable for putting a green economy into action.
As seen in Table 3, these ideas might not provide
universally applicable answers and might even have
some built-in flaws, but they nevertheless offer a vital
route toward a future marked by unique and
revolutionary ideas that are more ecologically
conscious and sustainableClaims that shifting to a
green economy may be lucrative by striking a balance
between environmental preservation and economic
growth. Suggests indicators for knowledgeable
decision-making and policy proposal It calls into
question the traditional use of GDP for appraisal.
There are no unique ideas, and the emphasis is on
mainstream sustainability.
HM Government Enabling the transition to a
green economy" (2011) Defines the benefits of the
green economy to the UK economy, with an emphasis
on foreign market prospects. Demands government
information on climate change and resource threats.
Consistent with compelling economic reasons
for climate action. Does not handle social issues or
regulations properly.
World Bank “Inclusive green growth" (2012)
Supports inclusive green growth as the road to
long-term development, pushing for green policies to
have an impact on GDP. “Incorporates
environmental factors into GDP measurement”
Recognizes the significance of combining
environmental and economic considerations. Limits
viewpoints by not exploring alternate solutions.
GGKP (Global Green Growth Knowledge
Partnership) Moving towards a common approach
on green growth indicators" (2013) Aims to
establish a common approach for green growth
indicators, highlighting their commonality. Focuses
on communication needs rather than monitoring
Adopts OECD headline metrics and thinks about
wealth accounting. It is possible to neglect various
definitions of green growth and focus just on natural
assets as inputs to production.
Sustainable development heavily relies on the
interwoven ideas of green growth and the green
economy, which have developed over several
decades. Despite their frequent interchangeability,
they differ in terms of focus. Green growth, which has
numeric foundations in ambitions for development
and population expansion, focuses on alleviating
poverty and satisfying the growing demand for goods
and services. Green growth is defined as seeking
economic progress while actively avoiding resource
depletion and environmental damage. Organizations
such as the World Bank, OECD, GGGI, and UN-
ESCAP have championed green growth. According
to this perspective, environmental investments serve
as accelerators for economic development, protecting
and using natural resources like raw materials,
electricity, and water to enhance human well-being.
It imagines a world were environmental
stewardship and economic progress live peacefully,
advancing wealth while preserving essential natural
systems. Robust information resources, measurement
measures, and evaluation procedures are necessary
for effective green growth strategies that facilitate
national transitions to sustainability and promote
international collaboration (Bąk & Cheba, 2020;
Rajasekar, 2013). Resource efficiency, pollution
reduction, safeguarding the environment, and disaster
avoidance are highlighted by the World Bank as
essential elements, while GGGI views green growth
as a paradigm that goes beyond traditional economic
growth and harmonizes economic advancement with
social inclusion, poverty alleviation, climate
resilience, and sustainable ecosystem management.
This includes biodiversity preservation, climate
change mitigation, and universal resource access
(Bábosik, 2020). Sustainable development's
cornerstone, green growth, is closely related to the
idea of the green economy as a whole, which has