Central European Business Review 2021, 10(1):99-113 | DOI: 10.18267/j.cebr.252

Green Economy in Sustainable Development and Improvement of Resource Efficiency

Inesa Mikhno1, Viktor Koval2, Galyna Shvets3, Oksana Garmatiuk4, Rima Tamošiūnienė5
1 Private Higher Educational Institution "European University", Kyiv, Ukraine, inessa.mihno@gmail.com
2 Odessa Institute of Trade and Economics of Kyiv National University of Trade and Economics, Odessa, Ukraine, victor-koval@ukr.net
3 State Higher Educational Establishment "Pryazovskyi State Technical University", Mariupol, Donetsk region, Ukraine, shvetsg@gmail.com
4 Ternopil Ivan Puluj National Technical University, Ternopil, Ukraine, kafec@ukr.net
5 Vilnius Gediminas Technical University, Vilnius, Lithuania, rima.tamosiuniene@vgtu.lt

In the expansion of volumes of industrial production, there is an increase of anthropogenic influence and deterioration of the external environment that became the reason for the impossibility of a functioning market system without taking into account negative externalities. The article considers the directions and principles of a “green economy” functioning as the basis for further development of society. The current state and trends of the impact of environmental factors on other indicators of quality of life have been analysed and comparative analysis has been made on the example of developed and developing countries. Effective indices and instruments of influence on the level of ecological and economic development and main tendencies and problems arising at the introduction of “green economy”, have been considered. The use of indicators that take into account negative externalities, such as the Pigouvian tax, has been demonstrated to be more visible than widely used indices. The losses from the negative impact on the resulting economic indicators have been analysed, and a significant decrease in the per capita GDP level has been proved with the extensive development of the economy.
Implications for Central European audience: This paper aims to contribute to the development of a green economy as part of a policy aimed at reducing environmental risks in the process of economic growth. The proposed indicators and tools for influencing the level of environmental and economic development arising from the implementation of the “green economy” as the main vector of sustainable development, which can be used further research and development and can be implemented by European companies.

Keywords: green economy; Pigouvian tax; negative externalities; resource efficiency
JEL classification: L26, Q56

Received: April 11, 2020; Revised: May 21, 2020; Accepted: July 16, 2020; Prepublished online: December 22, 2020; Published: March 19, 2021  Show citation

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Mikhno, I., Koval, V., Shvets, G., Garmatiuk, O., & Tamošiūnienė, R. (2021). Green Economy in Sustainable Development and Improvement of Resource Efficiency. Central European Business Review, 10(1), 99-113. doi: 10.18267/j.cebr.252
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. Dabyltayeva, N., & Rakhymzhan, G. (2019). The green economy development path: Overview of economic policy priorities. Journal of Security & Sustainability Issues, 8(4), 643-651. https://doi.org/10.9770/jssi.2019.8.4(8) Go to original source...
    2. D'Amato, D., Korhonen, J., & Toppinen, A. (2019). Circular, green, and bio economy: How do companies in land-use intensive sectors align with sustainability concepts? Ecological Economics, 158(April), 116-133. https://doi.org/10.1016/j.ecolecon.2018.12.026 Go to original source...
    3. Frone, D.-F., & Frone, S. (2015). Resource efficiency objectives and issues for a green economy. Scientific Papers Series Management, Economic Engineering in Agriculture and Rural Development, 15, 133.
    4. Grinevich, V., Huber, F., Karatash-Ozkan, M., & Yavuz, C. (2019). Green entrepreneurship in the sharing economy: Utilising multiplicity of institutional logics. Small Business Economics, 52(4), 859-876. https://doi.org/10.1007/s11187-017-9935-x Go to original source...
    5. He, H. (2018). Construction and application of mathematical model of energy economy. Chemical Engineering Transactions, 67, 847-85. https://doi.org/10.3303/CET1867142 Go to original source...
    6. Kostetska, K., Khumarova, N., Umanska, Y., Shmygol, N., & Koval, V. (2020). Institutional qualities of inclusive environmental management in sustainable economic development. Management Systems in Production Engineering, 28(1), 15-22. https://doi.org/10.2478/mspe-2020-0003 Go to original source...
    7. Koval, V., Mikhno, I., Hajduga, G., & Gaska, K. (2019). Economic efficiency of biogas generation from food product waste. E3S Web of Conferences, 100(2). https://doi.org/10.1051/e3sconf/201910000039 Go to original source...
    8. Mancusi, M. L., Conti, C., Sanna-Randaccio, F., & Sestini, R. (2018). Transition towards a green economy in Europe: Innovation and knowledge integration in the renewable energy sector. Research Policy, 47(10), 1996-2009. https://doi.org/10.1016/j.respol.2018.07.007 Go to original source...
    9. OECD (2019). Mortality, morbidity and welfare cost from exposure to environment-related risks [online]. Retrieved from https://stats.oecd.org/Index.aspx?DataSetCode=EXP_MORSC
    10. Owen, R., Brennan, G., & Lyon, F. (2018). Enabling investment for the transition to a low carbon economy: Government policy to finance early stage green innovation. Current Opinion in Environmental Sustainability, 31(April), 137-145. https://doi.org/10.1016/j.cosust.2018.03.004 Go to original source...
    11. Potravny, I. M., Novoselov, A. L., & Gengut, I. B. (2016). Formalisation of the general model of green economy at the regional level. R-Economy, 2(2), 225-235. https://doi.org/10.15826/recon.2016.2.2.020 Go to original source...
    12. Rodriguez-Anton, J. M., Rubio-Andrada, L., Celemín-Pedroche, M. S., & Alonso-Almeida, M. D. M. (2019). Analysis of the relations between circular economy and sustainable development goals. International Journal of Sustainable Development & World Ecology, 26(8), 708-720. https://doi.org/10.1080/13504509.2019.1666754 Go to original source...
    13. Saeed, K. (2018). Towards sustainable development: Essays on system analysis of national policy (2nd ed.). New York, NY: Routledge.
    14. Sandmo, A. (2008). Pigouvian Taxes. In S. Durlauf & L. Blume (Eds.). The New Palgrave Dictionary of Economics (2nd ed.). New York, NY: W.W. Norton. Go to original source...
    15. Schroeder, P., Anggraeni, K., & Weber, U. (2019). The relevance of circular economy practices to the sustainable development goals. Journal of Industrial Ecology, 23(1), 77-95. https://doi.org/10.1111/jiec.12732 Go to original source...
    16. Sikdar, S. K. (2003). Sustainable development and sustainability metrics. AIChE Journal, 49(8), 1928-1932. https://doi.org/10.1002/aic.690490802 Go to original source...
    17. IMF. (2018). Annual Report. Washington, D.C: International Monetary Fund.
    18. World Bank (2019). GDP per capita (current US$). Retrieved from https://data.worldbank.org/indicator
    19. Yankovyi, O., Goncharov, Y., Koval, V., & Lositska, T. (2019). Optimisation of the capital-labor ratio on the basis of production functions in the economic model of production. Naukovyi Visnyk Natsionalnoho Hirnychoho Universytetu, 4, 134-140. https://doi.org/10.29202/nvngu/2019-4/18 Go to original source...
    20. Yeshchenko, M., Koval, V., & Tsvirko, O. (2019). Economic policy priorities of the income regulation. Espacios, 40(38), 11. Retrieved from https://www.revistaespacios.com/a19v40n38/a19v40n38p11.pdf
    21. Newton, A. C., & Cantarello, E. (2014). An introduction to the green economy: Science, systems and sustainability. Routledge. Go to original source...

    This is an open access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), which permits non-comercial use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content