Aligning the Criteria of Green Economy (GE) and Sustainable Development Goals (SDGs) to Implement Sustainable Development

Role of green finance, green bonds, public private partnership, and technology innovation in carbon neutrality and sustainable development

In recent years, global attention has increasingly turned towards the urgent goal of eliminating carbon emissions. Evaluating new methods may be the key to achieving environmentally responsible growth. This study examines the impact of China's public-private energy partnerships on CO2 emissions from 1990Q1 to 2022Q4, employing Dynamic Ordinary Least Squares (DOLS) and fuzzy multi-objective least squares (FMOLS) econometric regression methods. Our analysis incorporates sustainability efforts, renewable energy sources, environmentally sound finance, and technological advancements to provide a comprehensive understanding of CO2 emissions dynamics. Our findings reveal that expanding access to credit has facilitated the development of green financing, resulting in a favorable environmental impact of China's economic growth and public-private partnerships. The reduction in carbon dioxide emissions is counter balanced by the positive effects of technological progress, increased utilization of renewable energy sources, and enhanced power efficiency. We highlight the multiplying effect of these factors, underscoring the need for global public-private collaborations in the energy sector to significantly lower carbon emissions and to achieve sustainable development goals. We assert that policymakers tasked with facilitating China's transition to renewable energy sources must prioritize environmental preservation, technological advancement, and the optimal utilization of renewable resources to achieve lasting sustainability.

Assessing the environmental effects of ICT and renewable energy: roles of financial development, innovation, and trade

In today's world of rapidly expanding economies, the fundamental aim of most nations is to raise the quality of living for their citizens. The investigation aims to analyze how environmental rules affect the emergence of environmentally conscious economies. This research focused on China's 26 provinces to investigate the elements influencing green economic development. These components included information and communication technology (ICT), industrial structure (IND), human capital (EDU), and foreign direct investment. Spatial modeling and SBM methods were utilized to show that there is still a connection between the variables after all these years using yearly time series data that began in 2000. Overall, the results suggest that environmental regulation helps green economic development (GDE), whereas industrial structure significantly hinders. Similar to the previous point, information and communication technology has a favorable influence on building a sustainable economy. The problem of ensuring long-term economic growth via information and communication technology is complicated and has scholars engaged in exciting discussion. The expansion of the green economy is also affected by factors such as human capital and foreign direct investment. This study's findings illuminate the economic effects of environmental regulations and support the contention that such laws are necessary for accomplishing the win-win goals of green economic development and environmental protection. This means that the research provides a fresh perspective to consider the monetary effects of environmental restrictions.

Green economy performance and sustainable development achievement: empirical evidence from Saudi Arabia

As a pillar of United Nations, the Kingdom of Saudi Arabia pursues to greener its economy and achieve the Sustainable Development Goals of the 2030 Agenda. The green economy represents a catalyzer for sustainable development in its three dimensions -economic, social and environmental- aiming to improve human well-being and social equity and reduce environmental risks. However, the relevant previous studies lacked the role of green economy on sustainable development for the Saudi Arabia. For this purpose, this paper aims to explore how green is the kingdom and analyze its performance toward sustainable development from 2015 to 2020. To do so, we adopt the EEPSE Green Economy Index that combines educational, economic, political, societal and environmental indicators associated with the pillars of the Quintuple Helix Innovation Model. In this study, this index is composed of 42 indicators related to the green economy and the sustainable development. The empirical results suggest that the Saudi Arabia witnessed a significant progress of EEPSE GEI score. In addition, the findings support that the performance of the kingdom regarding the green economy is affected after the COVID-19 crisis. Thus, the paper provides original visions for policy makers to encourage the transition to green economy which constitutes the main locomotive to attain the economic, social and environment sustainability for the kingdom.

Can Green Economy and Ecological Welfare Achieve Synergistic Development? The Perspective of the "Two Mountains" Theory

China’s high-speed economic growth and severe environmental problems have resulted in a poor Environmental Performance Index and have affected China’s sustainable development and ecological welfare improvement. Therefore, exploring whether there is a certain relationship between the two and their influencing factors is an important way and a breakthrough to solve the problems regarding green economic progress and ecological welfare enhancement. To this end, by using the undesirable slack-based measure (SBM) model, this paper measures the ecological welfare performance and the green economic efficiency of 11 cities in Zhejiang Province, China, from 2000 to 2019. Through the methods of spatiotemporal evolution, coefficient of variation, coupling coordination degree, and the Tobit model, we found that: (1) The development trend of urban green economic efficiency and ecological welfare performance were both in a “U” shape that first fell and then rose; (2) The coupling coordination degree between green economic efficiency and ecological welfare performance showed a wave-like upward trend as a whole and most cities have entered a more advanced coupling coordination stage during the study period. The coefficient of variation revealed a downward trend; (3) The urbanization level, industrial structure, and government investment can promote the regional coordinated development, while the industrialization degree and the opening level had a negative impact on it; (4) The “Two Mountains” theory was beneficial to the improvement of regional urban green economic efficiency and ecological welfare performance and their coordinated development both in theory and practice. Finally, according to the findings, we offer relevant suggestions on making good use of the country’s preferential policies and informatization means from the perspective of the regional coordinated development.

Income Tax Progressivity and Nonreligion in Central and Eastern Europe: A Case of the Czech Republic

Our paper focuses on the tax progressivity and nonreligion in central and eastern Europe using an example of the Czech Republic, one of the most atheistic countries in the world. Religion might imply formal affiliation with a certain confession or active church attendance, but it might also become a determinant of taxation preferences. We employ ordinal regression analyses to study direct and mediation effects of both church affiliation and church attendance on a representative sample from the Czech Republic (n = 1924, 54.8% female, aged 18–95, M ± SD: 52.0 ± 16.9; 19.4% with higher education) controlling for employment status, social class and socio-demographics. The results suggest that neither church affiliation nor church attendance were related to desired income tax progressivity; social class plaid the most important role. The frequency of church attendance was significantly related to the perceived adequacy of taxation of higher incomes, where the more respondents attended the religious services, the more they believed that the taxes on the rich are too high. However, the churches’ ideas to help the needy were manifested in the preferences for international tax progressivity, where the frequent churchgoers were more inclined to the idea that the rich countries should pay additional taxes to help the poor countries. These controversial results may indicate the rivalrous position of the church and the state in the Czech Republic in terms of taxation of the wealthy. We suggest that under the condition of no church tax, the state taxation of the rich may be viewed as diverting funds, which could otherwise be directed to the church. These results might be of some interest to the state, the church and to the academic researchers alike and significantly contribute to the discussion on specific features of nonreligiosity in central and eastern Europe.

Novel Insights in the Leadership in Business and Economics: A Post-Coronavirus Update

Our world is evolving at an incredibly enormous speed and what was impossible three years ago is now a reality. The concept of leadership and leaders has also undergone profound transformations. Moreover, the recent COVID-19 pandemic caused a digital surge in the ways economic life, business, or education are perceived or conducted. The pandemic proved that small and large businesses, industries, and the whole economies can be suddenly upended by massive technological shifts. Hence, there is a need for a theoretical research update in leadership in business and economics that would bring new insights into this topic and define its place within the context of Sustainable Development Goals (SDGs). Our paper presents the novel insights for the leaders and the leadership concept in business and economics from various approaches and angles of view in the light of the COVID-19 pandemic with a focus on sustainable leadership and organizational resilience. It aims at outlying the theoretical background of leadership in business and economics after the pandemic and bringing up interesting and recent leadership case studies from all around of the world. Moreover, this paper aims as sharing the valuable insights into what it means to be a sustainable leader in business and economics, why leaders are needed, and how to become one. The main criteria of this research and its instrumentation include both the theoretical discussion based on the literature review and analysis and the empirical analysis that supports these theoretical provisions. The paper features an empirical model that assesses how business and economic leaders are searching for new ways of work and personal development during and after the COVID-19 pandemic using the own data from the 400 respondents collected in the Czech Republic and Russia. We found that the pandemic enhanced the emotional creativity of business and economic leaders and made them to invest and engage more into using new digital technologies and fundamentally altering the old ways of managing and governing their respective companies and institutions. Our results might provide valuable food for thought both for academics working on various angles of leadership, as well as for entrepreneurs and businesspeople who want to receive recent updates on the topic of leadership to use them in their daily work.

Revealing Renewable Energy Perspectives via the Analysis of the Wholesale Electricity Market

The wholesale electricity and capacity market constitute the backbone of the Russian power industry. It is in this market that large suppliers and buyers operate, and its entire turnover is consequently transmitted to the retail market. Our paper presents a theoretical overview of the main tools for forming the cost of electricity and capacity in the wholesale market in Russia (depending on the regional affiliation), the type of end users, and the degree of state participation. We consider the specifics of the formation of the cost of electricity and capacity in the price and non-price wholesale markets of Russia, which differ in territorial, climatic, and economic characteristics, as well as the established structure of generation. In the empirical part of the paper, we carry out a structural analysis of the volumes of trade in electricity and capacity in the price and non-price zones of the market. Furthermore, we explain the reasons for the current dynamics of prices in the wholesale market. Using the obtained results, we calculate the maximum annual effect of the solar power plant operation in various zones of the Russian wholesale market, as well as in the retail market. In addition, we estimate the economic incentive for the transition of the functioning of power facilities from the wholesale to the retail market. Our results can be of considerable practical importance and might be used for improving the strategy for the development of the electric power industry at the regional level both in Russia and in the other countries.

Do financial regulations matters for sustainable green economy: evidence from Turkey

The attention of scholars and policymakers on the achievement of sustainable green economy has been on increase; however, the topic has not been exhaustively investigated. This study empirically investigates the implications of financial regulations on sustainable green economy in Turkey utilizing a time series data spanning from 1996 to 2019. This study employed Perron and Lee-Strazicich unit root test in the presence of structural break point for examining the stationarity properties of the series and FMOLS, CCR, and ARDL for estimating the long and short-run effect of the financial regulations on carbon productivity. Our study demonstrates that rule of law, economic freedom, and inflation have a significant long-run relationship with carbon productivity as confirmed by FMOLS and CCR, while rule of law, regulatory quality economic freedom, and inflation were confirmed by ARDL to have long-run causal relationship with carbon productivity. In addition, our study found that control of corruption, government effectiveness, rule of law, regulatory quality economic freedom, and inflation have a short-run causal effect on carbon productivity. Finally, this study concludes that financial regulations is significant for achieving sustainable green economy in Turkey and as such should be accorded adequate attention by the policy makers.

On the Road to a Green Economy: How Do European Union Countries ‘Do Their Homework’?

Multidimensional crisis phenomena (financial–economic, environmental and social), plaguing the international community, especially in the last 30 years, have intensified resentment towards traditional models of growth and socio-economic development. The European Commission has placed the idea of a green economy (GE) at the heart of the Europe 2020 strategy. This paper presents an assessment of the implementation of the green economy assumptions in EU countries in 2018, taking 2010 as the base year. Using taxonomic methods, a synthetic evaluation index (GEI—Green Economy Index) was constructed based on a multi-criterion set of 27 indicators. This paper attempts to answer the following questions: How green are the European economies? What are the main challenges in this context? The average value of the index for the EU countries decreased in the studied years from 0.3423 to 0.3294, which can be interpreted as a slowdown in the greening processes. The key recommendations for the upcoming years include the improvement of energy efficiency indicators, the further increase in the share of renewable energy sources in the energy balance. Moreover, a significant problem continues to be the high percentage of the population at risk of poverty or social exclusion, as well as low CO2 and resource productivity rates.

Environmental Production Efficiency in the European Union Countries as a Tool for the Implementation of Goal 7 of the 2030 Agenda

The main purpose of the paper is to present a proposal to measure the relationships between Goal 7 of the 2030 Agenda for Sustainable Development and one of the areas considered in the green growth concept: environmental production efficiency. Both of these areas illustrate the relationship between the natural environment and the economy, emphasizing transformations in the field of energy use. Selected taxonomic methods, TOPSIS, and multicriteria taxonomy, were applied to study the relationships between the two areas. The results of the EU countries classification showed a variety of countries’ development pathways within a single economic community. Despite continued attempts to equalize the development levels between European Union countries in many strategic areas, they remain highly diversified. That is also true for the areas analyzed in the paper, which is a disturbing situation, indicating that both strategies might not correlate in all respects. Further research into the relationships linking the remaining dimensions of both strategies is required.

Bacterial Nanocellulose toward Green Cosmetics: Recent Progresses and Challenges

In the skin care field, bacterial nanocellulose (BNC), a versatile polysaccharide produced by non-pathogenic acetic acid bacteria, has received increased attention as a promising candidate to replace synthetic polymers (e.g., nylon, polyethylene, polyacrylamides) commonly used in cosmetics. The applicability of BNC in cosmetics has been mainly investigated as a carrier of active ingredients or as a structuring agent of cosmetic formulations. However, with the sustainability issues that are underway in the highly innovative cosmetic industry and with the growth prospects for the market of bio-based products, a much more prominent role is envisioned for BNC in this field. Thus, this review provides a comprehensive overview of the most recent (last 5 years) and relevant developments and challenges in the research of BNC applied to cosmetic, aiming at inspiring future research to go beyond in the applicability of this exceptional biotechnological material in such a promising area.

Innovations in achieving sustainable economic performance under income inequality

The negative effect of income inequality on economic growth represents a topic that constitutes a broad topic of research in the standard economic theory. One of the immediate consequences of income inequality is diminished consumption. Many «poor» customers cannot provide sufficient demand for the producers, causing overproduction that might lead to an economic crisis. It constitutes a problem because sustainable economic performance needs to be achieved under the conditions of income inequality. Reducing social and economic inequality in countries is an essential step towards ensuring that no one is left behind. It is also part of the 10th Sustainable Development Goal aimed to reduce it by 2030. Inequality is based on the income distribution between the top 1% and the bottom 99% of households in any given country. The degree of inequality could play a beneficial role if it is driven by market forces and is associated with incentives to increase growth. In developing and emerging countries, greater equality and improvements in living standards are needed to enable populations to flourish. Inequality reduction is one of the most critical steps a government could take to improve the well-being of its population. The income inequality growth increases human capital in poor countries and reduces it in high and middle-income countries. In poorer countries, it increases them, but in higher – and middle-income countries, it reduces them. Income inequality could be reduced by improving human capital and general skill levels, correcting labor-market policies, and making better use of financial services. In turn, sustainable economic growth could reverse the negative effects of inequality, reducing the need for high-wage and higher-earning households. Thus, it provides higher economic growth. This paper discusses three ways to circumvent the impact of decreasing consumption on economic growth adopted in developing economies over the last fifty years, such as increasing exports, providing loans for consumption, and printing new money. The findings showed that none of these methods seem to be sustainable in the long run. Thus novel and innovative mechanisms that would allow our economy to reduce inequality are necessary and need to be put into place.

Green Technology and Sustainable Development: Assessment and Green Growth Frameworks

The aim of this study is to investigate the characteristics of a sustainable development assessment methodology being designed in the context of green technology. The methodology in question is based on indicators from the Sustainable Development Goals Index (SGDI), specifically in its ecological component. These indicators underlie an Averaging Sustainable Development Index (ASDI) and a Normalized Sustainable Development Index (NSDI). The resultant methodology was applied to 20 countries from the SDGI ranking. According to the research results, the intensive activity of the brown industries in the United Arab Emirates, Kazakhstan, the United States, Korea, and Russia resulted in significant carbon dioxide emissions. Switzerland, Kazakhstan, and Russia had high scores on sustainable management of water and sanitation. Russia was the only developed country to have an ASDI higher than its SDGI and its gap between NSDI and ASDI indexes was not significant, indicating a positive trend in greentech development. The reason why NSDI was increasingly different from SDGI was that countries leading the socio-economic rankings had higher consumption of energy and resources, and a much greater environmental footprint than those countries that consumed less. The originality of this study is that it identifies gaps between NSDI and ASDI values, which indicate that conditions for greentech adoption in most developing countries are unfavorable.

What Factors Affect the Level of Green Urbanization in the Yellow River Basin in the Context of New-Type Urbanization?

Promoting new-type urbanization with the concept of green development has become an inevitable requirement for high-quality development in the Yellow River Basin. Grasping the development trend and influencing factors of green urbanization level in the Yellow River Basin is of great significance for implementing the international conventions on environmental protection and participating in global environmental governance. This paper selects the green urbanization level panel data of nine provinces in the Yellow River Basin from 2006 to 2018. Then, principal component analysis and factor analysis are applied to measure and evaluate the green urbanization level of each province. Furthermore, this paper constructs a dynamic panel estimation model and uses differential generalized method of moments (DIF-GMM) model and system generalized method of moments (SYS-GMM) model to explore the influencing factors. The results show that the overall level of green urbanization in the Yellow River Basin has steadily and rapidly increased, and there are significant spatial differences. The green urbanization level of eastern provinces is significantly higher than that of central and western provinces. In addition, the overall level of green urbanization shows a convergence trend. From the perspective of influencing factors, the factors that have significant positive effects on the level of green urbanization include economic development level, technological innovation level, and urban size. Industrial structure, foreign direct investment (FDI), and education level counteract the level of green urbanization. However, environmental regulation strength and opening degree fail to pass the significance test. Therefore, it is necessary to promote and upgrade industrial transformation, improve the quality of opening up, and strengthen cooperation in technological innovation and environmental governance. There are requirements that the government control the urban size and population scientifically and implement the environmental access system strictly in order to improve the level of green urbanization in the Yellow River Basin. It is more possible to achieve harmonious economic and ecological environment development.

Fostering Green Entrepreneurship and Women’s Empowerment through Education and Banks’ Investments in Tourism: Evidence from Serbia

The aim of our research is to consider the potential for women’s empowerment through tourism and women’s equality inherent in the green economy. In addition, our research should shed more light on the women’s dimensions of green growth, especially in the context of development of entrepreneurship in tourism. In line with this, our approach in the study combines a women’s perspective with green growth and entrepreneurship development in the tourism sector in Serbia. The research was carried out in the most important tourist centers in the country, such as Novi Sad, Nis, Zlatibor, Vrnjačka Banja, and Sokobanja. This study showed that insufficient attention has been dedicated to this industry from the perspective of its benefits for women. In addition, the research indicated that, in the field of tourism, women mostly prefer special programs of education that are adjusted to the job requirements that they have already been performing or to a similar job that they are just about to start. It is necessary to involve them more often in various projects that encourage their further empowerment. The research also discovered gaps in the supply of finance between the needs of green entrepreneurs in tourism and what the financial system is willing to provide to them. Firstly, there is a lack of appropriate lending products offered by the commercial banking sector. In particular, a combination of financial support and suitable financial tools to encourage women’s initiatives for start-ups in tourism is missing.

Taxonomic Assessment of Transition to the Green Economy in Polish Regions

In this paper, an aggregate indicator of a regional green economy (Regional Green Economy Index—RGEI) was proposed and applied to assess the level of green economy in Polish regions and its changes in the period 2004–2016. The TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) method was applied, which is one of the multi-criteria decision making methods (MCDM), widely used to assess the spatial diversity of socio-economic phenomena. Common reference values (ideal and anti-ideal solution) were used for variables for the entire study period. It allowed not only for creating a ranking of regions, but to assess progress towards the green economy as well. It was found that all regions of Poland made progress in this respect. Most importantly, the regions ranked the worst before Poland’s accession to the European Union, made substantial progress. It was stated as well that none among the studied regions had high values of all variables included in the aggregate index. The maximum value of the RGEI index was about 0.5, while the index range is [0,1]. Additionally, an important finding was the fact that the weights of all diagnostic variables obtained using information entropy method were about equal, which confirms the approach of researchers and institutions who do not use weighting in aggregate indicators for well-being or sustainable development—which means implicitly using equal weights.