Environmental Economy and Green Transition in the European Union: Two Complementary Concepts

Abstract

Abstract The environmental economy and green transition are closely related concepts that focus on promoting new sustainable paths and economic growth and reducing the negative impact of activities on the environment. Therefore, the environmental economy and green transition have become two of the most important directions in the continuing development of the world. The environmental economy involves the ongoing progress of green technologies, green energy, and different activities aimed at changing society’s attitude toward more environmental solutions and policies. The environmental economy is a discipline that studies the economic effects of environmental products, services and policies in different realities, economies, and societies. It includes goods and services that help to preserve the stock of natural resources and protect the environment. The green transition refers to the process of transforming people, planet, and partnerships to an environmentally friendly economy. This includes also implementing policies and practices that reduce greenhouse gas emissions, promote energy efficiency, increase the use of renewable energy sources, and reduce waste and pollution. The aim of this paper is to analyze, based on Eurostat data, the evolution of the environmental economy for the EU Member States, considering that the topic has nowadays prompted both governments and corporations to make commitments and place increasing emphasis towards protecting the environment and promoting a sustainable economic development through various programs or regulations. Additionally, this article is also aiming to observe the influence of the environmental economy on exports across the EU and understanding the process of having a green transition.