Abstract
The aim of the paper is to analyze the sustainability of green economy financing, to determine how and to what extent green economy is financed in the Republic of Serbia, the countries of the ASEAN Association, and what the economic instruments for achieving green growth are. The emphasis will be placed on green bonds, modern securities, as well as the impact they have on international projects for using renewable energy sources. At the Earth Summit of the United Nations Conference on Environment and Development (UNCED), a plan of action Agenda 21 was adopted. Some time after the adoption of the plan of action, some favorable changes occurred in the models of financing sustainable development and the amounts of international financial transfers were defined in less developed countries of 125 billion dollars a year. Due to international activities, projects of transferring international financial resources were created with the aim of directing them from the developed to underdeveloped countries to help development of green economy. Since Serbia is one of the less developed countries and in the process of transition for a very long time, a specific recommendation for its own green finance projects can be found, based on the practice from modern countries. As an example of an advanced country that is largely on the path of sustainable development and use of renewable energy sources, the authors have taken into consideration Singapore and compared it with Serbia. The paper gives a certain contribution in terms of analyzing the development of green economy in one of the countries of the ASEAN Association (Singapore) and in Serbia, which is only paving its way of sustainable development, the use of renewable energy sources and forms of green finance.
Highlights
We first published the Global Green Economy Index in 2010 guided by a belief that the environment, climate change and green, low carbon growth would rapidly become defining issues for national policy makers and the global reputation of countries
In releasing the 4th edition of the Global Green Economy IndexTM (GGEI), we are proud to share the following updates, illustrating further progress towards a goal of becoming a leading benchmark in the global green economy: The GGEI covers 60 countries and 70 cities, a substantial increase from 27 nations covered in the last 2012 edition; It continues to track how investors rank the appeal of different markets as targets for green investment; It provides a global measure of national performance in key efficiency sectors, including buildings, transport, tourism and energy; This new edition integrates environment & natural capital to the GGEI calculation for the first time, measuring both perceptions and performance of environmental areas like air quality, water, forests and agriculture
The results from the 2014 Global Green Economy Index reveal a wide range of insights relevant to policy makers in the governments being measured, as well as international organizations, civil society and private actors interacting with them
Summary
We first published the Global Green Economy Index in 2010 guided by a belief that the environment, climate change and green, low carbon growth would rapidly become defining issues for national policy makers and the global reputation of countries. As we went to press on this 4th edition of the GGEI, 2,646 events in nearly 162 countries mobilized pressure on over 100 world leaders gathered in New York at the United Nations to take substantive and binding action on climate change The link between these issues and the reputation of leaders and nation states is more vivid today than ever before. Green economy and green growth – powerful approaches to reorienting global growth on more sustainable pathways – are still understudies to the starring role played by climate change in international discourse In this context, we publish the Global Green Economy IndexTM (GGEI) as a communications tool, to empower policy makers, international organizations and the private sector with a reference point for both national performance in the green economy and how experts rank that performance over time. In releasing the 4th edition of the GGEI, we are proud to share the following updates, illustrating further progress towards a goal of becoming a leading benchmark in the global green economy: The GGEI covers 60 countries and 70 cities, a substantial increase from 27 nations covered in the last 2012 edition; It continues to track how investors rank the appeal of different markets as targets for green investment; It provides a global measure of national performance in key efficiency sectors, including buildings, transport, tourism and energy; This new edition integrates environment & natural capital to the GGEI calculation for the first time, measuring both perceptions and performance of environmental areas like air quality, water, forests and agriculture
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