Abstract
This article addresses sustainable economic development under the green investing impact. The authors emphasize that a favorable investment climate attracts green and socially responsible investors contributing to green economic transformation. The research aimed to conduct a retrospective analysis of green transformation to determine the main driving forces and preconditions for sustainable economic growth. The relevance of the decision of the investigated scientific problem is that the green investments contribute to the harmonization of the three main pillars of sustainable development (society, economy, and environment) under the growing burden of climate change. The research object was the EU countries. The analysis covered data from 2014 to 2019 for empirical calculation and from 2000 to 2020 for bibliometric analysis. To achieve the research goal, the study involved the scope of bibliometric and econometric tools. The findings of bibliometric analysis allowed to determine the main driving forces of the economic growth and green investments considered in the literature. The obtained results empirically confirmed and theoretically proved that strengthening and developing sustainable economic performance significantly depends on the success of the green transformation under investments growth. The authors stated the necessity to further explore green investment markets on the national levels to improve the incentive mechanism for developing a green investment market.
Highlights
The world community has become more concerned about adverse climate change
Based on the above findings, this study identified that scientists investigated sustainable economic development from different points of view while mostly concerning green investments and the growth of renewable energy consumption (Yelnikova and Barhaq, 2020; Marshall et al, 2021; Lyeonov et al, 2021, Lyulyov et al, 2021)
For checking the research hypothesis on the contribution of green investments to sustainable economic prosperity, this study employed the intensive form of the Cobb– Douglas function (1) based on the methodology proposed by Lyulyov et al (2021)
Summary
The world community has become more concerned about adverse climate change In this view, green investments have a crucial role since they allow to mitigate climate change through empowering the projects addressed the reducing CO2 emissions, air, and water pollution, accelerating the achievement of sustainable development goals, increasing green awareness, etc. Green investments have a crucial role since they allow to mitigate climate change through empowering the projects addressed the reducing CO2 emissions, air, and water pollution, accelerating the achievement of sustainable development goals, increasing green awareness, etc It stands to note the lack of consensus on the definitions of green investments (green bonds, environmental, social and governance investing, green securitization, green mutual funds, socially responsible investing, etc.) (Inderst et al, 2012). They allow estimating the potential risks and opportunities of business activity while increasing the information transparency for making investment decisions
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