Abstract
Sustainable development represents one of the key items on the agenda of governments across the globe. In parallel, numerous important acts on sustainable development have been adopted on both international and national levels, proclaiming ambitious targets on building fossil-fuel-free economies, greenhouse gas emission reductions, and environmental protection. However, some countries, particularly the Scandinavian region, significantly lead when it comes to the fulfilment of sustainable development targets, hence being a useful example for other countries to follow. On the other side, Serbia, a developing Southeast European country aiming to become an EU member state, is still at the early phase of transition towards a greener economy. Therefore, in this study, a comparative analysis between Serbia and Denmark has been conducted in the fields of clean energy production, sustainable manufacturing, and investments in green technology, to derive some useful lessons that can be applied to Serbia. Results suggest that, opposite to Serbia, broader inclusion of different stakeholder groups was implemented in Denmark, thereby ensuring decentralisation and democratisation of the whole process. Exactly in these areas could be found points for further improvements in Serbia, related to the wider political debate and stakeholders' inclusion, regulatory changes, decentralisation of energy sector, and broader involvement of financial institutions.
Highlights
Economies on the global level are facing numerous challenges nowadays
The main results from the analysis suggest that Denmark holds an advanced position among the EU countries when it comes to the green economy achievements
This study conducted the comparative analysis of transition towards the sustainable economy in Denmark and Serbia, considering three important aspects of sustainable development- clean energy, sustainable manufacturing and investments in green technologies
Summary
Economies on the global level are facing numerous challenges nowadays. As a dominant political and economic system in the world, capitalism in its current form has been showing various limitations over the past several decades, while future industrial development will have to be aligned with the principles of sustainable development. Countries across the globe have achieved different levels of success in the transition towards more sustainable economies, with the Scandinavian countries often being recognised as leaders. Denmark has been widely praised as a highly successful country, recognised as a positive example for other countries to follow. Serbia is still at the early stage of implementation of sustainable development principles, significantly lagging behind the developed countries of the EU. Aiming to become a member state of the EU, Serbia will need to accelerate its path toward a greener economy, as well as to keep in line with the EU standards [1]
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