WHY IS THE TRANSITION TO A GREEN ECONOMY IMPORTANT FOR ACHIEVING SUSTAINABILITY? A REVIEW OF SOME THEORETICAL APPROACHES AND EMPIRICAL RESEARCH PRESENTED IN THE LITERATURE

Abstract

The transition to a green economy and sustainability have recently emerged as crucial topics in modern economic theory. The green economy is a sustainable vision for prosperity and growth that can enhance quality of life and the whole economy while increasing ecological and social well-being. Promoting the creation and acceptance of sustainable technological innovation is essential to a green economy approach. The major goal of this article is to highlight the importance and factors of transitioning to a green economy for achieving sustainability by reviewing the findings of theoretical approaches (microeconomic and macroeconomic) and empirical research. This article also contributes by outlining the crucial macroeconomic challenges of a green economy transition in achieving sustainability and responding to environmental hazards. In order to clarify the numerous aspects of a green economy, this article provides a generic framework that embraces a number of thoughts, ideas, and concepts and investigates how they connect to sustainability. This paper also addresses some difficulties that decision-makers must adequately recognise to pursue sustainable and efficient transformation and recommends a few directions for future research.