This issue of Natural Resources Forum considers the relations between sustainable development and the “green economy”. It is intended as a contribution to the discussions that are currently developing in the run-up to the United Nations Conference on Sustainable Development (UNCSD, or “Rio +20”), which will be held in June 2012 in Rio de Janeiro, Brazil. The conference will mark the 20th anniversary of the Earth Summit, also held in Rio, which firmly put sustainable development on the international political agenda. The objective of the Conference, as stated by UN Member States, is “to secure renewed political commitment for sustainable development, assessing the progress to date and the remaining gaps in the implementation of the outcomes of the major summits on sustainable development and addressing new and emerging challenges” (UN, 2009).narf_1398 151..154 The General Assembly resolution identified two themes (not excluding others) for the conference: “a green economy in the context of sustainable development and poverty eradication”, and “the institutional framework for sustainable development”. This issue of Natural Resources Forum focuses on the first theme. The wording “green economy” has had a long history in the academic world. The paradigm and its underlying ideas are introduced in the book Blueprint for a green economy by David Pearce, Anil Markandya and Edward Barbier (1989). One of the key arguments developed there and in related environmental economics work is that the current price system results in an allocation of resources in the economy that is biased against the environment. Environmental assets and services, as supports for economic and social systems broadly and more specifically as inputs in production, are undervalued or not valued, resulting in inefficient consumption of natural resources as well as environmental degradation. Similarly, the costs of pollution are generally not paid by the polluters but are transferred to the public. Therefore, correcting the price system faced by agents in the economy would lead to more favorable environmental outcomes. During the last 20 years, these ideas have been developed and debated in academia and have given rise to a large body of literature. For an in-depth examination of the theoretical and empirical issues involved as well as associated references, I refer the reader to the book by Eric Neumayer (Neumayer, 2010). These developments have been paralleled in the policy arena by different initiatives going by various names, including environmental tax reform, “green growth”, “green economy”, “green jobs”, “green stimulus” and “global green new deal”. These initiatives have involved individual countries, UN organizations such as UNEP, ILO, and the UN Economic and Social Commission for Asia and the Pacific (ESCAP), and other intergovernmental organizations such as the OECD. The OECD’s Green Growth strategy document was recently published (OECD, 2011). Among the UN initiatives, UNEP’s Green Economy Report has perhaps been the most publicized (UNEP, 2011). The usefulness and appropriateness of green economy as a paradigm for furthering sustainable development are currently debated in academic and policy circles, in think tanks and groups concerned with sustainable development, as well as in the general press. Opinions expressed tend to reflect strongly differing world views. A point on which everyone seems to agree is that prices faced by producers and consumers in the global economy do not reflect environmental and social costs adequately. Among the divisive issues is the place of markets in a “solution” to current unsustainable trends in resource consumption, pollution and use of the global commons. Whether the set of institutions under which the current global economy operates can be mended to deliver more sustainable outcomes is also the object of a wide range of opinions. The articles featured in this special issue echo a small subset of the topics covered in current academic and policy debates. In particular, they provide insights to the following questions. Under what constraints will a green economy have to take place if we are serious on addressing climate change? What can past technological transitions teach us about the feasibility of a green energy transition? How can institutions (in a broad sense) foster more sustainable Natural Resources Forum 35 (2011) 151–154