Sustainable Economic Development Strategy Research Articles

Формирование и оценка инвестиционной привлекательности региона в основе экономического развития государства

The condition for the effective development of any socio-economic system is the availability of investments as an important source of economic growth of the state. In modern conditions, attracting investments is the most significant task and one of the main components of the development of the domestic economy. Investment attractiveness is an important component of the strategy of sustainable economic development of the state, therefore, its research and evaluation are of great theoretical and practical importance. The article substantiates the directions of formation of the investment attractiveness of the regional economy. The priorities of assessing the investment attractiveness of the region are highlighted, including the analysis of the investment potential of the region’s economy and the determination of the impact of risks. It is established that the principles of selecting indicators of investment attractiveness of the economy of regions should include: purposefulness, uniformity, objectivity, reliability, realism and scientific.

THE ROLE AND POTENTIAL OF ISLAM CAPITAL MARKET IN SUSTAINABLE ECONOMIC DEVELOPMENT

Islam capital markets play an important role in promoting sustainable economic development through financial instruments that comply with Islam principles. The journal discusses the role of the Islam capital market as a source of funding and financial access in the context of sustainable economic development. Through the research method of literature studies that gather data through the study of libraries related to the discussion of this journal. In the results of the research found the important roles of capital markets in sustainable economic development, which to maximize the potential of the islam capital market in the sustainable development of the economy, cooperation between the government, financial institutions, and islam market players is necessary. However, in addition to the continued economic development, there are also obstacles within it. Where governments need to create regulations that support the development of Islam capital markets and integrate them into sustainable economic development strategies. Financial institutions and Islam capital market players need to continue to develop innovative products and services that meet market needs and promote sustainable business practices.

Real Estate Cadastre in the Republic of Moldova: Current Status and Prospects (an interdisciplinary study)

Shaping and improvement of market infrastructure plays, combined with security of property rights, an important role in the implementation of the national sustainable economic development strategy — to include development of the real estate cadastre, whose information underlies most decisions made in private and public sector regarding prudent use and management of land, securing of property rights to real estate, promoting decentralization policies in respect to public property and public budgets. An up-to-date multipurpose real estate cadastre is discussed applying a synergetic approach that involves consideration of the cadastre’s legal, technical, economic, institutional and social aspects. This empirical interdisciplinary study supports the real-estate-cadastre-as-a-system hypothesis.

A Coexisting Strategy of Economic Development and Environmental Protection

It is impossible to separate economic development from industrial development. It should be noted, however, that industrial development has a detrimental effect on the environment. Consequently, pollution of the environment will require a large number of workers and material resources to control, which is contrary to the original intention of economic development. The development of economic activity should not ignore environmental protection but should strive for a common development of economic development and environmental protection and integrate environmental protection awareness into economic planning so that economic growth and environmental protection can be mutually beneficial. This type of economic development is considered low-level, assuming that environmental resources are consumed without limit, and environmental governance issues are ignored. Our organization pursues a high-level and sustainable economic development strategy. Therefore, we need a high-level and sustainable strategy for economic development. As a result, we hope this paper will serve as a reference for those interested in symbiotic development that considers economic development and environmental protection as research subjects.

Efficient glycolysis of recycling poly(ethylene terephthalate) via combination of organocatalyst and metal salt

The recycling of discarded polyethylene terephthalate (PET) is an effective way of catering to global sustainable economic development strategies. It is well known that catalysts play a crucial role in the degradation of PET, based on the fact that most of the currently available catalysts have some disadvantages, including complex preparation process, severe reaction conditions and insufficient reaction efficiency. Herein, we report a combination of metal catalyst and organoazacyclic 1,8-diazabicyclo [5.4.0]undec-7-ene (DBU) as cooperating catalysts were used to depolymerize waste polyethylene terephthalate into bis(2-hydroxyethyl) terephthalate (BHET) directly. Screening of several metal salts under optimal conditions showed that zinc acetate ((Zn(OAc)2) was the most effective co-catalyst. The waste PET could be completely depolymerized at 180 °C for 77 min with the weight ratio of EG/PET was 3:1 and the molar ratio of Zn(OAc)2/DBU was 1:2, and the content of BHET in the recrystallized product reached 78.2%. Kinetic studies showed that the activation energy of depolymerization of PET was 115.48 kJ/mol. It was speculated that the hydrogen bond formed by Zn(OAc)2/DBU and EG exhibited excellent catalytic effect in the glycolysis process. Therefore, it is hopeful that this simple and mild composite catalyst can provide industrial ideas for recycling other waste polyesters.

INTERNATIONAL TRADE: PARADOXES AND SIGNALS OF A SUSTAINABLE RECOVERY

Structural changes taking place at the present stage of development of international trade lead to a qualitative renewal of its architecture, affecting many aspects of the international division of labor. The purpose of the study is to assess the possibilities and parameters of the restoration of international trade, to identify problems associated with the multilateral regulation of international exchange, which has become more complicated due to the crisis caused by the coronavirus pandemic. The collapse of international trade was found to have put a brake on many value chains at the global level, especially in services. However, one should not idealize the trend of international exchange turning towards deglobalization, since there are natural limitations associated with traditional competitive advantages and sustainable economic development strategies of the largest exporting and importing countries. Overall, we note a slow recovery in international trade compared to the recovery in the global economy as a whole, which continues to be driven by the pressure of ongoing quarantine restrictions. Additional stress for the further development of international exchange are trade and geopolitical conflicts between individual countries. At the same time, the crisis that has arisen allows us to consider from a new perspective the possibilities of participating in interregional trade agreements from the point of view of restoring trade relations between countries.

CONVERGENCE OF INSTITUTES OF FUNCTIONAL REPRESENTATION OF GROUP INTERESTS UNDER TRANSFORMATION OF SOCIAL PROCESSES, QUALITY OF LIFE, AND HUMAN CAPITAL

Purpose: This article substantiates the influence of mechanisms, methods, and technologies of a functional representation of group interests on the strategic management of socio-economic processes in the context of geopolitical turbulence.
 Methodology: The work defines the socio-stratification basis for the representation of group interests, their role as subjects of representation in the modern system of management of social processes, the features of the convergence of functional representation of various interest groups, first of all, the multiform structures of the consulting and expert system, and ways to improve their performance subject to current reforming trends towards improvement of the quality of life and update of the importance of human capital..
 Result: The authors determined the dependence of the results of managing socio-economic processes, the strategy of sustainable economic development of Russia on the degree of conscious complicity, social activity of the population and the presence of relevant institutions of functional representation of group interests, transparent (open, mutually beneficial, corruption-free) management mechanisms of a particular region. Government authorities, functional representation institutions can use the scientifically based recommendations proposed by the authors in the development of socio-economic projects and programs aimed at effective, first of all, regional development, and at the establishment of open channels of interaction in a “society - business - state” symbiosis. The article will also be of assistance to the scientific community as a theoretical justification of practical actions aimed at developing the institutions of a functional representation of group interests
 Applications: This research can be used for the universities, teachers, and students.
 Novelty/Originality: In this research, the model of convergence of institutes of a functional representation of group interests under transformation of social processes, quality of life, and human capital is presented in a comprehensive and complete manner.

Strengthening Local Potential for Sustainable Economic Development in Bengkulu City

Number of poor population in Bengkulu City is the highest among other regencies in Bengkulu Province. Development in Bengkulu City looks forward internally, but not changing the image as lagging region in Indonesia. Although the Human Development Index (HDI) of Bengkulu City is the highest in Bengkulu Province and more than the national average, it has not been beneficial for the Bengkulu City progress. Research objectives are: (1) to know the leading sector in Bengkulu City, (2) to know the chain of regional economic issues of Bengkulu City, and (3) to formulate a strategy of sustainable economic development in Bengkulu City. Method which is used in this research is literature study and descriptive analysis towards calculation results of location quotient (LQ), specialization index (SI), Theil entropy index (TEI), shift-share analysis, and Klassen typology based on gross domestic product (GDP) data. The results show that the most leading sector in Bengkulu City is company service, with LQ of 2.97 (2011); 3.02 (2012); and 2.96 (2013). The regional economic issues in Bengkulu City can not be separated by disparity of the leading sector, unspecialized of the leading sector, low competitiveness and lagged of the leading sector, coupled with increasing of poor population, not optimalized of HDI utilization, and low function of regional development key. Development strategy in Bengkulu City formulated through local potential empowerment, such as developing company service sector, increasing the company setor service competitiveness, and creating generative city relations.

Infrastructure Investment and Sustainable Development in Coastal Areas in China

Ma, X.; Zhao, K.C.; Li, Y.X., and Zhu, H.Y., 2019. Infrastructure and sustainable development in coastal areas in China. Selected Topics in Coastal Research: Engineering, Industry, Economy, and Sustainable Development. Journal of Coastal Research, Special Issue No. 94, pp. 67–72. Coconut Creek (Florida), ISSN 0749-0208.In order to study the influence of infrastructure investment to economy in the interior of China and the coastal areas, this paper uses qualitative analysis and empirical analysis to demonstrate the both the relationship between infrastructure investment and regional economic development in China and the divergence between coastal and inland areas. Compared with other regions, China's coastal zone economy is highly extroverted and open. Coastal zone plays an important role in national sustainable economic development strategy. Based on qualitative analysis, this paper firstly establishes a cooperative game model to qualitatively and horizontally analyze the differences and complementarities between central and local governments in regional infrastructure investment. Empirical analysis is adopted to discuss various kinds of infrastructure construction investment at the national level. In the conclusion, preliminary policy recommendations are put forward.

Management Accounting Change as a Sustainable Economic Development Strategy during Pre-Recession and Recession Periods: Evidence from Russia

The volatility of both global and national markets has emerged in recent years. In response to the changes in the operating environment, organizations have been adopting various practices to ensure sustainable development by anticipating threats and managing risks. While many studies are focusing on the investigation of strategic adaptation to the volatile economic environment, there has been little research examining management accounting (MA) as a sustainable development strategy in times of economic turbulence. This study investigates the degree of variation in the use of MA practices induced by economic recession. Investigating the variations in management accounting practices in Russian organizations in 2000–2013 (pre-recession period) and 2014–2018 (economic recession), the authors explore the change across 54 MA tools split into operation, management, and strategy pillars. The contribution of this study to the literature involves the understanding of the use of particular MA tools across various types of organizations and industries before and during the economic recession, as well as discovering the intention to change the instruments in case the economic situation deteriorates. The survey of four types of organizations (micro, small, medium, and large) in five sectors (service, industry, trade, agriculture, and tourism) was conducted in seven territories of Russia differentiated on the level of their economic performance (well-performing, average, and declining). The survey revealed that, during the crisis, the respondents tend to drop using many of proactive sustainability-oriented MA tools and instead focused on achieving immediate and direct effects on sales, profits, and other performance parameters by employing less-sophisticated short-term MA instruments. The forecast of future application of MA tools in a falling economy revealed that, in an attempt to achieve durable and sustainable performance, the organizations of all types and sectors intended to focus on practices such as risk management variance analysis, rolling forecasts, payback, breakeven analysis, and activity-based management.

Developing A Nigerian Local Government Through Economic Gardening: A Roadmap

Economic Gardening is an innovative economic development strategy whereby local businesses are fostered and encouraged, and the skills of local workers are upgraded. Since its inception in Littleton, Colorado in 1989, this concept has been put forward by various scholars as a viable and more sustainable economic development strategy than the traditional business attraction strategy. Various implementation experiences have provided further evidence of its effectiveness in improving the quality of life of the inhabitants of a community. This paper charts a roadmap for the development and future implementation of an economic gardening strategy for a Nigerian local government whose officials have shown an interest in adopting such a strategy. A seven-step process was adopted from a review of economic gardening scholarship: 1) Working hand-in-hand with local government officials and other stakeholders, 2) Identifying the community’s assets, 3) Developing a collaborative effort amongst all stakeholders, 4) Developing a clear and transparent operating agreement, 5) Identifying the key targets for services, 6) Developing an effective way to deliver these services, and 7) Communicating regularly with the community so as to gain and retain their support. A lack of political will and a lack of adequate infrastructure were identified as the two biggest obstacles to the successful implementation of the economic gardening strategy in the local government. The first obstacle was mitigated by the fact that it was the local government officials who approached our team to develop the strategy, whilst the second obstacle was mitigated by a proposal for the development of a solar farm within the local government via a public-private partnership with an international solar firm. It is hoped that a successful implementation of this strategy will improve the lives of the inhabitants of the local government and serve as an example for other Nigerian local governments.

Ecological and economic mechanism for the formation of environmental measures in the gas extraction constructions

The disturbed balance of the “society-nature” system has led to the fact that the production of output usually involves environmental pollution. The reason is that most technological processes are far from perfect and involve formation of intermediate substances or end products that do not participate in further production process and consequently become waste. Therefore, the authors analyze the methodological approaches of integrated environmental and economic assessment of environment protection measures during the construction of gas industry facilities, which is a relevant issue in terms of ecology. The authors claim that the extraction of fuel and energy resources disrupt the biogeocoenosises’ components during the survey, development and exploitation of deposits, leading to the manifestation of dangerous natural management processes and destruction of flora and fauna. Therefore, the environmental-economic mechanism for the formation of environmental measures during the construction of gas facilities should be improved within the framework of the strategy of sustainable economic development of society and ensuring its environmental safety. Analysis of methods for assessing the environmental and economic impact of gas industry enterprises on the environment has shown that enterprises need further instrumental and methodological improvement.

A Report of the Impacts of Pollutants on Maritime Operation in Vietnam

The article focuses on synthesis and production of adsorbents to collect oil spills using available and surplus raw materials in agriculture. Research on the manufacture of oil sorbent based on the combination of polyurethane and agricultural by-product is conducted. Nowadays, waste by-products are partly composted, partly used as feed for the remaining cattle that is disposed of in the environment or burned out. This wall is the cause of severe environmental pollution. Therefore, using this waste straw combined with polyurethane to make oil absorbing materials to treat oil pollution at sea is a feasible, scientific and practical option, contributing to minimizing environmental pollution as well as promoting the development of agriculture. Thus, with the current strategy of marine economic development and strong waterway transportation, it will lead to serious environmental pollution if we need specific solutions to solve the problem of neglect. Application of adsorbent material to absorb oil and heavy metals from waste water of transport fleet is part of the strategy of sustainable economic development.

A Report of the Impacts of Pollutants on Maritime Operation in Vietnam

The article focuses on synthesis and production of adsorbents to collect oil spills using available and surplus raw materials in agriculture. Research on the manufacture of oil sorbent based on the combination of polyurethane and agricultural by-product is conducted. Nowadays, waste by-products are partly composted, partly used as feed for the remaining cattle that is disposed of in the environment or burned out. This wall is the cause of severe environmental pollution. Therefore, using this waste straw combined with polyurethane to make oil absorbing materials to treat oil pollution at sea is a feasible, scientific and practical option, contributing to minimizing environmental pollution as well as promoting the development of agriculture. Thus, with the current strategy of marine economic development and strong waterway transportation, it will lead to serious environmental pollution if we need specific solutions to solve the problem of neglect. Application of adsorbent material to absorb oil and heavy metals from waste water of transport fleet is part of the strategy of sustainable economic development.

Environment, Equity, and Economic Development Goals: Understanding Differences in Local Economic Development Strategies

What role do local governments play in promoting sustainable economic development? This study uses a 2014 national survey to analyze the relationship between local environment and social equity motivations and the kinds of economic development strategies local governments pursue (business incentives or community economic development policies). Municipalities that pay more attention to environmental sustainability and social equity use higher levels of community economic development tools and lower levels of business incentives. These places are also more likely to have written economic development plans and involve more participants in the economic development process. In contrast, communities that use higher levels of business incentives have lower income and are more dependent on manufacturing employment. Other capacity measures do not differentiate types of economic development strategies used. This suggests that sustainable economic development strategies can be pursued by a broad array of communities, especially if the motivations driving their economic development policy include environment and equity goals.

МЕТОДОЛОГІЧНІ ПІДХОДИ ЩОДО ФОРМУВАННЯ СТРАТЕГІЇ УПРАВЛІННЯ СТАЛИМ ЕКОНОМІЧНИМ РОЗВИТКОМ ПІДПРИЄМСТВА ГОТЕЛЬНО-РЕСТОРАННОГО ГОСПОДАРСТВА

In modern conditions, the application of the strategic approach to the management of enterprises and their resources is caused by the need to increase the speed and validity of decision-making in changing environmental conditions. At the same time, one of the main tasks of managing economic entities as complex socio-economic systems is to ensure their economic growth and sustainability, and, consequently, sustainable development. Given that the most important component of the management process is the strategy, as it provides a set of activities and instructions, as well as long-term action programs, within which it is planned to achieve the objective, forming a strategy for sustainable economic development is an urgent task. The purpose of the work is to determine the directions, stages, and methodological approaches to the formation of a strategy for managing sustainable economic development of the hotel and catering industry. The process of forming a strategy for managing sustainable economic development of the enterprise, which is aimed at creating a stable position in the environment and conditions for increasing the efficiency of the enterprise in changing market conditions, has been carried out by developing and implementing a strategic plan. It includes the following stages: definition of the purposes and tasks of sustainable economic development of the enterprise; strategic analysis of the starting conditions of the strategy of sustainable economic development management; strategic analysis, evaluation, forecasting, and selection of alternatives for sustainable economic development. To develop the strategy, the cost (to analyze and evaluate resource costs), process (to identify, to differentiate, and to establish the conditions of interaction of business processes), system (to achieve an integrated optimal result with the highest efficiency), target (to identify opportunities for economic growth and progressive development) approaches have been used. This allowed to determine the key factor and criterion parameters of the strategy of sustainable economic development of the hotel and catering industry, to justify the sequence of logically conditioned actions related to the optimal use of enterprise resources to achieve planned (target) results and individual business processes. The proposed methodological tools provided the process of forming a strategy of sustainable economic development of the hotel and catering industry by identifying and mathematically describing the patterns of change in the studied processes, forecasting areas and growth rates of economic efficiency of production and commercial activities under the influence of reserve and progressive development of their resource potentials.

ФОРМУВАННЯ МЕХАНІЗМУ РЕАЛІЗАЦІЇ СТРАТЕГІЇ УПРАВЛІННЯ СТАЛИМ ЕКОНОМІЧНИМ РОЗВИТКОМ ПІДПРИЄМСТВА СФЕРИ ПОСЛУГ

The article substantiates the methodological tools for the formation of the mechanism for implementing the strategy of sustainable economic development of the hotel and restaurant industry. To ensure the operation of the mechanism, a system of indicators and criteria for assessing the process of sustainable economic development, based on accelerating the growth of efficiency and reducing operating costs through reserve and progressive development of resource potential of the enterprise. The paper identifies the stages of sustainable economic development of the enterprise, which include: identification, grouping and analysis of factors of progressive and reserve development, their classification and determining the degree of influence on the growth of operational (production and administrative and marketing) activities, progressive development of resource potentials; development of regression models and indicators of progressive, reserve and sustainable (static and dynamic) economic development, which explain the patterns of influence of factors on performance indicators; forecasting the parameters of efficiency and cost of production and commercial activities; formation of the volume and structure of investments by types of capital investments that ensure the progressive development of resource potentials, economic growth and sustainability of the enterprise. A methodology for creating regression models and indicators was developed, which provided an opportunity to assess and predict the ratio of resource costs and the level of operational efficiency, as well as change the performance indicator by changing the values of factor parameters or their total value in different combinations. The algorithm of the organizational and economic mechanism of realization of strategy of management of steady economic development of the enterprise of hotel and restaurant sphere is constructed. This algorithm provided the ability to determine the reserves of available resources, as well as to establish the required size and structure of capital investments that reduce costs and increase the efficiency of production and administrative activities.

НАУКОВО-МЕТОДОЛОГІЧНІ АСПЕКТИ СТРАТЕГІЇ УПРАВЛІННЯ СТАЛИМ ЕКОНОМІЧНИМ РОЗВИТКОМ ПІДПРИЄМСТВА СФЕРИ ПОСЛУГ

The article substantiates the methodological tools for the formation of the mechanism for implementing the strategy of sustainable economic development of the hotel and restaurant industry. To ensure the operation of the mechanism, a system of indicators and criteria for assessing the process of sustainable economic development, based on accelerating the growth of efficiency and reducing operating costs through reserve and progressive development of resource potential of the enterprise. The paper identifies the stages of sustainable economic development of the enterprise, which include: identification, grouping and analysis of factors of progressive and reserve development, their classification and determining the degree of influence on the growth of operational (production and administrative and marketing) activities, progressive development of resource potentials; development of regression models and indicators of progressive, reserve and sustainable (static and dynamic) economic development, which explain the patterns of influence of factors on performance indicators; forecasting the parameters of efficiency and cost of production and commercial activities; formation of the volume and structure of investments by types of capital investments that ensure the progressive development of resource potentials, economic growth and sustainability of the enterprise. A methodology for creating regression models and indicators was developed, which provided an opportunity to assess and predict the ratio of resource costs and the level of operational efficiency, as well as change the performance indicator by changing the values of factor parameters or their total value in different combinations. The algorithm of the organizational and economic mechanism of realization of strategy of management of steady economic development of the enterprise of hotel and restaurant sphere is constructed. This algorithm provided the ability to determine the reserves of available resources, as well as to establish the required size and structure of capital investments that reduce costs and increase the efficiency of production and administrative activities.

Official recognition of 2015 Global Geoparks applications: geological section evaluation

A Global Geopark is a unified area with geological heritage of international significancewith a strong management structure and sustainable economic development strategy already in place. Global Geoparks use the local and regional geological heritage with its strong relation to the technical and cultural heritage in the area to promote awareness of key issues facing society; to educate visitors and local communities; and to link these local and regionalpeculiarities to the broader aspects of the area’s natural and cultural environment in the context of the dynamic planet we all live on. Global Geoparks promote awareness of geological hazards, help prepare disaster mitigation strategies among local communities, educate on current climate change, promote best practise approach to utilising renewable energy and employing the best standards of “green tourism”, inform about the sustainable use and need for natural resources, whether they are mined, quarried or harnessed from the surrounding environment, promote respect for the environment and the integrity of the landscape. The Global Geoparks Network (GGN), supported by UNESCO, provides a global platform of active cooperation between experts and practitioners in geological heritage. Under the auspicesof UNESCO and through regional network partners, significant national geological sites gain worldwide recognition and visibility through tourism as well as best practices within the scientific and education community.Within a designated Global Geopark area, models of best practice are developed, setting high quality standards in all aspects of their operation.The GGN continues to expand each year, in May 2015 comprising 111 Global Geoparks in 34 countries from five continents. The International Union of Geological Sciences (IUGS) is a partner with UNESCO and the GGN and assists in finding geoscientists – volunteerexperts in the fieldsrelevant to the aspiring Global Geopark applications – who are willing to evaluate the geological sections of each new Global Geopark application for their international significance. Given the fact that unique geological settings and their globally recognised importance are the foundation on which a Global Geopark is first established the evaluation of the geological section of a Global Geopark application follows high quality standards of and is of quintessential importance,a critical part of the Global Geopark evaluation process, and helps maintain the high global standards of the Global Geoparks Network. In 2014, 17 new applications were submitted to UNESCO and these were evaluated in the first half of 2015. The 2015 aspiring Geoparks were (in alphabetic order): Beaujolais (France), Belogradchik (Bolgaria), Celestienne, Lesse and Lomme(Belgium), Dunhuang (PR China), Golden Geopark of Lapland (Finland), Grevena Tethys (Greece), Imbabura (Ecuador), Izu Peninsula (Japan), Lochaber (Scotland), Mons (Belgium), Mount Apoi (Japan), Pollino (Italy), Shouf Jezzine (Lebanon), Sitia (Greece), Toba (Indonesia), Troodos (Cyprus), Zhijindong (PR China). The evaluators for these 17 aspiring Geoparks were (in alphabetic order): Michel BAKALOWICZ, S.K. BHUSHAN, Attilio BORIANI, Robert BUTLER, Jose-Pedro CALVO, Pedro CASTINERAS GARCIA, Patrick DE WEVER, Yildirim DILEK, Steve DRURY, Franz Wolfgang EDER, John HUGHES, Mike KATZ, Christian KOEBERL, Frederic LACOMBAT, Richard LANGFORD, Randy MILLER, Greg MOORE, Damian NANCE, Adriana NIZ, Yujiro OGAWA, Nazire OZGEN ERDEM, Annie RASSIOS, Corina RISSO, Matti SAARNISTO, Veli-Pekka SALONEN, Harold STOWELL, Michiel VAN DER MEULEN, Benjamin VAN WYK DE VRIES, Guido VENTURA, Pierre VERPAELST, Nadja ZUPAN HAJNA and those other geoscientists that helped in the process, but choose to remain anonymous.

Researching into Climate Change Mitigation Strategies: Case Study of the European Union

Climate change and a deteriorating environment is a key challenge to sustainability, bio-diversity, food security and stability across the European region. Pollution, deteriorating soil quality, desertification and poor air quality are threatening the lives and futures of all of the continent’s people. Climate change is one of the all-encompassing global environmental changes likely to have deleterious effects on (a) natural and human systems, (b) economies, and (c) infrastructure. This paper aims to highlight the sustainable economic development strategies as adopted by the European Union (EU). It also discusses strengths and weaknesses of the EU 2020 mechanism from an international perspective. Secondary data have been used in this presentation and nature of analysis is descriptive in nature. The paper concludes that in the future the primary focus of sustainable development and climate change policy research and global agreements in the EU should be the de-carbonization of economic development. Consequently, instead of treating climate stabilization and economic development as separate and equal, the strategy should be to re-integrate the global policy goals.