Green Economy Transition and Sustainable Development: Implication for Developing Countries
Clinton School of Public Service, University of Arkansas at Little Rock, Little Rock, Arkansas, United States.
Review Article
Magna Scientia Advanced Research and Reviews, 2024, 12(02), 320-332
Article DOI: 10.30574/msarr.2024.12.2.0203
Publication history:
Received on 27 October 2024; revised on 16 December 2024; accepted on 18 December 2024
Abstract:
The green economy has received prominence owing to environmental concerns and the need for sustainable growth. For developing nations in the Global South, shifting to a green economy is crucial to tackling climate change, poverty, and unemployment through renewable energy, sustainable agriculture, and green technology. Effective policy-making, financial assistance, and international collaboration are vital to overcoming hurdles and achieving a successful green economic transition, contributing to global sustainability objectives. This paper investigates the green economic transition, stressing regulatory structures and stakeholder interaction. This study uses secondary data analysis, focused on a literature examination of over 50 sources, including government files and academic journals. It studied case studies, policy frameworks, stakeholder engagement tactics, and the advantages, obstacles, and success of green economy initiatives in developing nations. The study discussed engaging stakeholders in developing nations' green economy transitions involving inclusive policies, multi-stakeholder platforms, public awareness, financial incentives, and capacity building. Despite constraints like limited budgets and inadequate institutions, effective transitions depend on clear, integrated policies, cross-sector coordination, and sustainable financing. Strengthening stakeholder participation and harnessing international assistance can generate effective transformation. In conclusion, the study highlights that transitioning to a green economy in undeveloped nations brings both possibilities and problems that require specific measures. Effective policies must incorporate environmental sustainability into wider economic objectives, address capacity-building and funding restrictions, and foster cross-sector collaboration. By building institutions, motivating green investments, and engaging stakeholders, developing nations may achieve sustainable growth and contribute to global sustainability goals.
Keywords:
Green Economy; Sustainable Development; Ecological Modernization Theory; Sustainable Development Theory
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