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THE ROLE OF THE "GREEN ECONOMY" IN ENSURING SUSTAINABLE
DEVELOPMENT
Murodov Sardor Nurali ugli
https://orcid.org/0009-0001-1938-5567
+998(94)868-38-28
UNIVERSITY OF BUSINESS AND SCIENCE University
Teacher of the Department of “Finance”
Abstract:
This article analyzes the content of the concept of sustainable development, its main
social, economic and environmental components, as well as the role of the 'green economy' in
this process. The importance of environmental responsibility, rational use of natural resources,
introduction of renewable energy sources and international experience in achieving sustainable
development is revealed. The article substantiates that the green economy is an integral part of
sustainable development, based on 'green' strategies, environmentally friendly technologies and
global initiatives for their implementation.
Keywords:
Sustainable development, green economy, environmental security, natural resources,
renewable energy, international initiatives, innovative technologies.
ENTRANCE
Gradually, ideas about the need to preserve natural resources for recreational and scientific
research purposes have led to the formation of scientific concepts based on ecological
responsibility for future generations. The practical implementation of these ideas must be
accompanied by sustainable development. Sustainable development is understood as
development that meets the needs of the present without compromising the ability of future
generations to meet their own needs. Sustainable development can be imagined as a process that
develops based on the synergistic effect of the interdependent development of the "social"-
"economic"-"ecological" triad. The economic approach to ensuring sustainable development
involves the rational use of limited resources. The social approach is aimed at ensuring social
stability and cultural diversity on a global scale. The ecological approach is necessary to ensure
the normal functioning of any ecological systems.
The economic approach to the concept of sustainable development was founded by B.R. Lindale
and J.R. Hicks. According to the Hicks-Lindale theory of the maximum flow of gross income,
income should be created while preserving gross capital. This involves the rational use of limited
resources and ecological (natural resource, energy and material-saving) technologies, the
creation of ecological products, and waste management. The main problem in solving this issue
is which capital (physical, natural or human capital) should be preserved and to what extent
different types of capital should be replaced, as well as the problem of assessing the value of
these assets (ecological resources). As a result, the following two types of economic
sustainability emerged:
M - weak - economic stability of natural and accumulated resources that do not decrease over
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time;
strength - economic stability based on the non-depletion of natural capital (the need to direct part
of the profit from the sale of non-renewable resources to increase the value of renewable natural
capital).
The social component of sustainable development is focused on the person and is aimed at
ensuring the stability of social and cultural systems. An important aspect of social stability is the
fair distribution of benefits. In accordance with the concept of human development, a person is
not an object of development, but its subject. The concept of sustainable development is based
on expanding human choice It implies the active participation of a person in the process of
organizing his life activities, making decisions, implementing them, and monitoring their
implementation, based on the idea that he is the master.
From an ecological perspective, sustainable development requires the integrity of the physical
and biological systems of nature. In this regard, the ecosystem, which ensures the stability of the
global biosphere, plays a key role. The degradation of natural resources, environmental
degradation, and loss of biodiversity lead to a decrease in the ability and potential of the
ecological system to recover.
The coordination of the economic, social, and ecological components, which are considered the
means of achieving sustainable development, is a complex task. In this process, the mechanisms
of interaction of the three concepts are important. Economic and social components pose new
challenges to society, such as achieving justice within a generation (for example, income
distribution) and providing targeted assistance to poor groups of the population. Economic and
ecological components have led to the emergence of new ideas related to the need to assess the
value of external impacts on the environment (to take them into account in the economic
reporting of enterprises). Social and ecological components, on the other hand, are raising the
urgency of issues such as promoting equality within and between generations (respect for the
rights of future generations, participation of the population in decision-making processes).
International action to ensure sustainable development was initiated by the UN. In 2000, the UN
General Assembly adopted the Millennium Development Goals, and 2015 was set as the target
year for achieving the goals. In 2012, the UN called on the world community to set post-2015
development goals in order to achieve the remaining goals of the Millennium Development
Goals. Thus, at the 2012 UN Conference on Sustainable Development "Rio+20", world leaders
agreed to develop the Sustainable Development Goals (SDGs). The SDGs include economic,
social, and environmental indicators that serve to create a sustainable lifestyle for everyone.
These goals are included in the agenda for implementation by all UN member states in the period
2015-2030. The SDGs program includes 17 global goals and 169 related targets: 1) poverty
eradication; 2) End hunger; 3) Good health and well-being; 4) Quality education; 5) Gender
equality; 6) Clean water and sanitation; 7) Affordable and clean energy; 8) Decent jobs and
economic growth; 9) Industrialization, innovation, infrastructure; 10) Reduced inequality; 11)
Sustainable cities and decent living conditions; 12) Responsible consumption and production; 13)
Action against climate change; 14) Conservation of marine ecosystems; 15) Conservation of
terrestrial ecosystems; 16) Peace, justice and good governance; 17) Partnership for sustainable
development. Uzbekistan has set itself the task of nationalizing and implementing 16 of these
goals. Since there are no sea basins on the territory of the republic, Goal 14 (conservation of
marine ecosystems) is not included in the list of goals of Uzbekistan. The issues of ensuring
sustainable economic growth within the framework of sustainable development, strengthening
the innovative approach to "clean technologies", and forming a "green economy" are regularly
discussed at international economic, environmental, and investment forums. The issues of
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implementing the concept of "green economy" in practice form the basis of these discussions.
In recent years, the idea of a "green" economy has been widely discussed not only by
environmental economists, but also in the world. The fact that this issue is being repeatedly
addressed by various political forums, heads of state, and political scientists is a serious sign of
the importance attached to the policy of "greening". Today, in the conditions of a modernized
economy, the needs of humanity are increasing at an unprecedented rate. It follows that the
"appeal" to nature to obtain the resources necessary to satisfy needs is also increasing. The
“green economy” is based on the need to prevent such changes from negatively affecting the
lives of future generations and to ensure a prosperous life for them. If the negative impact of the
economic relations being implemented on nature is not prevented, it will have a serious negative
impact not only on the lives of future generations, but also on the current conditions of society.
Conversely, if humanity’s attitude towards the natural environment changes, if, first of all, an
ecological culture develops in them, if relations with production, service provision and product
consumption are adapted to “greening” efforts, then our lives and those of future generations will
certainly change for the better. That is, the "Green" economy plays an important role in ensuring
the well-being of the population and sustainable development, as well as in economic growth.
During the modernization of the world economy, the transition to many updated innovative
technologies, the driving force of development, is considered to be a factor of economic
efficiency. However, it should be noted that, of course, it is important to prevent negative
impacts on the quality of life of their population and the living environment. Therefore, the
"green" strategies implemented by countries today are being supported.
In recent years, national economies and international organizations have been investing heavily
in various sectors of the green economy. For example, the total amount of funds allocated to the
bioenergy sector, one of the most important sectors of the green economy, increased by 230
percent between 2005 and 2009 (an average of 50 percent) and amounted to 320 billion US
dollars in 2013. Since 2009, the World Economic Forum has allocated $750 billion to help
regional economies transition to a green economy, with the bulk of this funding going to Asian
countries. As a result, the global cleantech and greentech market is now worth $546 billion
annually.
Below you can see a diagram depicting the UK's renewable energy projects. Of course, such
projects will greatly contribute to the country's leadership in solving its environmental problems.
Table 1. Project composition for the development of renewable energy sources in the UK.
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Based on the data in the figure, it can be determined that the contribution of bioenergy sources to
the UK renewable energy development project is large, accounting for 66.14% (Figure 1). It is
followed by wind (22.08%), solar (5.23%), thermal (4.42%), and hydropower (2.13%).
Below is the "greenness" index of European countries, with the highest index among countries
being Sweden, Denmark, and the Czech Republic.
Table 2. Green economy indicators of European countries.
If we compare European countries, as I noted above, the lowest indicator is Ukraine - 48.32,
while the highest indicator belongs to Sweden - 78.72 (Figure 2). It can be concluded that
Sweden is advanced in terms of greenness indicators and has an effective mechanism for
environmental protection.
In the Republic of Uzbekistan, experiences on the "green economy" are being studied from many
foreign countries, and many measures in the field of "Greening" are considered one of the most
important practical issues within the framework of eco-policy. In particular, the shrinking of the
basins of the main rivers in our region and the decline of biodiversity are of serious concern.
Gases that increase the rate of evaporation and large-scale pollution of the atmosphere are further
exacerbating the problems. Today, no one doubts that the actions of countries should be more
active and effective in order to achieve the goals of "green development". A green economy is an
economic system whose main goal is to develop all sectors of the economy while preserving the
ecology of our planet and its resources. Thus, a green economy is understood as a new direction
of economic activity based on the further development of the economy related to production and
service sectors, while preserving the resources necessary for human life and health, the
environment and ecology as a whole. In this case, it is necessary to implement the following
measures:
First, in order to meet the needs of the population and increase their well-being, standard of
living and quality of life, it is necessary to sustainably increase the creation of material goods
without harming the ecology and environment.
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Secondly, energy resources are needed to develop production and the economy, and work should
be carried out in such areas as increasing them from renewable energy sources, replacing public
transport with electric ones, and constructing energy-efficient buildings.
Thirdly, it is necessary to pay special attention to the issue of producing ecologically clean
products by creating environmentally friendly technologies that do not emit harmful gases into
the environment.
Fourthly, on the one hand, while all natural resources are limited, taking into account the
limitlessness of human needs, it is also a pressing issue to consider measures to expand the
production of goods without depleting natural resources in order to ensure their relevance.
Fifthly, great importance is attached to the issue of how much to produce, how to produce, and
for whom to produce in order to meet the constantly growing needs of the population, while
preserving the environment.
REVIEW OF RELATED LITERATURE
A number of domestic and foreign scientists have conducted research on the topics of green
economy and sustainable development. In particular, A.V. Vakhabov and Sh.Kh. Khajibakiyev
in their research study the green economy theoretically and practically and evaluate it as an
important factor of economic growth. William Hynes and Shannon Wang provide
recommendations on the directions of green growth policies in developing countries. McKinsey
Global Institute also provided analytical data on the role of technology in resource use.
RESEARCH METHODOLOGY
This article was written using scientific-theoretical analysis, comparative approach,
generalization based on statistical data, inductive and deductive methods. International reports,
conference materials, official UN documents, and analytical articles were also used. The main
directions of the topic were substantiated through statistical examples.
CONCLUSION AND SUGGESTIONS
In conclusion, the green economy is not only a means of ensuring environmental safety, but also
an important factor leading to economic growth and sustainable development. The following
proposals are put forward for sustainable development: 1) increasing the use of renewable energy
sources; 2) developing and widely introducing environmentally friendly technologies; 3) creating
waste-free production systems; 4) increasing the ecological culture of the population; 5)
integrating ecological economic policies into national development programs.
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