The relationship of socio-economic development and the drivers of green economy

Abstract

Abstract A modern paradigm of the green economy means an economy that improves people's well-being and ensures social justice while significantly reducing risks to the environment and its degradation. In the article, the authors assess the relationship between the level of the green economy and traditional socio-economic indicators in the European Union based on the green economy index and methods of multidimensional statistical analysis. It is tested how such components of the green economy as the effective use of natural resources; preservation and increase of natural capital; pollution reduction; low carbon emissions; contribute to the growth of the welfare of the population. A priority feature of the green economy's growth is a radical increase in energy efficiency. It was considered that the implementation of a new green rate implies minimization of the use of non-renewable minerals for the production of electricity through investments in renewable energy sources, and the need of energy savings.