Untying green budgeting towards green economy and green environment in dominican republic: an impetus for a sustainable development

Abstract

Against the backdrop of increasing global pressure for sustainability, the Dominican Republic is faced with the problem of reconciling economic expansion with environmental protection today. Despite its natural beauty and biodiversity, the country's ecosystem is under threat due to unsustainable practices, urbanization, and industrialization. As a result, this research study investigates the concept of “green budgeting” as a vital tool for driving the country's transition to a green economy and a healthy environment. The study employs a two-step GMM approach to demonstrate that increased human capital growth may result in more funding for environmental challenges. However, it is evident that a fundamental policy and budget allocation adjustment is required for the country to meet its long-term development objectives. The study dives into the principles and practices of green budgeting, relying on successful examples from other nations and adjusting them to the Dominican Republic's specific limits and potential. The conclusions of this study are meant for politicians, scholars, and environmental activists, who are expected to gain practical insights and recommendations from the research. The ultimate goal is to trigger a paradigm shift in the Dominican Republic's fiscal strategy, arguing for a more resilient and sustainable future. The country has the capacity to lead the way in the transition to a green economy by aligning budgetary choices with environmental concerns and sustainable development goals. Finally, the report makes policy recommendations for the Dominican Republic, highlighting the importance of collaborative efforts to construct a more sustainable and resilient future. The government may develop a better environment for future generations by implementing green budgeting techniques and emphasizing environmental concerns.