TRANSFORMATION OF ECONOMIC, FINANCIAL AND PRODUCTIVE SYSTEMS ACCELERATES THE TRANSITION TOWARDS SUSTAINABLE DEVELOPMENT

Abstract

The article examines the imperative transformation of economic, financial, and productive systems to achieve sustainable development goals (SDGs). It emphasizes the "triple bottom line" of economic prosperity, social inclusion, and environmental sustainability. Key challenges include aligning market incentives with ecological and societal goals through measures such as internalizing environmental costs, fostering a circular economy, and reforming fiscal policies. The paper highlights the necessity of significant investments in renewable energy, sustainable agriculture, and infrastructure to meet SDG targets. It also explores frameworks like the United Nations' System of Environmental-Economic Accounting and inclusive wealth metrics for better policy guidance. Sustainable food systems, enhanced water use efficiency, and climate-resilient production models are presented as critical pathways. Areas requiring further research are identified, including the integration of natural capital into national accounts and the balance between economic growth and resource preservation. The study underscores the importance of public-private partnerships in financing green technologies and infrastructure, which can accelerate progress toward sustainability goals. It advocates for decarbonization strategies in industrial production, emphasizing cleaner technologies and energy efficiency. Furthermore, the authors stress the need for just transitions that support vulnerable communities during shifts toward greener economies. The role of innovative financial instruments, such as green bonds and sustainability-linked loans, is highlighted as crucial in mobilizing capital for sustainable projects. Technological innovation in sectors like transportation and manufacturing is identified as a driver of long-term environmental and economic resilience. Additionally, the article discusses the role of policy coherence in achieving SDGs, ensuring that environmental, economic, and social policies are mutually reinforcing. The authors emphasize education and workforce development to prepare societies for the demands of green economies and new sustainable industries. They also recognize the need for international collaboration to address global challenges such as climate change and resource scarcity. Promoting biodiversity conservation and ecosystem restoration is seen as essential for maintaining the natural systems that underpin economic stability. Finally, the paper highlights the importance of data-driven decision-making and sustainability metrics to track progress and guide policy adjustments effectively.