INSTITUTIONAL SUPPORT FOR THE DEVELOPMENT OF THE “GREEN” ECONOMY: THE EXPERIENCE OF EU COUNTRIES
Abstract
The adoption of the European Union’s experience in institutional support for the development of a "green" economy is a crucial element of Ukraine’s sustainable development strategy. This article aims to examine the challenges associated with applying the institutional frameworks of EU member states to support the green economy within the current stage of Ukraine’s economic development. The study identifies several obstacles hindering the implementation of EU best practices in Ukraine, including Russia’s military invasion, limited financial resources, corruption, deficiencies in the legislative framework, and weak institutional capacity. The novelty of this research lies in its focus on these specific challenges, while its practical significance stems from the potential for further studies aimed at addressing the barriers to adopting European approaches in this field. The European Union has extensive experience in establishing effective institutional mechanisms that facilitate the transition toward environmentally sustainable economic models. The article examines the cases of Romania, Poland, Slovakia, Italy, and Portugal to illustrate the institutions and instruments that drive the development of the green economy. Environmental transformation of the economy is also expected to generate new employment opportunities, particularly in sectors such as renewable energy and waste management. For Ukraine, which aspires to integrate into the European economic space, it is essential to consider and adapt these frameworks to national conditions. The implementation of European practices can accelerate Ukraine’s green transformation efforts and facilitate future sustainable development of Ukrainian economy. A key component of the EU’s experience is the presence of a well-established system of institutions dedicated to strategic planning, financing, and monitoring of the green economy. The European Union has created regulatory bodies, such as the European Commission, alongside platforms for knowledge exchange and cooperation among member states. Ukraine can adopt similar mechanisms to strengthen its own institutional framework, foster environmental innovation, develop the renewable energy sector, and reduce greenhouse gas emissions.
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