The Influence of Green Economy on the Sustainable Development of Macro-Economy
Abstract
: An increasing environmental pressure and climate uncertainty have basically questioned the notion of sustainability of the traditional models of economic growth. In this regard, the green economy has slowly become a long-term development strategy involving the achieving economic performance, ecological protection, and social well-being. In this paper, the qualitative and analytical approach is used in investigating the role of green development in macroeconomic sustainability. Through the review of academic studies, policy frameworks, and the real-life experiences, the study examines the impacts that green industries, technological advancements, and governance setting-ups have on growth trends. A representative case is China, under the targets of the carbon peaking and its carbon neutrality, its transition to low carbon and green transformation is referred to. The discussion reveals that green development is a viable means of achieving sustainable growth through efficiency, environmental vulnerability reduction, as well as, better social outcomes. However, the barriers of the innovation, market formation, financing capacity, and policy consistency appear to be very structural aspects limiting its overall efficacy. The paper wraps up by addressing the policy priorities to enhance the green transformation and promote the macroeconomic stability in the long run.