TRANSFORMATION OF ECONOMIC DEVELOPMENT MODELS UNDER THE GREEN TRANSITION: EVOLUTION AND INTERRELATION OF THE GREEN, CIRCULAR AND BIOECONOMY

Abstract

The article examines the transformation of economic development models under the conditions of the green transition and analyses the evolution and interrelation of the green, circular and bioeconomy concepts within the framework of sustainable development. It is substantiated that the aggravation of environmental problems, depletion of natural resources, and increasing anthropogenic pressure on the environment require a revision of the traditional linear model of economic growth. Based on the analysis of global trends, signs of relative decoupling between world GDP growth and carbon dioxide emissions are identified. This indicates a gradual weakening of the relationship between economic growth and ecological strain, although it does not eliminate the need for further transformation of economic systems. The study systematizes the chronology of the emergence of sustainable development, green economy, circular economy, blue economy, and bioeconomy concepts, as well as the key periods of their institutionalization at the international level. It is argued that the green economy acts as a broad concept of economic transformation, aimed at achieving sustainable development goals. At the same time, the circular economy, blue economy, and bioeconomy are considered independent but interconnected concepts that focus on different aspects of this transformation. The circular economy emphasizes closed cycles of resource use and waste minimization; the bioeconomy focuses on the use of renewable biological resources; and the blue economy is associated with the sustainable use of marine and other water ecosystem resources. In the study, we also visualize the conceptual overlap between the circular economy and bioeconomy, highlighting their interconnected relationship within the broader framework of sustainable development. The article also focuses on the systematization of theoretical approaches to the relationship between the studied concepts and the development of authorial schemes that visualize their evolution and interrelation. The results may be used in further research on the green transition and in the formation of sustainable economic development strategies.