FEATURES OF GREEN ECONOMIC GROWTH IN DEVELOPING COUNTRIES

Abstract

The article examines the specific characteristics of green economic growth in developing countries. The contextual differences of developing countries are taken into account, in particular, a large share of the shadow economy, high dependence on natural capital, high levels of poverty and inequality, due to which solving environmental problems has a low priority. The importance and prospects of implementing green economic growth in developing countries are explained. It is emphasized that the green growth strategies of developed countries and developing countries are significantly different, but green economic growth remains a promising direction of development in both cases, and government strategies based on the analysis of institutions, resources, weaknesses and limitations in each country should be formulated as part of national economic planning processes. It is noted that green growth is not possible outside the context of climate change, including a program to reduce greenhouse emissions. Factors have been identified, thanks to which developing countries can become drivers of green economic growth, but still under the condition of regular assistance (financial, informational, technological) from developed countries. Given the differences between developed and developing countries in terms of economic development and environmental degradation, it is likely that their path to green growth will differ. The distribution of greenhouse gas emissions between sectors in the world and in developing countries is illustrated. Climate finance for developing countries is analyzed, taking into account multilateral and bilateral agreements, export credits and private funds. On the basis of the conducted analysis, conclusions were drawn about a significant increase in financing of climate initiatives in developing countries, which, however, remains at a lower than planned level. The role of developing financial institutions to unlock private resources and expand the participation of private investors in the green economy of developing countries is defined.