Annotation.Transcaucasia, a crossroads of Europe and Asia, has always occupied a key place in international economic, social and political relations. Today, more than ever, it is necessary to give a new meaning and function to the region. Against the backdrop of global environmental challenges such as climate change, ecological degradation and economic inequality, a green economy has emerged as a promising approach to solving multi-level problems. In the article, we tried to investigate the potential of the green economy as a new paradigm of sustainable development in Transcaucasia; What is the current economic situation, and what are the barriers to the transition to a new paradigm? What are the stages to be passed for the region to establish its unique niche in the face of globalization and increased competition? How to share the success models of other countries? What positive impact will introducing innovative approaches have on economic, social and environmental protection? Drawing on relevant literature and empirical evidence, we assess the challenges and opportunities in green economy policy implementation while highlighting the importance of regional cooperation and policy coherence in promoting sustainable positive change.

Keywords: sustainable development, green economy, Transcaucasia 

Introduction

Transcaucasia, comprising Armenia, Azerbaijan and Georgia, has a rich cultural heritage and diverse landscape. However, like many other world regions, it also faces serious challenges. Uncontrolled industrialization, unsustainable consumption and social inequality threaten its inhabitants’ ability to achieve long-term economic prosperity and maintain a unique ecosystem. To solve these and other challenges, the concept of a green economy appears as a relevant model. An innovative transformational approach should bring economic growth, raising the index of social progress without damaging the environment to achieve natural, sustainable goals.

Definition of Green Economy

A green economy is an economic system that aims to enhance human well-being and social equity and significantly reduce environmental risks. At its core, the green economy seeks to balance economic growth, social development and environmental protection. It promotes economic growth, protects the environment from degradation, efficiently uses resources, and supports sustainable consumption.

Economic aspects

The green economy offers various opportunities for economic growth in Transcaucasia. By investing in renewable energy sources, energy efficiency and green infrastructure, the region can strengthen energy security and reduce dependence on fossil fuel imports. Renewable energy projects such as solar, wind and hydropower plants can provide a stable and sustainable energy supply, thus attracting both domestic and foreign investment. In addition, promoting green industries such as ecotourism and organic agriculture can stimulate economic diversification and create green jobs that benefit local communities and reduce unemployment. In addition, these initiatives can also facilitate technology transfer and knowledge exchange, innovation and competitiveness in the global market.

Social aspects

Social equity is a vital component of sustainable development, and the green economy has the potential to contribute to social inclusion and poverty reduction in Transcaucasia. As the green industry expands and promotes economic growth, green education and vocational training can equip the workforce with the skills needed in the emerging green market, ensuring an equitable distribution of personnel in traditional sectors. Access to clean, affordable energy, such as renewable energy projects, improves people’s livelihoods, especially in rural areas. Reducing poverty, improving access to education and healthcare will increase overall well-being and social cohesion.

Ecological aspects

The most profound impact of the green economy is on the environment. Transcaucasia is a region of enormous biodiversity, and the transition to green practices will help preserve and protect its natural resources. Renewable energy sources such as solar, wind, and hydropower can reduce greenhouse gas emissions and mitigate the adverse effects of climate change. That will contribute to global climate mitigation and protect the region from severe weather deterioration. In addition, sustainable land use and forestry practices can combat deforestation, promote ecosystem restoration, and protect vital habitats for flora and fauna. Circular economy principles can reduce waste generation, promote efficient use of resources, reduce pressure on natural ecosystems, and prevent pollution. (Kikilashvili Levan Verulava Tengiz, 2019)

Challenges and Opportunities

While the potential benefits of a green economy in Transcaucasia are straightforward, several challenges must be addressed. Financial barriers, limited technological know-how and limited institutional capacity, can prevent rapid adoption of green practices. The region should focus on attracting green investments through favourable policy incentives to overcome these challenges. Governments in some developed countries are creating green funds, offering tax breaks to the public and providing low-interest loans to support sustainable initiatives. Promoting innovation through research and development and knowledge-sharing platforms will enable the adaptation and diffusion of green technologies and practices. In addition, strengthening institutional frameworks for policy implementation, monitoring, and evaluation will ensure effective management of green economy strategies. 

Regional cooperation

The sustainable development of Transcaucasia can be significantly enhanced by promoting regional cooperation. Armenia, Azerbaijan and Georgia have similar environmental problems and socio-economic challenges. By pooling resources and knowledge, they can collectively tackle challenges that transcend national boundaries. Joint initiatives on renewable energy projects, biodiversity conservation and cross-border ecotourism can be strengthened through cooperation, enhancing the region's sustainability. Regional organizations and forums can become part of the dialogue and coordination that will help harmonize green policies and regulations.

Conclusion

The green economy offers Transcaucasia a path of sustainable development to solve economic, social and environmental challenges simultaneously. By extracting renewable energy, promoting green industries and strengthening social inclusion, the region can ensure the preservation of its future natural heritage. However, joint efforts of governments, businesses, civil society and international partners are necessary to reveal the potential of Transcaucasia's green economy and exploit it. The region can become a hub for sustainable development, an inspiring example for the rest of the world. The success of Transcaucasia's green economy will benefit the area and contribute to global efforts to achieve the UN's Sustainable Development Goals.

The Kingdom of Saudi Arabia (KSA) strives to realize the Sustainable Development Goals, especially those characterized by economic development, continued population growth, and rapid urbanization. For this, KSA needs more than a traditional economy aligned with the SDG achievements of the 2030 Agenda. The Vision 2030 program, based on the three pillars of a vibrant society, a prosperous economy and an ambitious country, represents Saudi Arabia's transition to a new economy and culture. However, it is a significant challenge that requires further efforts to balance economic growth and sustainable development. Indeed, implementing this program requires developing a series of policies and strategies based on the framework of promoting environmental and economic sustainability and social well-being. The government has launched several projects and initiatives to implement this policy, such as the Saudi Green Initiative, the NEOM project, and the Saudi Made program. (Chaaben et al., 2022). 

Bibliography

Kikilashvili Levan Verulava Tengiz. (2019). Eco-infrastructural and technological health promotion in Georgia. Globalization and Business, 7, 187–200. https://doi.org/https://doi.org/10.35945/gb.2019.07.024

Chaaben, N., Elleuch, Z., Hamdi, B., & Kahouli, B. (2022). Green economy performance and sustainable development achievement: empirical evidence from Saudi Arabia. Environment, Development and Sustainability, 0123456789. https://doi.org/10.1007/s10668-022-02722-8