Can Green Economy Implementation Control Social Costs and Accelerate Welfare? Empirical Evidence from Developing Countries

Abstract

The United Nations Environment Programme (UNEP) characterizes a green economy as one that enhances human well-being and social fairness while simultaneously mitigating environmental threats and ecological scarcities. This study analyzes the effects of green economy implementation on social cost management and the enhancement of community well-being in emerging nations. The study was carried out in developing nations that have adopted a green economy since 2015, following to the implementation of the Paris Agreement. The research findings indicate that the adoption of a green economy in emerging nations is essential for managing social costs and enhancing societal welfare. Promoting investment in the renewable energy sector, enhancing renewable energy consumption, decreasing CO2 emissions, improving access to clean energy, and generating employment in the green job sector are essential for managing social costs and advancing societal welfare. The sustainable optimization of the green economy is expected to be able to control social costs without neglecting the welfare of people in developing countries.