Chapter 5: Greening the Future: A Comprehensive Approach to Sustainable Development

Purpose: This chapter analyses and explains a comprehensive approach to sustainable economic development based on environmental issues in a global context.

Need for the study: The effect of globalisation on the global economy and the dynamics of the international business environment in terms of economic and environmental challenges have influenced the need to study these global environmental and economic challenges as well as the necessity of providing a development strategy on a scientific basis to give concrete recommendations for creating a stable economic environment and an innovative approach in the field of green economy.

Methodology: The scientific method applied in this chapter includes a qualitative approach based on comparative analysis and critical analysis of scientific literature. Another qualitative approach this study uses provides case studies and SWOT (strengths, weaknesses, opportunities and threats) and PESTLE (political, economic, social, technological, legal and environmental) analysis, where sustainable development policies and the green economy are critically examined.

Findings: This study's findings identify challenges and opportunities in sustainable economic development and the necessity for many countries to develop effective economic strategies and policies to achieve sustainable progress in terms of meeting the ESG (environmental, social and governance) standards.

Practical implications: This study's practical implications are that the governments of many different countries worldwide must develop adequate and innovative policies to use natural resources efficiently, and these countries allocate as much internal and external funds as possible for the advancement of new technologies in the fields of green economy and environmental protection.