Green Industrial Policy: Strategic Development and Policy Instruments

Green economy and green business are increasingly accepted as key drivers in tackling climate change, pollution, and health to improve life for people. The process of shifting the economies ‘from brown to green’ is one of the most significant socio-economic transformations in modern time. The article aims to contribute to discussions about green transformation can be defined as combining economic growth with caring about the environment to guarantee a high quality of life for present and future generations as well as to an effective and rational use of the available resources. The authors observe strategies to reach targets of green transformation. One of them is implementation of green industrial policy at the EU and EU Member States levels. The article underlines a new balance between sustainability requirements and strategic economic interests, especially it is essential in the areas of investment, productivity, and economic security. The authors suggest a methodological approach helps to assess actions and measures related to the green economic and business development trends, that require support of societies as well as the improvement of economic efficiency at the EU and national level. The article concludes that the EU green industrial policy framework should become embedded in the Member State national reform programmes. Moreover, EU Industrial Policy and national industrial policies require coordinated actions in certain green technologies, regulation, and standardisation, which help to avoid fragmentation in the Single Market and to develop a solid regulatory framework, focused on ensuring competition and access to the Single Market, with common or mutually recognised environmental standards.