УЛОГА ЈАВНИХ ФИНАНСИЈА У ПОСТИЗАЊУ ЦИЉЕВА ЗЕЛЕНОГ ЕКОНОМСКОГ PACTA И ОДРЖИВОГ РАЗВОЈА
THE ROLE OF PUBLIC FINANCES IN ACHIEVING THE GOALS OF GREEN ECONOMIC GROWTH AND SUSTAINABLE DEVELOPMENT

Author(s): Branka Topić Pavković
Subject(s): Energy and Environmental Studies, Economic development, Environmental interactions, Public Finances, Fiscal Politics / Budgeting
Published by: Savez računovođa i revizora Republike Srpske
Keywords: public finance; green transition; sustainable development goals; fiscal sustainability;
Summary/Abstract: The concept of the green economy is being promoted as a tool to achieve sustainable development, and the question of how to facilitate the green transition is becoming a global challenge for the coming period. On the other hand, recent climate disasters - extremely high temperatures in certain parts of the world, deadly floods, storms, extreme cold, fires, etc. - are more than enough signs that a change in lifestyle and awareness is needed and that concrete action is expected from those responsible. Governments are expected to increase public investment, mitigate the costs of more severe weather events, and use other fiscal tools in ways that facilitate and support private sector green transformation. However, recent crises and countries ’efforts to cushion new market shocks have called into question the momentum and future investments in greening. This paper focuses on unanswered questions and ways to address the challenges of greening in the future of the fiscal framework of national economies. Governments play a key role in catalyzing the technological innovation needed for an environmentally sustainable and decarbonized economy. Historically, government has a remarkable results of supporting key stages of technological innovation. This is particularly apparent for low-carbon energy technologies, where high-impact innovation is capital intensive and requires a long time horizon. The objective of this paper is to highlight the challenges that climate change poses for fiscal policy implementation and fiscal sustainability, 'while also highlighting some of the actions that developed countries have taken in this direction.

• Details
• Contents