American Journal of Business Management, Economics and Banking ISSN (E): 2832-8078 Volume 22, | March - 2024 P a g e | 112 www.americanjournal.org PRIORITY AREAS OF THE GREEN ECONOMY IN SUSTAINABLE ECONOMIC DEVELOPMENT Ibragimova Saodat Abdumuminovna, Ph.D., Professor, Tashkent State Technical University named after I.Karimov A B S T R A C T K E Y W O R D S At the new stage of development of our country, as in all other areas, work being carried out in the field of environmental protection, rational use of natural resources, and prevention of the negative impact of environmental problems on human health is key to sustainable development. Green economy, economic development, the concept of "Sustainable Development", investment. Introduction The concept of "Sustainable Development" promoted by the United Nations (UN), has become the main goal of countries worldwide. In the concept, the goal of achieving high economic growth for all countries was replaced with the goal of achieving sustainable development. This, in turn, means that all areas of the world economy - agriculture, industry, transport, finance, energy, and construction - are important to become "green." In this regard, the Resolution of the Republic of Uzbekistan "On measures to increase the effectiveness of reforms aimed at the transition of the Republic of Uzbekistan to a 'green' economy for the period until 2030" was adopted. Measures have been identified to implement the tasks outlined in the Development Strategy of New Uzbekistan for 2022-2026, within the framework of the Strategy for the Transition to a Green Economy of the Republic of Uzbekistan. These measures aim to increase the effectiveness of measures taken to ensure green and inclusive economic growth, the use of renewable energy sources, and further expansion of resource conservation in all sectors of the economy. In the program for transitioning to a "green" economy and ensuring "green" growth in the Republic of Uzbekistan until 2030, it is recognized that problematic issues related to climate change will have a negative impact on the effectiveness of reforms being implemented in the country, particularly on economic growth and reducing poverty, and ensuring environmental and food security. Much attention is given to reducing the impact of climate change and adapting to it, accelerating the transition to a green economy, and promoting a green and inclusive model of economic growth. In order to stimulate "green" economic growth in the country, rational use of natural resources, attract "green" investments, and mitigate the negative impact of the environmental crisis, the Decree of the President of the Republic of Uzbekistan dated October 5, 2019 No. PP-4477 American Journal of Business Management, Economics and Banking Volume 22 March - 2024 P a g e | 113 www.americanjournal.org approved a strategy for the transition to a "green" economy of the Republic of Uzbekistan for the period 2019-2030. To support the sustainable development program, it is necessary to carry out comprehensive work in three areas of sustainable development: economic, environmental, and social. According to this, investing 2% of global GDP in greening the economy will ensure current and future long-term growth rates from 2011 to 2050 and prevent serious risks associated with climate change, increasing water scarcity, and loss of ecosystem services. Sustainable development does not mean stability in the literal sense, as constant quantitative growth, but "conflict-free" development, taking into account environmental and social characteristics. The word "sustainable" should not be understood as "permanent," but as "strong" or "durable." Today, the basic principles of the Concept of inclusive sustainable growth, including the presence of a strong connection between the rate of economic growth and the solution of a wide range of social problems, including the fair distribution of income generated in society, lead to the conclusion that special attention should be paid to the poorest segments of the population. Target indicators for the transition to a green economy and ensuring “green” growth in the Republic of Uzbekistan until 2030 № Indicators Unit 2022 year 2024 year 2026 year 2028 year 2030 year 1. Reduced energy consumption per unit of GDP (compared to from 2021) % 5,0 14,0 22,0 27,0 30,0 2. Electricity consumption in industry, its share in total consumption % 26,0 25,0 23,0 21,0 20,0 3. Increasing the share of renewable energy sources in total electricity production (along with hydropower) % 8,0 9,0 24,3 29,0 30,5 kW/h 6,5 8,6 25,0 34,0 40,7 4. Construction of low power solar photovoltaic installations MW 10,0 150,0 400,0 800,0 1500,0 5. Population with access to improved drinking water sources, relative to total population % 69,7 80,93 87,12 88,5 90,0 6. Increasing the stock of trees and shrubs in forest areas million m3 64,2 68,1 77,0 85,5 92,3 7. Expansion of green spaces in cities within the framework of the «Yashil Makon» project (relative to the total area of the settlement) % 8,3 12,4 15,8 23,8 30,0 8. Degree of processing of generated municipal solid waste % 30,0 40,0 50,0 60,0 65,0 American Journal of Business Management, Economics and Banking Volume 22 March - 2024 P a g e | 114 www.americanjournal.org The "green" economy is based on saving energy and resources, reducing carbon emissions into the atmosphere, using clean energy for transportation, alternative energy sources, organic agriculture, eco-development (construction with low environmental impact), and developed logistics. The sustainable development goals in the Republic of Uzbekistan are the main principles of economic reform. Within this framework, emerging market mechanisms are optimally integrated with environmental and social policies based on innovation. Priority is given to modernizing the environmental monitoring system, which allows for a comprehensive solution to existing problems. On the basis of public-private partnership, clusters of integrated solid waste management have been created with the introduction of recycling and recycling technologies. These are related to the specific climatic and geographical features of Uzbekistan, its unique ecosystems, and innovation policy priorities aimed at reducing environmental impact, energy consumption, and the introduction of energy-saving technologies in the economy and social spheres. Additionally, there is a development and implementation of state policy to increase energy efficiency and develop renewable energy sources, promote energy-saving and low-carbon industries, implement important ecosystem restoration projects, and increase the production of environmentally friendly products. In this regard, it should be noted that in 2022, the construction of new renewable energy facilities with a capacity of almost 10 GW, including 5 GW of solar, 3 GW of wind, and 1.9 GW of hydroelectric power plants, as well as 7 projects with a total capacity of 173 MW in the field of hydropower, will take place. UN organizations such as the United Nations Environmental Program (UNEP) and the Socio-Economic Commission for Asia and the Pacific (ESCAP), as well as international organizations like the Global Green Growth Institute (GGGI), play an active role in promoting green growth strategies. The green economy covers sustainable development issues such as preserving the environment, biodiversity, and ecosystem services, creating green jobs, and addressing poverty. The main obstacles to green economic growth may be the presence of technological barriers, low innovation potential, lack of demand for innovative products and scientific discoveries, and generally low economic returns from environmentally oriented innovations. To overcome these obstacles, it is important to develop tools for implementing environmental policy correctly. The main stages of a comprehensive assessment of the effectiveness of environmental policy and green growth are selecting priority indicators of the environmental effectiveness of green growth, determining the level of effectiveness with their help, and comparing performance indicators to set targets. In the long term, based on the goals of the “green economy” development model, when introducing the following sectors of the economy, the results will be assessed according to the level of achievement: energy (energy efficiency, partial transition to renewable energy), waste disposal (reduction of anthropogenic impact), “green” technologies (bio-, nano-, information and communication technologies). Analysis and calculation of environmental and economic indicators of the development of the “green economy” are of great importance. The effectiveness of the model is explained by the socio-economic and environmental consequences of its implementation, taking into account the effectiveness of economic mechanisms for ensuring the transition to a “green economy”. As American Journal of Business Management, Economics and Banking Volume 22 March - 2024 P a g e | 115 www.americanjournal.org part of the formation of a “green economy,” the formation of global environmental risks and modern adaptation mechanisms, the assessment of environmental risks, and forecasting the quality of the environment as a result of natural and anthropogenic impacts are becoming an increasingly urgent problem. To create an information and analytical system, collect and store knowledge in the field of assessing damage from environmental pollution, analyze knowledge in the field of assessing negative external effects of economic development, digitize the process of environmental and economic analysis, comprehensive assessment of damage from pollution by various components of the environment, negative environmental threats and the development of software tools for monitoring, analyzing and forecasting risks is of great importance. In the future, the effectiveness of the “green economy” development model will be assessed through its implementation in the following sectors of the economy: energy (energy efficiency, partial transition to renewable energy sources), waste disposal (reduction of anthropogenic impact), “green” technologies (bionanotechnologies, information and communication technologies), "green" transport, "green" building, and clean water (wise use of water resources).In this context, much attention should be paid to several factors. Firstly, "ecological innovation" is crucial. Secondly, a national program should be established to solve environmental problems and ensure environmental safety, including the comprehensive and local restoration of ecosystems in areas with increased environmental hazards, increasing the efficiency of ecosystem monitoring and forecasting of environmental processes in the region, ensuring the interests of the country in the region in terms of the use of mineral and water-energy resources, and formation of a regulatory international legal framework. Thirdly, legislation on the use of natural resources should be improved, and favorable conditions for the introduction of technologies, attracting "green" investments, and creating appropriate economic mechanisms for adaptation to climate change should be created. Fourthly, ensuring environmental safety is not only directly related to the lives of people living in a given country or region but also has global significance. Therefore, priority tasks include increasing consideration of the environmental factor in the development and modernization of production in the region, introducing environmentally friendly technologies, bionanotechnologies, supporting eco-innovations, and developing the activities of public associations, non-governmental and non-profit organizations in solving certain environmental problems. Finally, it is necessary to provide for the solution of a number of urgent issues related to environmental protection and ensuring environmental safety, including improving legislation on the use of natural resources, creating favorable conditions for the introduction of eco-innovative technologies, attracting "green" investments, creating appropriate economic mechanisms for adaptation to climate change, improving environmental taxes, and introducing new financial instruments for the development of "green" (environmentally friendly) technologies through public procurement and implementation of "green" investments taking into account environmental requirements. Uzbekistan's Green Growth and Partnership for Achieving Global Goals (P4G) is a major international initiative launched in recent years. It can be called a special club of countries and cities that have chosen the path of "green development". Currently, there are more than ten participants in the project. As part of this platform, participants will jointly create innovative solutions that will help transition to a green economy. P4G is an institutional framework supported American Journal of Business Management, Economics and Banking Volume 22 March - 2024 P a g e | 116 www.americanjournal.org by a number of prestigious international associations and financial institutions. With its help, Uzbekistan can attract the necessary investments to implement the Green Economy strategy. Our participation in the P4G partnership will ultimately lead to an improvement in the lifestyle of Uzbek citizens, an increase in the quality of life, better urban amenities, restoration of the ecological balance in our region, and many other positive changes. In the context of the implementation of the concept of sustainable development, the development of forms and mechanisms of an innovative, environmentally oriented development model of Uzbekistan requires that it be based on harmonization in the transition from the protection of individual elements of nature to the protection of ecological systems as a whole. This will guarantee optimal parameters of the environment in which people live and interact with mechanisms for the development of economic sectors according to the principles of "green economy". REFERENCES 1. Resolution No. President’s Decree-436 on measures to increase the effectiveness of reforms aimed at the development of the "green" economy of the Republic of Uzbekistan by December 2, 2022. 2. Isadjanov A.A. Environmental aspects of sustainable economic development. Monograph. Tashkent.: Complex Print. 2020. - 200 p. 3.Ibragimova S.A., Zikrillaev N.N. Priorities of environmental policy in economic development // Journal: BIZNES – Expert, No. 4, 2022, pp. 24-26. 4. Ibragimova S.A., Zikrillaev N.N. The importance and priorities of the "green" economy in sustainable economic development// Journal: BIZNES – Expert, 2023, No. 4, pp.33-38. 5. Ibragimova S.A. Priority development of "green" economic and sustainable economic development. Ministry of Higher Education, Science and Innovation of the Republic of Uzbekistan, TSTU named after I. Karimov, Proceedings of the 3rd International Scientif ic and Practical Conference on "Industrial Economics and Management: Problems and Solutions". A collection of articles and theses. - T.: "Marifat", 2023, pp. 41-45.