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Concept for Introducing Green Economy Principles in the EAEU Included Among UNCTAD's Best Regional Sustainable Development Practices
According to the results of the ISAR Honours competition held by the UN Conference on Trade and Development (UNCTAD), the concept for introducing the green economy principles in the Eurasian Economic Union was ranked among the best international initiatives for sustainable development in 2024 (4th place).
This initiative of the Eurasian Economic Commission on international coordination of common green transformation principles was discussed at the session of UNCTAD's Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), as well as during thematic events held in Geneva on 5-8 November.
The session participants were interested in the proposal of the Commission representatives that the pan-Eurasian approaches to the green economy development set out in the Concept should become the basis for mutual recognition of national environmental regulatory systems and, further, for non-application of the so-called "climate barriers" (restrictive measures introduced on environmental or climatic grounds).
Andrey Panteleev, Head of Section of the EEC Macroeconomic Policy Department, stressed that "mutual recognition is the most pragmatic and scientifically sound approach, which, using the UN platforms, gives us a chance to join the efforts of a wide range of countries to ensure technological modernization of national economies while reducing the negative impact on the environment and the climate."
As noted by the EEC representatives, the basic approach of the green economy is to ensure that each state has an optimal balance between environmental and climate protection, on the one hand, and the achievement of national social and economic development goals, on the other hand, as both the growing well-being and the improved environment are equally important for the population. To implement this approach, the EEC proposes to use a set of specific, scientifically sound and internationally recognized criteria to classify economic projects as green. It is important that these criteria are quantifiable.
The Concept emphasizes the importance of using the best available technologies (BAT) as an instrument of international cooperation in the sphere of sustainable development. The use of BAT can become a link between enterprises, investors, lenders and technology developers, regardless of which state they are residents of, thus creating additional opportunities for attracting financing and international cooperation.
EEC representatives noted that the international agenda had recently shifted towards so-called "net zero" to the detriment of other sustainable development components. The Concept presented by the EEC shows that reducing greenhouse gas emissions is only one of many components of environmental well-being and sustainable development, and therefore it is irrational to overemphasize this component.
