All countries, regardless of their natural resource base or geopolitical position, to a greater or lesser degree face the challenges of depletion of limited natural resources and climate change. Response to these challenges requires the models of economic growth reflecting a closer interaction between economy, environment, and quality of life. The use of such models may facilitate more informed policy decision making for sustainable development of national economies. At the global level, the framework for addressing these issues was established by Agenda 21 adopted by the UN Conference on Environment and Development (1992, Rio de Janeiro, Brazil), the recommendations of the World Summit on Sustainable Development Rio+10 (2002, Johannesburg, South Africa) and the decisions of the UN Conference on Sustainable Development Rio+20 (25 June 2012, Rio de Janeiro, Brazil), at the regional level commitments were identified by the Eighth Conference Environment for Europe (Batumi, Georgia, 2016). Acknowledging that progress towards green growth had been insufficient, the outcome document of the Rio+20 Conference The Future We Want expressed support to various initiatives in the eld of “green economy”, “green growth” and “inclusive green growth” put forward by international organisations with a view to further advancing the concept of sustainable development with due regard to current realities and applying a more pragmatic approach to its implementation