A PEST analysis for Western Balkans towards Green Economy

The Green economy refers to an economic system that aims to promote sustainable development, reduce environmental impact, and ensure the efficient use of resources. In the case of the Western Balkans region, there are several key aspects to consider regarding the green economy like renewable energy, energy efficiency, sustainable agriculture, circular economy green Infrastructure, education and research. It is essential for governments, businesses, and civil society in the Western Balkans to collaborate and prioritize the development of policies, incentives, and investments that promote the green economy. Such efforts can not only drive economic growth but also preserve the region\u27s natural resources and contribute to a more sustainable future. The Green Agenda for the Western Balkans has the potential to drive the transition towards a Sustainable, carbon-neutral economy oriented towards planetary health and human well-being. The goal of the Agenda, which comes as part of a 9 billion euro Economic and Investment Plan for Western Balkans, is to stimulate the economies in the Western Balkans by bringing region in accordance with EU environmental standards and climate objectives, reducing corruption and strengthening democracy The Green Agenda and the Economic Investment Plan must be aligned with the EU\u27s environmental and climate objectives. It should also strengthen environmental protection, it should also improve vulnerable groups and contribute to tackling the root causes of inequality. In particular, it focuses on women, the young and the elderly, low-income and rural groups. The region has shown a poor record in implementing the EU environmental acquis and state aid legislation, even under binding instruments such as the Energy Community Treaty. We therefore emphasize that the Green Agenda in its current format lacks sufficient emphasis on legal enforcement that would ensure its integrity. Through a PEST analysis we will see the political, economic, social, technological constraints and barriers in the countries of the Western Balkans (Albania, Serbia, Bosnia Herzegovina, North Macedonia, Montenegro). At the end of the paper, we will give some recommendations for a better progress in accordance with the objectives of the Green Agenda