The transition towards a sustainable economy

Abstract

The paper aims to analyze the need to transform the global economy into an economy with low CO2 emissions, a "decarbonized" economy, an economy with low climate risk, finally becoming a sustainable economy. The transformation of the economy will extend over a long time horizon and, as a result of the limits and resistance factors of the current economic system, it will not take place quickly, essential transformations being necessary in all areas of activity, but also in the way of thinking, the lifestyle, education, health and political organization. The recent global economic crisis, the registration of the continuous and irreversible damage to the environment, with negative effects, including on human subjects, have demonstrated the capacity and reduced reaction limits of the economic system to the environmental instabilities. Analyis performed proves that treating and studying the governance of sustainable development is particularly complex. Determining the choice of appropriate public policies is all the more obvious as the sectoral dimension used in public administration mainly needs to be changed, giving way to integrated and horizontally coordinated approaches. Also, the increase in the degree of globalization and integration entails a vertical integration of public policies that will have to include converging objectives of sustainable development. There is a need for a policy focused on a functional productive industry, with jobs in Europe, a policy beneficial for European society; the products, their applications, but also the employees, represent the foundation of a prosperous European society, energy efficient, with low carbon emissions.