Economic aspects of environmental protection

Modern society poses not only questions about meeting the needs for goods and services to the economy but also about qualitatively changing the approaches to production that would align with the principles of sustainable development, primarily minimizing the detrimental impact of economic activities on the environment. The formation of new perspectives on environmental protection is possible through a comprehensive analysis of trends in the accumulation of production and consumption waste, expenditures on greening the economy, as well as investments into the eco-oriented production development. The research methodology is based on synthesizing various approaches, methods, and tools within the framework of considering the economic aspects of environmental protection. The methods utilized in the study include analysis, synthesis, deduction, and analogy. The research focuses on economic processes and phenomena that contribute to the formation of new approaches to environmental protection. The aim of the study is to analyze contemporary economic aspects of environmental protection and develop new approaches that ensure eco-oriented economic development. The novelty of this work lies in devising new approaches to environmental protection based on analyzing trends in the accumulation of production and consumption waste, as well as expenditures and investments aimed at enhancing ecology. It is established that the pace of transitioning to a new development model, accounting for economic aspects of environmental protection, is significantly dependent on the technological foundation of the industry's waste utilization and recycling. The formation of a new vision of environmental protection, considering modern economic aspects, can only be achieved by deliberately altering the direction of rational resource consumption and optimally allocating financial resources. Economically viable activities are those that, over time, observe a reduction in the environmental pollution. The practical significance of this research lies in the potential utilization of the proposed new approaches to environmental protection by governmental authorities in the formulation of strategies for managing environmental aspects of economic development, as well as by enterprises during the implementation of environmental policies.