[ Log In | Register]
! Skip Navigation Links
Skip Navigation Links
Image of Journal of Applied Nonlinear Dynamics
ISSN:2325-6192 (print)
ISSN:2325-6206 (online)
Journal of Environmental Accounting and Management
António Mendes Lopes (editor), Jiazhong Zhang(editor)
António Mendes Lopes (editor)

University of Porto, Portugal

Email: aml@fe.up.pt

Jiazhong Zhang (editor)

School of Energy and Power Engineering, Xi'an Jiaotong University, Xi'an, Shaanxi Province 710049, China

Fax: +86 29 82668723 Email: jzzhang@mail.xjtu.edu.cn

Ecological GDP Reform through Regenerative Macroeconomics: A Systematic Review of Theoretical Paradigms

Journal of Environmental Accounting and Management 14(3) (2026) 371--389 | DOI:10.5890/JEAM.2026.09.001

Maulana Agung Wibowo$^1$, Noer Azam Achsani$^{1}$, Joyo Winoto$^{1}$, Agus Justianto$^{2}$

$^{1}$ IPB University, Department of the School of Business. SB-IPB Building, Gunung Gede IPB Campus, Raya Pajajaran$^{\rm st}$, Bogor West Java. Indonesia 16810

$^{2}$ The Ministry of Forestry. Manggala Wanabakti Building, Block I, 2nd Floor. Gatot Subrotost. Central Jakarta, Indonesia 10270

Download Full Text PDF

 

Abstract

Despite growing interest in ecological economics, no unified framework currently bridges normative critiques with operational fiscal reform. Existing macroeconomic systems frequently exclude ecological dynamics from accounting, limiting their capacity to reflect interdependence and regenerative processes. While sustainability paradigms aim to maintain ecological thresholds, their institutional integration often remains partial. In contrast, regenerative approaches embed restoration obligations, ecological productivity, and feedback loops as productive functions within macroeconomic systems. This study reviews 388 peer-reviewed articles to develop a regenerative macroeconomic model that embeds ecological values into national accounting. Using PRISMA-SLR, entropy-based coding, and PLS-SEM, the model formalises ecosystem contributions, restoration obligations, and fiscal redistribution. Results demonstrate that implementation actors exert more substantial influence on outcomes than institutional structures, with limited support for theory-driven pathways. The proposed framework provides a reproducible and policy-relevant tool that advances ecological macroeconomics by aligning fiscal systems with regenerative thresholds and positioning nature as a co-producing institutional actor.

Acknowledgments

The authors thank the School of Business at IPB University for its institutional support throughout the development of this study. We are also grateful to the Ministry of Forestry (formerly the Ministry of Environment and Forestry), Indonesia, for providing expert input on global climate dynamics and governance. This study did not receive any specific grant from public, commercial, or not-for-profit funding agencies. The views expressed are solely those of the authors and do not necessarily reflect the positions of any affiliated institution. The authors acknowledge the critical feedback from colleagues during the early conceptual phases, which contributed to refining the multidimensional framework.

References

  1. [1]  IPCC (2023), Climate change 2022 – impacts, adaptation and vulnerability: working group II contribution to the sixth assessment report of the intergovernmental panel on climate change, Cambridge University Press, Cambridge, DOI: 10.1017/9781009325844.
  2. [2]  IPCC (2023), Summary for policymakers, in climate change 2021 – the physical science basis: working group I contribution to the sixth assessment report of the intergovernmental panel on climate change, Cambridge University Press, Cambridge, 3–32, DOI: 10.1017/9781009157896.001.
  3. [3]  Khojasteh, D., Haghani, M., Shamsipour, A., Zwack, C.C., Glamore, W., Nicholls, R.J., and England, M.H. (2024), Climate change science is evolving toward adaptation and mitigation solutions, WIREs Climate Change, 15(4), e884, DOI: 10.1002/wcc.884.
  4. [4]  Lawler, J.J., Spencer, B., Olden, J.D., Kim, S.-H., Lowe, C., and Bolton, S. (2013), Mitigation and adaptation strategies to reduce climate vulnerabilities and maintain ecosystem services, Clim. Vulnerability, 315–335, DOI: 10.1016/B978-0-12-384703-4.00436-6.
  5. [5]  Ghosh, E. and Pearson, L.J. (2025), Rethinking economic foundations for sustainable development: a comprehensive assessment of six economic paradigms against the SDGs, Sustainability, 17(10), 4567, DOI: 10.3390/su17104567.
  6. [6]  Mariane, I. (2025), Philosophical foundations of ecological justice: developing environmental concepts for sustainable development, International Journal of Social Sciences and Humanities, 2(1), 10–18, DOI: 10.59613/8e86dz50.
  7. [7]  Kallis, G., Demaria, F., and D'Alisa, G. (2014), Introduction: degrowth, in degrowth: a vocabulary for a new era, Routledge, London, 1–18.
  8. [8]  Gudynas, E. (2011), Buen vivir: today's tomorrow, Development, 54(4), 441–447, DOI: 10.1057/dev.2011.86.
  9. [9]  Scheidel, A., Temper, L., Demaria, F., and Martínez-Alier, J. (2018), Ecological distribution conflicts as forces for sustainability: an overview and conceptual framework, Sustainability Science, 13(3), 585–598, DOI: 10.1007/s11625-017-0519-0.
  10. [10]  Raworth, K. (2017), Doughnut economics: seven ways to think like a 21st-century economist, Chelsea Green Publishing, White River Junction, Vermont.
  11. [11]  El Serafy, S. (1997), Green accounting and economic policy, Ecological Economics, 21(3), 217–229, DOI: 10.1016/S0921-8009(96)00107-3.
  12. [12]  Sukhdev, P., Wittmer, H., and Miller, D. (2014), The economics of ecosystems and biodiversity: challenges and responses, in nature in the balance: the economics of biodiversity, eds. D. Helm and C. Hepburn, Oxford University Press, Oxford, UK, 16.
  13. [13]  Stjepanović, S., Tomić, D., and Škare, M. (2019), Green GDP: an analysis for developing and developed countries, E+M Ekon. Manag., 22(4), 4–17, DOI: 10.15240/tul/001/2019-4-001.
  14. [14]  BenDor, T., Lester, T.W., Livengood, A., Davis, A., and Yonavjak, L. (2015), Estimating the size and impact of the ecological restoration economy, Plos One, 10(6), e0128339, DOI: 10.1371/journal.pone.0128339.
  15. [15]  Mol, A.P.J. and Spaargaren, G. (2007), Ecological modernisation theory in debate: a review, Environmental Politics, 9(1), 17–49, DOI: 10.1080/09644010008414511.
  16. [16]  Loring, P.A. (2020), Threshold concepts and sustainability: features of a contested paradigm, FACETS, 5(1), 182–199, DOI: 10.1139/facets-2019-0037.
  17. [17]  Buckton, S.J., Fazey, I., Sharpe, B., Om, E.S., Doherty, B., Ball, P., Denby, K., Bryant, M., Lait, R., Bridle, S., and Cain, M. (2023), The regenerative lens: a conceptual framework for regenerative social-ecological systems, One Earth, 6(7), 824–842, DOI: 10.1016/j.oneear.2023.06.006.
  18. [18]  Ruggerio, C.A. (2021), Sustainability and sustainable development: a review of principles and definitions, Science of The Total Environment, 786, 147481, DOI: 10.1016/j.scitotenv.2021.147481.
  19. [19]  Kumar, A., Antoniella, G., Blasi, E., and Chiti, T. (2025), Recent advances in regenerative sustainable agricultural strategies for managing soil carbon and mitigating climate change consequences, CATENA, 258, 109208, DOI: 10.1016/j.catena.2025.109208.
  20. [20]  Fischer, J., Farny, S., Abson, D.J., Zuin Zeidler, V., von Salisch, M., Schaltegger, S., Martín-López, B., Temperton, V.M., and Kümmerer, K.(2024), Mainstreaming regenerative dynamics for sustainability, Nature Sustainability, 7(8), 964–972, DOI: 10.1038/s41893-024-01368-w.
  21. [21]  Yunibandhu, R. and Hallinger, P. (2025), From sustainability to regeneration: mapping the conceptual foundations and future directions of regenerative development, Sustainable Development, 0, 1–7, DOI: 10.1002/sd.70112.
  22. [22]  Fioramonti, L. (2024), Post-growth theories in a global world: a comparative analysis, Review of International Studies, 50(5), 866–876, DOI: 10.1017/S0260210524000214.
  23. [23]  Moyano-Fernández, C. (2023), Rethinking the environmental virtue of ecological justice from the interdependencies of non-human capabilities and synergetic flourishing, Philosophies, 8(6), 103, DOI: 10.3390/philosophies8060103.
  24. [24]  Escobar, A. (2008), Territories of difference: place, movements, life, redes, Duke University Press, Durham (N. C.).
  25. [25]  Hellstrand, S., Skånberg, K., and Drake, L. (2010), A biophysically anchored production function, Environmental Development and Sustainability, 12(4), 573–596, DOI: 10.1007/s10668-009-9212-5.
  26. [26]  Richter, K. (2025), Cosmological limits to growth, affective abundance, and rights of nature: insights from buen vivir/sumak kawsay for the cultural politics of degrowth, Ecological Economics, 228, 108442, DOI: 10.1016/j.ecolecon.2024.108442.
  27. [27]  Kallis, G. (2017), In defense of degrowth: opinions and manifestos, Uneven Earth Press, Brussels.
  28. [28]  Martínez-Alier, J. (2002), The environmentalism of the poor: a study of ecological conflicts and valuation, Edward Elgar Publishing, Northampton, Mass.
  29. [29]  Kothari, A., Demaria, F., and Acosta, A. (2014), Buen vivir, degrowth and ecological swaraj: alternatives to sustainable development and the green economy, Development, 57(3), 362–375, DOI: 10.1057/dev.2015.24.
  30. [30]  Murove, M.F. (2004), An African commitment to ecological conservation: the Shona concepts of ukama and ubuntu, Mankind Quarterly, 45(2), DOI: 10.46469/mq.2004.45.2.3.
  31. [31]  Büchs, M. and Koch, M. (2017), Critiques of growth, in postgrowth and wellbeing: challenges to sustainable welfare, Springer International Publishing, Cham, 39–56, DOI: 10.1007/978-3-319-59903-8_4.
  32. [32]  Newell, P. and Paterson, M. (2010), Climate capitalism: global warming and the transformation of the global economy, Cambridge University Press, Cambridge, DOI: 10.1017/CBO9780511761850.
  33. [33]  Carroll, W. (2020), Fossil capitalism, climate capitalism, energy democracy: the struggle for hegemony in an era of climate crisis, Socialist Studies/Études Socialistes, 14, DOI: 10.18740/ss27275.
  34. [34]  Kothari, A., Demaria, F., and Acosta, A. (2014), Buen vivir, degrowth and ecological swaraj: alternatives to sustainable development and the green economy, Development, 57(3), 362–375, DOI: 10.1057/dev.2015.24.
  35. [35]  Kongshøj, K. and Hedegaard, T.F. (2025), Limits to degrowth? Exploring patterns of support for and resistance against degrowth policies, Ecological Economics, 237, 108699, DOI: 10.1016/j.ecolecon.2025.108699.
  36. [36]  Alsarhan, L.M., Alayyar, A.S., Alqahtani, N.B., and Khdary, N.H. (2021), Circular carbon economy (CCE): a way to invest CO2 and protect the environment, a review, Sustainability, 13(21), DOI: 10.3390/su132111625.
  37. [37]  Wang, X. (2019), The national ecological accounting and auditing scheme as an instrument of institutional reform in China: a discourse analysis, Journal of Business Ethics, 154(3), 587–603, DOI: 10.1007/s10551-016-3401-6.
  38. [38]  Daly, H.E. (1991), Steady-state economics, Island Press, Washington DC, USA.
  39. [39]  Polasky, S., Bryant, B., Hawthorne, P., Johnson, J., Keeler, B., and Pennington, D. (2015), Inclusive wealth as a metric of sustainable development, Annual Review of Environment and Resources, 40, 445–466, DOI: 10.1146/annurev-environ-101813-013253.
  40. [40]  Kousar, S., Ahmed, F., Abid, A., and Haluza, D. (2025), Inclusive wealth as a measurement of sustainable future: bibliometric analysis for past, present and future research agenda in biodiversity accounting and sustainable development, International Journal of Climate Change Strategies and Management, DOI: 10.1108/IJCCSM-03-2025-0064.
  41. [41]  Huang, C. (2024), Ecological civilization: a new form of human civilization, in the construction of ecological civilization in China, Springer Nature, Singapore, 1–18, DOI: 10.1007/978-981-99-6515-1_1.
  42. [42]  Kekkonen, A. (2024), Operationalizing doughnut economics for regional green transition: an integrated multi-level stakeholder engagement framework, in performance challenges in organizational sustainability: practices from public and private sector, eds. M. Kooskora and A. Kekkonen, Springer Nature, Singapore, 89–107, DOI: 10.1007/978-981-97-5548-6_5.
  43. [43]  Almulhim, A.I. (2024), Toward a greener future: applying circular economy principles to Saudi Arabia's food sector for environmental sustainability, Sustainability, 16(2), 786, DOI: 10.3390/su16020786.
  44. [44]  Turner, R.A. and Wills, J. (2022), Downscaling doughnut economics for sustainability governance, Current Opinion in Environmental Sustainability, 56, 101180, DOI: 10.1016/j.cosust.2022.101180.
  45. [45]  Czúcz, B., Simensen, T., Skrindo, A.B., Rusch, G.M., Nybø, S., Grainger, M., and Töpper, J.P. (2025), No net loss accounting: aligning biodiversity offsets with ecosystem accounts, Ecological Solutions and Evidence, 6(1), e70006, DOI: 10.1002/2688-8319.70006.
  46. [46]  Thompson, B.S. (2021), Corporate payments for ecosystem services in theory and practice: links to economics, business, and sustainability, Sustainability, 13(15), DOI: 10.3390/su13158307.
  47. [47]  Huberman, D. and Gallagher, L. (2006), Developing international payments for ecosystem services: towards a greener world economy, IUCN and UNEP Payment for Ecosystem Services brochure, last accessed on 1(03), 2010.
  48. [48]  Helm, D. (2015), Natural capital: valuing the planet, Yale University Press, London, UK.
  49. [49]  United Nations (2014), System of environmental-economic accounting 2012—central framework, United Nations, New York, USA.
  50. [50]  European Communities (2008), The economics of ecosystems & biodiversity – an interim report, Welzel+Hardt, Wesseling, Germany.
  51. [51]  Ring, I. (2008), Integrating local ecological services into intergovernmental fiscal transfers: the case of the ecological ICMS in Brazil, Land Use Policy, 25(4), 485–497, DOI: 10.1016/j.landusepol.2007.11.001.
  52. [52]  Lange, G.-M., Wodon, Q., and Carey, K. (2018), The changing wealth of nations 2018: building a sustainable future, World Bank Publications, Washington.
  53. [53]  Li, V. and Lang, G. (2010), China's “green GDP” experiment and the struggle for ecological modernisation, Journal of Contemporary Asia, 40(1), 44–62, DOI: 10.1080/00472330903270346.
  54. [54]  Grunewald, K., Zieschank, R., Förster, J., Hansjürgens, B., and Wildner, T.M. (2024), The future of economic reporting: ecosystem services and biodiversity in government and corporate accounting, One Ecosystem, 9, DOI: 10.3897/oneeco.9.e131326.
  55. [55]  Jespersen, K. and Gallemore, C. (2018), The institutional work of payments for ecosystem services: why the mundane should matter, Ecological Economics, 146, 507–519, DOI: 10.1016/j.ecolecon.2017.12.013.
  56. [56]  Arzova, S.B. and Şahin, B.Ş. (2023), Macroeconomic and financial determinants of green growth: an empirical investigation on BRICS-T countries, Management of Environmental Quality: An International Journal, DOI: 10.1108/MEQ-07-2023-0210.
  57. [57]  Kuhlman, T. and Farrington, J. (2010), What is sustainability?, Sustainability, 2(11), 3436–3448, DOI: 10.3390/su2113436.
  58. [58]  Shannon, G., Issa, R., Wood, C., and Kelman, I. (2022), Regenerative economics for planetary health: a scoping review, International Health Trends and Perspectives, 2(3), 81–105, DOI: 10.32920/ihtp.v2i3.1704.
  59. [59]  Ouyang, Z., Song, C., Zheng, H., Polasky, S., Xiao, Y., Bateman, I.J., Liu, J., Ruckelshaus, M., Shi, F., Xiao, Y., and Xu, W. (2020), Using gross ecosystem product (GEP) to value nature in decision making, Proceedings of the National Academy of Sciences, 117(25), 14593–14601, DOI: 10.1073/pnas.1911439117.
  60. [60]  Ostrom, E. (2009), A polycentric approach for coping with climate change, World Bank Working Paper, WPS(5095), 56, DOI: 10.2139/ssrn.1934353.
  61. [61]  Bowers, J. (1993), The syntax of predication, Linguistic Inquiry, 24(4), 591–656.
  62. [62]  Atallah, S.S., Gómez, M.I., and Jaramillo, J. (2018), A bioeconomic model of ecosystem services provision: coffee berry borer and shade-grown coffee in Colombia, Ecological Economics, 144, 129–138, DOI: 10.1016/j.ecolecon.2017.08.002.
  63. [63]  Cooke, A., Smith, D., and Booth, A. (2012), Beyond PICO: the SPIDER tool for qualitative evidence synthesis, Qualitative Health Research, 22(10), 1435–1443, DOI: 10.1177/1049732312452938.
  64. [64]  Jackson, T. (2016), Towards a ‘post-growth' macroeconomics, in prosperity without growth, Routledge, London, 26.
  65. [65]  Page, M.J., Moher, D., Bossuyt, P.M., Boutron, I., Hoffmann, T.C., Mulrow, C.D., Shamseer, L., Tetzlaff, J.M., Akl, E.A., Brennan, S.E., and Chou, R. (2021), PRISMA 2020 explanation and elaboration: updated guidance and exemplars for reporting systematic reviews, BMJ, n160, DOI: 10.1136/bmj.n160.
  66. [66]  Falagas, M.E., Pitsouni, E.I., Malietzis, G.A., and Pappas, G. (2008), Comparison of PubMed, Scopus, Web of Science, and Google Scholar: strengths and weaknesses, The FASEB Journal, 22(2), 338–342, DOI: 10.1096/fj.07-9492LSF.
  67. [67]  Moher, D., Shamseer, L., Clarke, M., Ghersi, D., Liberati, A., Petticrew, M., Shekelle, P., and Stewart, L.A. (2015), Preferred reporting items for systematic review and meta-analysis protocols (PRISMA-P) 2015 statement, Systematic Reviews, 4(1), 1, DOI: 10.1186/2046-4053-4-1.
  68. [68]  Nes, F. van, Abma, T., Jonsson, H., and Deeg, D. (2010), Language differences in qualitative research: is meaning lost in translation?, European Journal of Ageing, 7(4), 313–316, DOI: 10.1007/s10433-010-0168-y.
  69. [69]  Mongeon, P. and Paul-Hus, A. (2016), The journal coverage of Web of Science and Scopus: a comparative analysis, Scientometrics, 106(1), 213–228, DOI: 10.1007/s11192-015-1765-5.
  70. [70]  ATLAS.ti (2025), ATLAS.ti Windows, ATLAS.ti Scientific Software Development GmbH., Berlin.
  71. [71]  Wu, S., Fu, Y., Shen, H., and Liu, F. (2018), Using ranked weights and Shannon entropy to modify regional sustainable society index, Sustainable Cities and Society, 41, 443–448, DOI: 10.1016/j.scs.2018.05.052.
  72. [72]  Page, M.J., McKenzie, J.E., Bossuyt, P.M., Boutron, I., Hoffmann, T.C., Mulrow, C.D., Shamseer, L., Tetzlaff, J.M., Akl, E.A., Brennan, S.E., and Chou, R. (2021), The PRISMA 2020 statement: an updated guideline for reporting systematic reviews, The BMJ, 372, n71, DOI: 10.1136/bmj.n71.
  73. [73]  Kline, R.B. (2023), Principles and practice of structural equation modeling, The Guilford Press, New York.
  74. [74]  Byrne, B.M. (2010), Structural equation modeling with AMOS: basic concepts, applications, and programming, second edition, Routledge, New York.
  75. [75]  Schumacker, R.E. and Lomax, R.G. (2016), A beginner's guide to structural equation modeling: fourth edition, Routledge, New York London.
  76. [76]  Hair, J., Hult, G.T.M., Ringle, C.M., and Sarstedt, M. (2021), A primer on partial least squares structural equation modeling, SAGE Publications, Inc, Los Angeles London New Delhi Singapore Washington DC Melbourne.
  77. [77]  Henseler, J., Hubona, G., and Ray, P.A. (2016), Using PLS path modeling in new technology research: updated guidelines, Industrial Management & Data Systems, 116(1), 2–20, DOI: 10.1108/IMDS-09-2015-0382.
  78. [78]  Hair, J.F., Risher, J.J., Sarstedt, M., and Ringle, C.M. (2019), When to use and how to report the results of PLS-SEM, European Business Review, 31(1), 2–24, DOI: 10.1108/EBR-11-2018-0203.
  79. [79]  Rigdon, E.E. (2016), Choosing PLS path modeling as analytical method in European management research: a realist perspective, European Management Journal, 34(6), 598–605, DOI: 10.1016/j.emj.2016.05.006.
  80. [80]  Shmueli, G., Ray, S., Velasquez Estrada, J.M., and Chatla, S.B. (2016), The elephant in the room: predictive performance of PLS models, Journal of Business Research, 69(10), 4552–4564, DOI: 10.1016/j.jbusres.2016.03.049.
  81. [81]  Hair, J., Sarstedt, M., Ringle, C.M., and Gudergan, S.P. (2018), Advanced issues in partial least squares structural equation modeling, SAGE Publications, Inc, Los Angeles, USA.
  82. [82]  D'Amato, D., La Notte, A., Damiani, M., and Sala, S. (2024), Biodiversity and ecosystem services in business sustainability: toward systematic, value chain-wide monitoring that aligns with public accounting, Journal of Industrial Ecology, 28(5), 1030–1044, DOI: 10.1111/jiec.13521.
  83. [83]  Fisher, B., Turner, K., Zylstra, M., Brouwer, R., De Groot, R., Farber, S., Ferraro, P., Green, R., Hadley, D., Harlow, J. and Jefferiss, P. (2008), Ecosystem services and economic theory: integration for policy-relevant research, Ecological Applications, 18(8), 2050–2067, DOI: 10.1890/07-1537.1.
  84. [84]  Ingebrigtsen, S. and Jakobsen, O. (2009), Moral development of the economic actor, Ecological Economics, 68(11), 2777–2784, DOI: 10.1016/j.ecolecon.2009.04.002.
  85. [85]  Uusikartano, J., Väyrynen, H., and Aarikka-Stenroos, L. (2020), Public agency in changing industrial circular economy ecosystems: roles, modes and structures, Sustainability, 12(23), 1–27, DOI: 10.3390/su122310015.
  86. [86]  Kimbrough, E.O. and Wilson, B.J. (2013), Insiders, outsiders, and the adaptability of informal rules to ecological shocks, Ecological Economics, 90, 29–40, DOI: 10.1016/j.ecolecon.2013.02.008.
  87. [87]  Hu, L. and Bentler, P.M. (1999), Cutoff criteria for fit indexes in covariance structure analysis: conventional criteria versus new alternatives, Structural Equation Modeling: A Multidisciplinary Journal, 6(1), 1–55, DOI: 10.1080/10705519909540118.
  88. [88]  Henseler, J., Ringle, C.M., and Sarstedt, M. (2015), A new criterion for assessing discriminant validity in variance-based structural equation modeling, Journal of the Academy of Marketing Science, 43(1), 115–135, DOI: 10.1007/s11747-014-0403-8.
  89. [89]  Sarstedt, M., Radomir, L., Moisescu, O.I., and Ringle, C.M. (2022), Latent class analysis in PLS-SEM: a review and recommendations for future applications, Journal of Business Research, 138, 398–407, DOI: 10.1016/j.jbusres.2021.08.051.
  90. [90]  Costanza, R., Kubiszewski, I., Giovannini, E., Lovins, H., McGlade, J., Pickett, K.E., Ragnarsdóttir, K.V., Roberts, D., De Vogli, R., and Wilkinson, R. (2014), Development: time to leave GDP behind, Nature, 505(7483), 283–285, DOI: 10.1038/505283a.
  91. [91]  Meadows, D.H. (2011), Thinking in systems: international bestseller, Chelsea Green, White River Junction, Vt.
  92. [92]  Folke, C., Carpenter, S., Walker, B., Scheffer, M., Chapin, T., and Rockström, J. (2010), Resilience thinking: integrating resilience, adaptability and transformability, Ecology and Society, 15(4), DOI: 10.5751/ES-03610-150420.
  93. [93]  Hickel, J. and Kallis, G. (2020), Is green growth possible?, New Political Economy, 25(4), 469–486, DOI: 10.1080/13563467.2019.1598964.
  94. [94]  Latouche, S. (2009), Farewell to growth, Polity, Cambridge.
  95. [95]  Walker, B., Holling, C.S., Carpenter, S., and Kinzig, A. (2004), Resilience, adaptability and transformability in social–ecological systems, Ecology and Society, 9(2), DOI: 10.5751/ES-00650-090205.
  96. [96]  Barbier, E.B. (2016), Sustainability and development, Annual Review of Resource Economics, 8, 261–280, DOI: 10.1146/annurev-resource-100815-095227.
  97. [97]  United Nations (1962), Permanent sovereignty over natural resources, XVII.
  98. [98]  Scoones, I., Stirling, A., Abrol, D., Atela, J., Charli-Joseph, L., Eakin, H., Ely, A., Olsson, P., Pereira, L., Priya, R., and Van Zwanenberg, P. (2020), Transformations to sustainability: combining structural, systemic and enabling approaches, Current Opinion in Environmental Sustainability, 42, 65–75, DOI: 10.1016/j.cosust.2019.12.004.
  99. [99]  Bettarelli, L., Duval, R., Furceri, D., and Jalles, J. (2025), Structural reforms and fiscal sustainability: evidence from emerging market and developing economies, Applied Economics Letters, 1–10, DOI: 10.1080/ 13504851.2025.2498065.
  100. [100]  Zheng, X. and Chen, Y. (2024), A better strategy: using green GDP to measure economic health, Frontiers in Environmental Science, 12, DOI: 10.3389/fenvs.2024.1459764.
  101. [101]  Lin, C., Liu, H., Ni, C., and Zhang, B. (2023), State controlling shareholders and payout policy, Journal of Financial and Quantitative Analysis, 58(5), 1943–1972, DOI: 10.1017/S0022109022001132.
  102. [102]  Asquer, A. (2018), Theories of regulation, in regulation of infrastructure and utilities: public policy and management issues, Springer International Publishing, Cham, 19–33, DOI: 10.1007/978-3-319-67735-4_2.
  103. [103]  Laine, M. (2010), The nature of nature as a stakeholder, Journal of Business Ethics, 96(1), 73–78, DOI: 10.1007/s10551-011-0936-4.
  104. [104]  Jain, S.C. (1977), Permanent sovereignty over natural resources and nationalization in international law, Journal of the Indian Law Institute, 19(3), 241–256.
  105. [105]  Sneirson, J.F. (2019), The history of shareholder primacy, from Adam Smith through the rise of financialism, in the Cambridge handbook of corporate law, corporate governance and sustainability, Cambridge University Press, Cambridge, 73–85, DOI: 10.1017/9781108658386.011.
  106. [106]  Benjamin, L. (2021), Theorising the company in the context of climate change, in companies and climate change: theory and law in the United Kingdom, Cambridge University Press, Cambridge, 20–45, DOI: 10.1017/9781108689243.002.
  107. [107]  Lima de Paulo, F.L. and Camões, P.J.S. (2019), Ecological fiscal transfers for biodiversity conservation policy: a transaction costs analysis of Minas Gerais, Brazil, Ecological Economics, 166, 106425, DOI: 10.1016/ j.ecolecon.2019.106425.
  108. [108]  Busch, J. (2018), Monitoring and evaluating the payment-for-performance premise of REDD+: the case of India's ecological fiscal transfers, Ecosystem Health and Sustainability, 4(7), 169–175, DOI: 10.1080/20964129.2018.1492335.
  109. [109]  Yudhoyono, A.H., Sukoco, B.M., Maharani, I.A.K., Putra, I.K., and Suhariadi, F. (2025), Bridging the gap: Indonesia's research trajectory and national development through a scientometric analysis using SciVal, Journal of Open Innovation: Technology, Market, and Complexity, 11(1), 100505, DOI: 10.1016/j.joitmc.2025.100505.
  110. [110]  Manta, A.G., Doran, N.M., Bădîrcea, R.M., Badareu, G., and Țăran, A.M. (2023), Does the implementation of a Pigouvian tax be considered an effective approach to address climate change mitigation?, Economic Analysis and Policy, 80, 1719–1731, DOI: 10.1016/j.eap.2023.11.002.
  111. [111]  Pigou, A.C. (1920), The economics of welfare: Palgrave classics in economics, Palgrave Macmillan London, London, UK.
  112. [112]  Andrew, J., Kaidonis, M.A., and Andrew, B. (2010), Carbon tax: challenging neoliberal solutions to climate change, Critical Perspectives on Accounting, 21(7), 611–618, DOI: 10.1016/j.cpa.2010.03.009.
  113. [113]  Kahui, V., Armstrong, C.W., and Aanesen, M. (2024), Comparative analysis of Rights of Nature (RoN) case studies worldwide: features of emergence and design, Ecological Economics, 221, 108193, DOI: 10.1016/ j.ecolecon.2024.108193.
  114. [114]  Aldy, J.E. and Stavins, R.N. (2012), The promise and problems of pricing carbon: theory and experience, The Journal of Environment & Development, 21(2), 152–180, DOI: 10.1177/1070496512442508.
  115. [115]  Bento, N. and Gianfrate, G. (2020), Determinants of internal carbon pricing, Energy Policy, 143, 111499, DOI: 10.1016/j.enpol.2020.111499.
  116. [116]  Dominioni, G. (2022), Pricing carbon effectively: a pathway for higher climate change ambition, Climate Policy, 22(7), 897–905, DOI: 10.1080/14693062.2022.2042177.
  117. [117]  Green, J.F. (2021), Does carbon pricing reduce emissions? A review of ex-post analyses, Environmental Research Letters, 16(4), 043004, DOI: 10.1088/1748-9326/abdae9.
  118. [118]  Sarr, B. (2018), Nine success factors for an efficient and transparent MRV system within the framework of the Paris Agreement (2015 Climate Conference), Carbon Management, 9(4), 361–366, DOI: 10.1080/17583004.2018.1486682.
  119. [119]  Hille, E. (2018), Pollution havens: international empirical evidence using a shadow price measure of climate policy stringency, Empirical Economics, 54(3), 1137–1171, DOI: 10.1007/s00181-017-1244-3.
  120. [120]  Zhang, F. and Wen, N. (2022), Carbon price forecasting: a novel deep learning approach, Environmental Science and Pollution Research, 29(36), 54782–54795, DOI: 10.1007/s11356-022-19713-x.
  121. [121]  Vuuren, D.P. van and Riahi, K. (2011), The relationship between short-term emissions and long-term concentration targets, Climatic Change, 104(3), 793–801, DOI: 10.1007/s10584-010-0004-6.

Copyright © 2011-2026 L & H Scientific Publishing. All rights reserved. Wildcard SSL Certificates