Green Economic Development in Kazakhstan: The Role of Public Regulation and Business-Led Investment
DOI:
https://doi.org/10.47703/ejebs.v69i3.548Keywords:
Firm Behavior, Business, Government Regulation, Public Policy, Green Economy, Public Administration, Sustainable DevelopmentAbstract
The transition to a green economy is one of the key priorities for sustainable development, particularly in resource-dependent countries like Kazakhstan. The relevance of this research is determined by the need to balance investment incentives and fiscal instruments to accelerate environmentally oriented transformation. The aim of the article is to identify the mechanisms that have a decisive influence on the formation of a green economy in the Republic of Kazakhstan. The methodology is based on correlation and regression analysis and covers four groups of indicators: environmental investments, tax revenues for resource use, the scale of green construction, and the prevalence of ecological innovations, from 2016 to 2023. The results showed that investment measures do not have a statistically significant effect on the spread of environmental innovations (R² = 0.620, p > 0.3). On the contrary, fiscal instruments, in particular taxes on the use of natural resources, demonstrated a positive relationship with the volume of green construction (R² = 0.504, p = 0.048). Tax pressure can stimulate the behavioral transformation of businesses towards environmentally sustainable practices. Institutional conditions demonstrated higher efficiency compared to investment incentives. The mandatory regulatory instruments in the formation of green economy elements proved effective. The limited effectiveness of voluntary investment measures confirms the stronger regulatory role of fiscal mechanisms. State policy should focus on strengthening institutional regulation and developing targeted tax instruments to promote sustainable economic transformation in Kazakhstan.
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