Transition towards Sustainable economy in Serbia: Lessons from Denmark

Sustainable development represents one of the key items on the agenda of governments across the globe. In parallel, numerous important acts on sustainable development have been adopted on both international and national levels, proclaiming ambitious targets on building fossil-fuel-free economies, greenhouse gas emission reductions, and environmental protection. However, some countries, particularly the Scandinavian region, significantly lead when it comes to the fulfilment of sustainable development targets, hence being a useful example for other countries to follow. On the other side, Serbia, a developing Southeast European country aiming to become an EU member state, is still at the early phase of transition towards a greener economy. Therefore, in this study, a comparative analysis between Serbia and Denmark has been conducted in the fields of clean energy production, sustainable manufacturing, and investments in green technology, to derive some useful lessons that can be applied to Serbia. Results suggest that, opposite to Serbia, broader inclusion of different stakeholder groups was implemented in Denmark, thereby ensuring decentralisation and democratisation of the whole process. Exactly in these areas could be found points for further improvements in Serbia, related to the wider political debate and stakeholders' inclusion, regulatory changes, decentralisation of energy sector, and broader involvement of financial institutions.