As part of the study, the role of fiscal policy - as spending on environmental protection - in the process of forming a "green economy" was studied. This study analyzes certain issues of environmental sustainability of the country's economic development. Indices such as the Green Growth Index developed by the Global Green Growth Institute (GGGI) and the Global Green Economy Index (GGEI) which measures the current green state of a country's economy and the degree of economic policy direction moving it towards green. this is the third index, which is also used to analyze and assess the current situation at the global level. This index is compiled by Yale University and quantifies the state of a state's environment as achieved by the given policy.
An important tendency to study the discussed indices is the difference between developed and developing countries in terms of the formation of a “green economy”. The main reason for this difference in developed countries, high requirements for environmental policy and institutional agreement formed in accordance with these requirements (OECD, 2013). Therefore, the stability of the environmental development environment is a more important problem for developing countries than developed countries, as in developing countries, the corresponding institutional base in this direction is not fully formed. In this regard, in Georgia there were significant difficulties that are expressed by GGG and EP indices in Georgia between countries around the world. In addition, according to the OECD methodology, in Georgia, resources and environmental consumption are much less common than in developed countries.
Creating a green economy, in Georgia, the average and long -term period can get more economic benefits in comparison with the advantages of ongoing historical trends. In many countries, at the government level, there is an assessment of progress in the process of forming a “green economy” and taking appropriate measures (such as an analysis of the current situation with the OECD methodology). For Georgia, this issue is of great importance. Because at this stage such an assessment is not carried out at a government level.
According to the report published by the GRIEN GREET GLOBAL Institute (GGGI), in 2020, 119 countries are assessments of the green growth index. Of these, 25 countries of Africa, 20 US countries, 35 Asian countries, 36 European countries and only 3 Oceania countries. Almost half of the countries is in the middle range and varies from 40 to 60 points. 41 countries, including Georgia (60.5 points), reached high points (from 60 to 80), most of them are in Europe. At low points from 20 to 40, 6 countries are estimated, mainly from Africa and Asia. There are no countries that have very low points below 20. Sweden located in Northern Europe has the highest green index with 78.87 points, which is still far from the purpose of stability, very high, 100 points. It is noted that, according to the green growth index of 2020, Georgia takes 39th place from 119 countries. Depending on the region, according to the indicator of the green growth index, Sweden is primarily to Europe, Japan - Asia, Mexico - America, New Zealand - Oceania and Tanzania - Africa.

Keywords: Green economy, sustainable development, green economy measurement indices, economic development.
JEL Codes: Q01, O11, O12, O13

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