The article analyses sustainable economic development of EU countries according to the sustainable development goals (SDGs), by using indices of integrated sustainable development and environmental footprint. Sustainable economic initiatives can be driven by economic, environmental and social aspects, applying principles of innovation and knowledge. However, development requires skills, human and financial resources; in turn, it increases productivity, efficiency, competitiveness, profit, and promotes a better working environment. In general, sustainable business initiatives contribute to SDGs and reduce the environmental footprint. The scientific problem is how to develop a sustainable economy while ensuring the achievement of SDGs and at the same time reducing the environmental footprint. The object of the scientific research is the evaluation of sustainable economic development through the analysis of integrated sustainable development indicators. The aim of the research is, upon the evaluation of SDGs and environmental footprint indices as well as the analysis of the integrated sustainable development indicator, to identify the opportunities for sustainable economic development in the EU countries. The research has been carried out by analysing the scientific literature, and applying SDGs and environmental footprint methodology to calculate individual and integrated sustainable development indices. The results have shown that despite the disparity of SDG indices, the overall value of the integrated sustainable development indicator is distributed quite evenly among the EU countries. The impacts from each of the SDG indices range from 11% to 31% but the environmental footprint index has the greatest impact on the sustainable development of a country—up to 31%.

The environmental footprint (EF) indicator has emerged as a tool to measure human demand for productive land and water and it is used for the evaluation of the impact of products or economic activities on the environment. There are many indicators that are used in the decision making for the investment in the power sector, however, predominant are the economic indicators which underestimate the depreciation of natural capital (environment) and the value added generated by the public services. Many research studies have been carried out in an attempt to demonstrate the versatility of the EF by extending its applicability not only to environmental assessment, but also to use it, among other economic indicators, when assessing sustainable investment. Sustainable investment (SI) combines fundamental analysis and engagement with an evaluation of environmental, social and corporate governance (ESG) factors. The purpose of this article is, upon evaluating the EF, to identify the opportunities for the EF reduction through sustainable investment in the electricity production sector in EU countries. Environmental footprint analysis has been performed by using sustainable process index program SPIonExcel (SPI), which is one of the methods in the EF family. SPI is a useful tool for assessing ecological problems and finding sustainable solutions in the life cycle of energy production process. This research has revealed that the function of the footprint reduction depends directly on investments in renewable energy source (RES) technologies, but not all investments can be sustainable. Countries mainly invest in the development of wind energy and solar PV technologies and gradually reduce their inland production capacities from fossil fuel. Although SI in RES technologies reduces the EF, this is not enough to reduce it substantially because there are limitations for installing new power capacities. Consequently, countries tend to invest in the development of electricity networks. The conclusion can be drawn as follows: the reduction of the EF of electricity could be achieved by developing RES technologies since the major part of electricity is produced by using non-renewable resources. It is essential to develop new technologies as soon as possible in order to reduce EF as much as possible, and this can only be achieved through systematic sustainable investment.

The quantity of energy resources in the region depends on physical and geographical conditions. The quality depends on energy technologies: The price of energy depends on economic aspects which influence the social environment. However, environmental problems sometimes are neglected because linear economic growth increases the consumption of all types of resources, whether fossil (oil, natural gas, coal) or renewable (wind, solar, water, biomass). The transition from fossil fuel to the renewable energy economy mitigates the environmental problems, but negative impacts on the environment cannot be avoided. Finding an optimal environmental friendly solution for regional energy development is a challenging task. The main scientific problem is how to develop the regional energy economy and increase the use of renewable energy resources (RES) with minimal impact on the environment. The object of scientific research is the evaluation of regional economic development through the analysis of the environmental footprint (EF) index of energy production technologies. The aim of the research is, upon the assessment of the EF index, to identify the opportunities for sustainable regional economic development in the European Union (EU) countries. The research has been carried out by analysing the scientific literature and applying EF methodology to evaluate regional energy economic development. The analysis of the EF of the regional energy economy shows that it is important to coordinate national energy action plans in EU countries. The research showed that the development of RES reduces the EF but there are physical, territorial, and environmental limitations.