Financial, economic and sustainable development ofstates within the conditions of industry 4.0

Abstract

The article assesses the achievements of sustainable development by EU countries within the conditions of Industry 4.0. It has been determined that the concept of sustainable development achievement is integrated into the development of the technological sector. Achievements of sustainable development do not outpace the rapid development of Industry 4.0. More technologically advanced countries provide higher level of economic growth and prosperity. The growth rate of Greenhouse gas emissions (in CO2 equivalent) in 1990 base year, is rising in advanced countries; herewith, such rate is slowing down in less developed countries. Employment growth in the high-tech and medium-tech sectors of EU countries corresponds to the worst environmental situation. Despite measures to overcome the problems of sustainable development in the environmental sphere, in particular, concerning increase volume of financing for activities related to climate change, most EU countries do not ensure an increase in the share of renewable energy in final energy consumption. There are significant differences between countries in terms of environmental taxation: higher level of taxation corresponds to a higher level of expenditure on research and development in a number of countries; there is no such interconnection in the other countries.