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The Sustainable Development Goals (SDGs) represent a bridging point between the old, neoclassical, growth-based model of the economy and newer, emerging paradigms, such as the well-being economy. The importance of growth in Gross Domestic Product (GDP) is recognized within the SDGs, however, in addition, Target 19 of Goal 17 advocates the adoption of alternative measures of economic well-being. The Genuine Progress Indicator (GPI) has been found to be the indicator of alternative economic well-being most aligned with the SDGs. On the basis that increased, high-quality energy use leads to expanded macro-economic activity, as measured by GDP, this study conducts a conceptual exploration of the extent to which the pursuit of sustainable energy development (SED) can enhance GPI outcomes. Based on a recent Icelandic GPI study, a total of 46 SED themes were found to be linkable to 16 of its 39 sub-indicators, including 8 cost deductions and 7 benefit additions. The frequency of these was as follows: sustainable energy production (10), sustainable energy consumption (10), energy security (8), nature conservation (8), social benefits (7) and economically efficient energy system (3). The main implication of the study outcomes is that the pursuit of SED is likely to have considerable benefits in terms of fulfilling energy and climate policy, but also co-benefits with regard to the promulgation of economic and societal well-being, as reflected in the GPI. These outcomes, although applicable to Iceland, have ramifications for all nations who are simultaneously striving for greater economic prosperity, whilst tackling climate change and striving to deliver equitable, environmentally sound and resilient energy systems. [ABSTRACT FROM AUTHOR]

Target 19 of the United Nations' Sustainable Development Goal 17 calls for the use of alternative measures of economic welfare in addition to Gross Domestic Product (GDP). The Genuine Progress Indicator (GPI) is an example of such a measure, including various non-market benefits and environmental and social costs unaccounted for in GDP. This study presents the results from the first estimate of the GPI for Iceland over the period 2000–2019. Iceland represents an interesting case study given its remoteness, environmental vulnerability, natural resource dependency, and fluctuating economic performance in recent years, which has featured a banking collapse and tourism-fuelled resurgence. The study finds that Iceland's GPI was equal to between 2.41 and 3.05 times the value of national GDP. Statistics for both GDP and the GPI peaked in 2019 at 2,970,076 (USD M 24,237) and 7,163,300 million ISK (USD M 58,443), respectively. Mean annual rates of per capita expansion for both GDP and the GPI were 2.1% and 0.6%, respectively. Despite the scale of the Icelandic GPI, the study also revealed non-negligible values for environmental and social costs which, in aggregate, were equal to between 17.8% and 25.4% of the value of consumption. [ABSTRACT FROM AUTHOR]

Recognising the well-known limitations of economic growth as a litmus test of progress and the call by Target 19 of Sustainable Development Goal (SDG) 17 to "develop measurements on progress on sustainable development that complement gross domestic product", this paper advances understanding of the linkages between alternative measures of economic well-being, the well-being economy and the SDGs. A conceptual model is presented, linking four capital assets to well-being goals and domains, which are connected to related SDGs. An assessment is conducted on the extent to which Gross Domestic Product and five alternative indicators of economic well-being (Environmentally Adjusted Net Domestic Product, Measure of Economic Welfare, Genuine Savings, Genuine Progress Indicator and Inclusive Wealth Index) align with (a) the dimensions of economic well-being, and (b) various environmental, economic, social and institutional targets set by the SDGs. The Genuine Progress Indicator (GPI) is found to be the most comprehensive in coverage, accounting for market-based welfare, services from essential capital, and various environmental and social costs, and linking directly to targets in fourteen of the seventeen SDGs. The paper discusses how greater use of alternative measures of economic well-being by policymakers can encourage transitions to economies which prioritise well-being and desirability objectives. • Conceptual model of wellbeing economy presented – capital asset classes, domains and goals. • Alternative measures of economic wellbeing have far greater linkages to SDGs than GDP. • Genuine Progress Indicator most closely aligned with SDG targets. • Alternative measures of economic wellbeing can promote policy initiatives with SDG benefits. [ABSTRACT FROM AUTHOR]