Summary 

The article estimates the expected changes of economic development and functioning in conditions of increased consumption of limited resources by the population. The role of green economy in the effective use of resources and economic growth is substantiated based on excessive use of common resources. Modern challenges of the green economy have been identified using theoretical and empirical examples. The study of conditions of poverty and wealth influence on the environment is considered to be particularly important.

The paper estimates the importance of development of green economy in developing countries in terms of economic, environmental and social benefits. The conclusion is that the inefficient use of resources in Georgia is still high. The main focus is on resource usage and not on its production, especially in agriculture.

The government's regulations, as well as inter-state agreements, are considered to be the main leverage of access to common resources. Access to private ownership on some freely available resources is especially relevant. The article presents the main sources of environmental problems. It is shown that private property rights ensure effective protection of environment and promote reasonable use of natural resources. One of the fundamental issues of property ownership rights is considered to be coordination of land ownership forms. It has been established that many problems in land ownership and use are caused by ineffective management. Reorganization of the ownership and utilization system and their compliance with the European standards is one of the ways to address this problem.

The article presents some conclusions and recommendations on how to solve the modern challenges of green economy using mechanisms of regulations on property ownership rights.