 This paper examines the relationship between green investment and green economic growth in the European Union. The authors hypothesize that green investment will lead to increased green economic growth. To test their hypothesis, they use the Maunquist-Lewenberger Global Productivity Index to measure green economic growth. They also consider the resources available for the production process, the desired outcome, and undesired results of this process. Additionally, they apply the Tobit model to determine if there are any significant differences in green economic growth across different countries. Their findings show that green investment has a positive effect on green economic growth, but only when combined with certain conditions such as economic openness and efficient public governance. This article was authored by Alexei Kulinsky, Alexei Liliov, and Tatyana Pimenenko.