“Green growth is about fostering economic growth and development while ensuring that the natural assets continue to provide the resources and environmental services on which our well-being relies. To do this it must catalyze investment and innovation which will underpin sustained growth and give rise to new economic opportunities” (OECD, 2014). OECD green growth framework includes five interrelated measurement indicators: environmental efficiency of production and changes in production patterns, environmental efficiency of consumption and changes in consumption patterns, stocks of natural capital and environmental quality, objective and subjective environmental quality of life, and responses by economic actors.

The productivity which the ability of an organization to generate higher income or value added (Mohd, Norbaizura & Ruzanita, 2013) is important in green studies. 

Green productivity is a new topic in the economy, so, there are yet a few literature, namely Eugene, Ping-Yu, Chi-Chung, (2013), Mohanty, Deshmukh (1999) and Tuttle and Heap (2008). The promotion of Green Productivity or eco-efficiency will encourage business to become more competitive as well as contribute much toward the sustainability of the society (Tak, Ik, & Ryoichi, 2004). Improving productivity provide companies becoming more competitive in domestic and international markets. Human wealth is also created by the productive organizations (Imre, 1997). The green growth will be examined by measuring the productivity of the renewable energy as a green production and also non-renewable energy with input-output and making comparison of each other in this study. Partial productivity ratio simple and commonly may be used in an industrial business unit in order to measure total productivity (Mika, 2002).

Green growth or green economy has been discussed with different views in the academic papers. In this research, we aim to model the profitability of green energy companies highlighting their exposure to risk compared to the other companies in different sectors. Despite the increasing interest in planning for a green growth, there are still limited scientific studies relating to green economy. Actually, this study designed for cross-country comparisons of green growth strategies by selecting the available indicators relevant to the EU countries. The research model developed in this study is expected to make significant contributions to both researcher and decision-maker of the EU countries in monitoring and adopting to the green economy.