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Accelerated regional economic growth often comes at the cost of environmental damage. While the literature mainly promotes “green” technologies to address this issue, their effectiveness remains debatable. This study proposes mitigating the conflict through sectoral investment allocation that boosts gross regional product (GRP) while adhering to environmental constraints. It aims to define and formalize an approach for such targeted investment distribution. To achieve this, the paper introduces a set of index-based methods for analysis and constructs a multifactor additive econometric model. It emphasizes that investments in a particular regional industry generate multiplier effects on both production and environmental damage, not only within the target industry but also across related sectors. Moreover, the value of these multipliers changes with the sectoral structure of regional investments. The relationship between GRP growth and waste generation across sectors is formalized. Using scenario-based constraints, the study calculates GRP growth and waste volume for three alternative sectoral investment distributions in Nizhny Novgorod Oblast (Russia). By comparing GRP growth and waste volumes, it is possible to identify the investment option that best balances economic gains and environmental impact. The paper highlights the potential of this approach for factor analysis of GRP dynamics and environmental pollution. These findings are relevant both to specialists in regional economic policy and to researchers focused on sustainable regional development.
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