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Enhancing public well-being while reducing environmental problems and risks is a key aspect of sustainable development conception. To characterize sustainable development, indicators systems are developed that enable to adequately assess the means used and the level of goals achievability as well as effective monitoring and management of regional environmental and economic policies. To assess the impact of economic processes on the environment in global practices decoupling analysis which is based on calculating the decoupling index is applied. The traditional calculation of the decoupling index can hardly give a deep evaluation of the "decoupling" effect (i.e. reveal whether the effect is absolute or relative). The paper proposes a model for analyzing the ecological and economic state of a region on the basis of calculating the adjusted decoupling index, which helps to assess the absolute and relative decoupling effect. Using the proposed model the decoupling effect is analyzed in the Volgograd region in terms of pollutant emissions from stationary sources and discharges of contaminated wastewater. The results suggest the robustness of the proposed model and its advantages over the currently applied decoupling analysis algorithms, which will enable to more efficiently substantiate the measures to support projects in the field of green economy and achieve the goals of sustainable development at the regional level. Keywords— “green" economy, sustainable growth, regional economy, ecological and economic effect, the "decoupling" effect

proceedings of the international scientific conference "competitive, sustainable and secure development of the regional economy: response to global challenges" (cssdre 2018)

lDecouplingr effect as a factor of regional sustainable development (evidence from Volgograd Region)