The aim of this paper was to define and critically analyze green infrastructure and determine its importance based on available research. After defining the concept of green infrastructure, its components are listed and explained. The implementation and importance of the implementation of GI projects are emphasized theoretically and through a case study of vertical gardens in Milan. Various ways of financing GI projects were critically analyzed, where the analysis of public financing defined the existing European union funds and the impact of the European Investment Bank and its instruments. The influence of the private sector in the financing of GI projects was also analyzed, both through full privatization and through public-private partnerships. Finally, in the empirical part of the paper, two research models were defined, which finally confirmed the assumed positive impact of economic growth on CO2 emissions, as well as the significant impact of the implementation of green infrastructure projects on economic development. These theoretical and empirical results lead to the conclusion that in order to achieve sustainable economic growth and development, it is extremely important to integrate green infrastructure into regional, national and local policies of the European union.