Greening growth (GG) and moving towards a greener economy (GE) is complex and multidimensional. It entails: pricing externalities and valuing natural assets for the long-run services they provide and pricing externalities; innovation as a means of breaking with unsustainable growth paths; the creation and dissemination of new, more environmentally sustainable technologies, goods, and services; and sectoral shifts and changes in comparative advantage that inevitably imply winners and losers. If GG/GE is to help move countries towards more sustainable development, the social consequences and local contexts of the transition to GE must be central to managing change. This report is a first step towards developing a framework to monitor progress on GG/GE. The goal of this publication is to propose a framework that provides a common basis for further developing GG/GE indicators, with a special focus on the economy-environment nexus.