Green Economy: A Review
Article ID: 35511
Rede G. D.1, Ingle S. G.1
1Teaching Associate, Department of Agricultural Economics, College of Agriculture, VNMKV, Parbhani,
(M.S.).
Abstract
The present article is about the concept of Green Economy. As we know the green economy is people-
centered. Its purpose is to create genuine, shared prosperity. It offers opportunities for green and decent
livelihoods, enterprises and jobs. It is built on collective action for public goods, yet is based on individual
choices. It promotes the equitable distribution of opportunity and outcome, reducing disparities between
people, while also giving sufficient space for wildlife and wilderness. It takes a long-term perspective on
the economy, creating wealth and resilience that serve the interests of future citizens, while also acting
-dimensional poverty and injustice. It promotes empowerment of MSMEs,
social enterprises, and sustainable livelihoods.
Introduction
A green economy is historically understood as an economic system that is compatible with the natural
environment and thus, is environmentally friendly. By using clean technology and clean energy, the green
economy is expected to provide safer and healthier environments, create alternative green jobs and
preserve the development of societies. The concept of a green economy has its origins in discussions around
ainable
de Janeiro (known also as the Rio Summit or Earth Summit). The concept of green economy is often
-
Green Economy
-being and
Source: https://www.unep.org/news-and-stories/press-release/momentum-building-greener-
and-more-inclusive-economy
The green economy is a new engine of growth; it is built on an innovative system of economic activities that
enhance social well-being, nurture flourishing natural environments and yield competitive yet responsible
business growth. Stimulating transformation, the green economy encourages and facilitates progress
towards the three pillars of sustainable development; people, planet and profit.
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Source: https://www.unep.org
The role of Green Economy, Sustainable Consumption and Production and Resource Efficiency for
Sustainable Development: Sustainable Consumption and Production aims to improve production processes
and consumption practices to reduce resource consumption, waste generation and emissions across the full
life cycle of processes and products while Resource Efficiency refers to the ways in which resources are
used to deliver value to society and aims to reduce the amount of resources needed, and emissions and
waste generated, per unit of product or service. The Green Economy provides a macro-economic approach
to sustainable economic growth with a central focus on investments, employment and skills.
Main Elements of the Green Economy
Generation and use of renewable energy Refers to any source of usable and renewable
energy intended to replace fossil fuel sources
without the undesired consequences of greenhouse
gas emissions and other pollutants derived from
fossil fuel combustion.
Energy efficiency Seeks to adopt means and a more efficient
technology that uses less energy to provide the
same level of energy service.
Waste minimization and management Considers different approaches from prevention,
minimization, reduction, reuse, recycling, waste
conversion and disposal in order to ensure that
the use of materials and waste generation remains
within the regenerative and absorptive capacities
of the Planet.
Preservation and sustainable use of existing Recognizes the importance and economic value of
natural resources natural resources, such as freshwaters, forests,
soils, coral reefs and ecosystem services provided
by functional and healthy ecosystems
Green job creation Promotes decent jobs that offer adequate wages,
safe working conditions, job security, reasonable
Source: https://www.fao.org
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Common Green Economy Principles
1. The green economy is a means for achieving sustainable development.
2. The green economy should create decent work and green jobs.
3. The green economy is resource and energy efficient.
4. The green economy respects planetary boundaries or ecological limits or scarcity.
5. The green economy uses integrated decision making.
6. The green economy measures progress beyond GDP using appropriate indicators/metrics.
7. The green economy is equitable, fair and just between and within countries and between generations.
8. The green economy protects biodiversity and ecosystems.
9. The green economy delivers poverty reduction, well being, livelihoods, social protection and access to
essential services.
10. The green economy improves governance and the rule of law. It is inclusive; democratic; participatory;
accountable; transparent; and stable.
11. The green economy internalizes externalities.
Source: https://conservationontario.ca/policy-priorities/green-economy
Principles of Green Economy According to Rio de Janeiro Earth Summit, 2012
1. Equitable distribution of wealth
2. Economic equity and fairness
3. Intergenerational Equity
4. Precautionary Approach
5. The Right to Development
6. Internalization of Externalities
7. International Cooperation
8. International liability
9. Information, participation and accountability
10. Sustainable Consumption and Production
11. Strategic, coordinated and integrated planning to deliver sustainable development, the green economy
and poverty alleviation
12. Just Transition
13. Redefine Well-being
14. Gender Equality
15. Safeguard biodiversity and prevent pollution of any part of the environment.
Features
1. Green economy aims at low carbon emissions.
2. Green economy is always aware of biodiversity, ecosystems and their protection.
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3. Green economy avoids resource depletion and energy exploitation as far as possible.
4. Green economy never crosses planetary boundaries and ecological limits.
5. Green economy provides fair and Green Jobs.
6. Green economy emphasizes growth of education and development of skills.
7. Green economy is fair, stable, inclusive, just, transparent, equitable, accountable, democratic, and
participatory.
8. Green economy aims at well-being, social protection, sustainable economic growth, livelihoods and
reduction of poverty.
9. Green economy helps to access required services.
10. Green economy encourages innovation and transfer of technology.
11. Green economy is apt in internalizing external matters.
12. Green economy supports integrated decision making and uses essential indicators and metrics to
measure progress out with GDP
13. Green economy follows all the Rio Principles of Agenda 21 and Johannesburg Plan of Implementation.
The Three Main Areas for the Current Work on Green Economy are
1. Advocacy of macro-economic approach to sustainable economic growth through regional, sub-regional
and national fora.
2. Demonstration of Green Economy approaches with a central focus on access to green finance, technology
and investments.
3. Support to countries in terms of development and mainstreaming of macro-economic policies to support
the transition to a Green Economy.
Conclusion
Green economy is always ready to reduce environmental hazards, and thus safeguards the ecosystem and
preserve the biodiversity, with sustainable economic development. The implementation of green economy
is important for equality of treatment towards all the genders. The increase in Green and fair jobs will help
in equal distribution of wealth. Development in the field of education also leads to social and economic
progress and also helps in attaining global reputation.
References
1. https://www.emg-csr.com/direct-benefits-green-economy-arab-world-beyond/
2. https://www.linkedin.com/pulse/green-economy-advantages-disadvantages-swikriti-sheela-nath/
3. Stoddart, H. (2012). Principles of Green Economy. The Earth Charter Initiative.
4. UNEP, 2009. Global Green New Deal. An Update for the G20 Pittsburgh Summit.
5. www.unep.org/greeneconomy/AboutGEI/WhatisGEI/tabid/29784/Default.aspx.
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