Guiding Principles of the Green Economy
The principles of the Green Economy are given as follows including Efficiency, well-being, Planetary Boundary, etc:
- Efficiency and Sufficiency: The green economy aims to promote sustainable production and consumption. Low-carbon, resource-conserving, varied, and circular economies are inclusive. It accepts fresh approaches to economic growth that tackle the problem of achieving wealth within the confines of the planet. It acknowledges that if we are to stay within the limits of the earth, there must be a substantial worldwide change to limit the consumption of natural resources to physically sustainable levels.
- Justice: The green economy encourages equity across generations and within them. The green economy is non-discriminatory and inclusive. In addition to providing enough room for wildlife and wilderness, it promotes the equitable distribution of opportunity and outcome, decreasing gaps between individuals. It adopts a long-term outlook on the economy, generating wealth and resilience that serve the needs of present and future citizens while responding quickly to address the multifaceted poverty and injustice that exist now.
- The well-being: The green economy is focused on people. Its goal is to produce real, shared wealth. It emphasizes accumulating wealth that will promote well-being. It prioritizes spending on and gaining access to the infrastructure, know-how, and education required for everyone to flourish. It provides chances for ethical and sustainable businesses, jobs, and livelihoods. Although it is based on individual decisions, it is built on collective action for the public good.
- Planetary Boundary: The green economy protects, restores, and finances the environment. An inclusive green economy respects and promotes nature’s many distinct values, including the economic importance of producing goods and services, the social values of culture, and the ecological values that support all life. It applies the precautionary principle to prevent the loss of critical natural capital and the violation of environmental boundaries while acknowledging the limited sustainability of natural capital with other capitals. It invests in preserving, expanding, and restoring the earth’s soil, water, air, and natural systems. It is creative in managing natural systems, taking into account their characteristics like circularity and matching with the lives of the local community that depend on biodiversity and natural systems.
- Good Governance: An inclusive green economy is grounded on evidence; its institutions and norms are cross-disciplinary, utilizing both reliable science and economics and local expertise for adaptive strategy. It is backed by institutions with the necessary resources to fulfill their various duties in an effective, efficient, and accountable manner. These institutions are integrated, collaborative, and cohesive across sectors and governance levels. So that societal demand is added to enlightened leadership, it demands public engagement, prior informed consent, transparency, social dialogue, democratic accountability, and freedom from entrenched interests in all institutions—public, private, and civil society. While upholding robust, uniform, centralized standards, procedures, and compliance systems, it encourages decentralized decision-making for local economies and the management of natural systems.
Green Economy
Green Economy: A green economy is a process of fostering social and environmental sustainability via the encouragement of public and private investment in infrastructure. The green economy is significant because it promotes low-carbon, sustainable economic growth and guarantees that natural resources will continue supporting our well-being by providing resources and environmental services. At their core, economies are made up of laws and standards that reward some behaviors and penalize others. Our economies currently encourage excessive consumerism, weaken social ties, and deplete natural resources. But this is just how our economies have developed to work; it is neither inevitable nor necessary.
Investments in renewable energy, including solar power, onshore and offshore wind power, hydrogen, electric vehicles, and energy-efficient housing, indicate a green economy. Sustainable development is not replaced by the idea of a “green economy,” but rather, a new emphasis is placed on the economy, investment, capital, infrastructure, jobs, skills, and favorable social and environmental results.
In this article, we will learn about Green Economy, its principles, primary focuses, initiatives launched by the government, strategies to enhance green economy, advantages etc.
Table of Content
- Guiding Principles of the Green Economy
- Primary Focuses of the Current Green Economy
- Green Economy Transition’s Business Opportunities
- Green Economy Global Initiatives
- Partnership for Action on Green Economy (PAGE)
- Green Energy Initiatives Launched by the Government
- Strategies for Achieving a Green Economy
- Role of Technology in Green Economy
- Advantages of Green Economy
- Difficulties in achieving Green Economy
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