What is Green Economy?

Due to various reasons, I could not post anything on my blog. Today, I have managed sometime to read some write-ups and articles online. There are so many stuff. I could not concentrate what to read and what to leave for the future. Finally, I choose one subject - GREEN ECONOMY. What is it? Is it different from the conventional economics? I started exploring GREEN ECONOMY.

What is Green economy?

Green economy has a long history in its evolution. Of course, the politics of development was very much active to shaping the idea of Green Economy. Its origin traces back to '60s, but its coinage gains more international attention since the Earth Summit of 1992 held in Rio. That Summit emphasised sustainable development, which had been conceived in terms three pillars: environmental protection, social development, and economic development. In the name of development, the world already is facing severe environmental degradation including climate-induced disasters. Hence, at the Earth Summit world leaders, environmentalists, and development practitioners emphasised that development must take place in a way that protects environment on one hand, and it also promote social and economic development.

Subsequently, as means of promoting sustainable the United Nations Environmental Program (UNEP) undertook Green Economy Initiatives (GEI). Through the GEI, UNEP provides the analysis and policy support for investing in green sectors and in turning environmental unfriendly sectors into green. Ultimately, the concept of Green Economy has come to the forefront of development planning.

To give a concrete idea, the UNEP defines the Green Economy as "one
that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities. In its simplest expression, a green economy can be thought of as one which is low carbon, resource efficient and socially inclusive".

This definition of Green economy is different from the conventional economic development. In pursuing sustainable development, the concept of Green economy includes: a) human well-being and social equity; b) reduction of environmental risk; and c) ecological balance. In other words, economic growth comes in such as a way, where the inputs or resources will be used efficiently, and economic development activities will prevent carbon emission and environmental pollution.

...to be continued