Green economy

What is ‘Green economy’:

• A green economy aims at development without causing a negative impact on the environment.

Points to speak on ‘Green economy’:

• The present economy encourages people to buy more things. Rising materialism is depleting natural resources, causing a negative impact on the environment. The green economy is an alternate economic model, which focuses on conscious consumption, promotes reusing, repairing and recycling things.
• It is based on five principles.
  • Wellbeing principle – The green economy is people-centered. It promotes environment-friendly lifestyles, decent livelihoods and overall wellbeing of people.
  • The justice principle – Green economy ensures development for the present generation as well as for the future generations. Moreover, it ensures that everyone has equitable opportunities, and as a result, income disparities will reduce.
  • The Planetary Boundaries Principle – It promotes protecting and restoring the natural resources.
  • The Efficiency and Sufficiency Principle – It encourages people to limit consumption of natural resources to sustainable levels. It promotes eco-innovation.
  • The Good Governance Principle – It ensures that leaders make policy decisions with the consent of public and without the involvement of vested interests.
• A green economy promotes sustainable development by promoting several things such as a circular economy, low carbon emissions industries, bioeconomy, clean energy transportation etc. It has the potential to slow down climate change.

Conclusion:

The green economy paves the way toward sustainable development and ensures the availability of natural resources for future generations. All the countries should implement policies to shift the economic model towards green economy.

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References:

• The 5 Principles of Green Economy
• Why this is the right time to follow green economy in India
• Green Economy

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