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Green Economy

Decisions made today will force countries into growth patterns that may or may not be sustainable in the future as the world population is projected to reach 9 billion by 2050. Cities, highways, factories, and farms must all be planned, run, and governed as effectively as possible to make the most use of available natural resources while fostering the vigorous growth that growing nations still require. The next two decades of economic development cannot be the same as the past two since poverty reduction is still a top priority, but growth and fairness may be accomplished without relying on practices and policies that pollute the air, water, and land.

For nations looking for new growth engines that are sensible from an economic, environmental, and social standpoint, inclusive green growth presents a positive, practical alternative. Development that is sustainable cannot be replaced by green growth. Going green can be a long-term engine for economic growth, together with innovation. However, promoting prosperity without ensuring equity will undermine efforts to combat poverty and provide access to infrastructure, health, and educational services. In order to allow the world's poorest and most vulnerable people to benefit from efficient, clean, and resilient growth, countries must undertake strategic investments and long-term policy adjustments that acknowledge natural resource restrictions. Natural resources are limited, and in order to be appropriately utilized and invested in, they need to be accounted for, invested in, and maintained. We can afford to take the necessary actions by maximizing co-benefits, preventing lock-in, encouraging wiser decisions in business and society, and creating creative financing methods for green investment.

Early research on the green economy gave rise to the inclusive green economy (IGE). In its most basic form, such an economy is founded on sharing, circularity, collaboration, solidarity, resilience, opportunity, and interdependence. It is also low carbon, efficient, and clean in its production. Through the employment of targeted and suitable fiscal and social protection measures and strong institutions that are expressly designed to maintain social and ecological floors, it is focused on increasing options and choices for national economies. And it acknowledges that there are a variety of strategies to achieve environmental sustainability.

The Green Economy Initiative (GEI), a program of the United Nations Environment, was introduced in 2008 and consists of international research and assistance at the national level to encourage policymakers to support environmental investments in the framework of sustainable development. The "green economy in the context of sustainable development and poverty eradication" was added to the 2012 Rio+20 agenda and recognized as a strategy for achieving sustainable development as a result of this initiative and the work of other organizations.

According to a working definition created by UN Environment, a green economy is one that considerably reduces environmental risks and ecological scarcities while also improving social fairness and human well-being.

The Green Economy has been a strategic goal for many governments and intergovernmental organisations during the past ten years. In total, 65 nations have started along the road to an inclusive green economy and accompanying policies. They will be better prepared to face the major challenges of the twenty-first century, including urbanisation, resource scarcity, climate change, and economic volatility if they transform their economies into drivers of sustainability.

An alternative to the dominant economic paradigm of today is an inclusive green economy, which reduces inequality while encouraging wasteful production and consumption, driving ecological and resource scarcities. It is a chance to improve social equality and sustainability as elements of a sound and flourishing financial system operating within the bounds of a limited and vulnerable planet. It provides a mechanism to achieve the goals of the 2030 Agenda for Sustainable Development, which include eradicating poverty and protecting the ecological thresholds that support human health, well-being, and development.


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