what is the green economy
Green economy concept
A green economy is defined as an economy based on generating low amounts of carbon. Income and employment growth in it is driven by private and public investment in economic activities, assets, and infrastructure that enhance the efficiency of the use of resources and energy, and allow to reduce pollution, the amounts of carbon emitted, and avoid the loss of Biodiversity, as it represents a methodology that supports the interaction between nature and people, and tries to meet the needs of both of them at the same time. Economists who support a green economy contend that the basis for all economic decisions must be linked in some way to the ecosystem; To make economies and societies more sustainable, the greening of the economy has been promoted recently as a new strategy to reduce environmental risks associated with the economy and to enhance human well-being.
The green economy is the result of an improvement in the economic situation while reducing environmental risks and scarcity of ecological life, which leads to the advancement of human equality and social well-being. It is a kind of organized way to create a society and a clean environment that raises the economic level, pushes the company towards a better life, and maintains the ecological balance of all forms of environmental diversity.
On the field level, a green economy can be defined as an economy in which growth in income and employment is directed by investments in the public and private sectors that lead to enhanced resource use efficiency, reduced carbon emissions, waste and pollution, and prevention of loss of biodiversity and ecosystem degradation. These investments are also driven by the drivers of growing market demand for green goods and services, and technological innovation, by correcting public tax policies while ensuring that prices are an appropriate reflection of environmental costs.
The importance of the green economy
The green economy plays a vital role in building the wealth of society for several main reasons, as follows:
- Providing a more extensive market space that encourages employee participation in effective market control and builds significant societal wealth.
- Providing fair and relatively stable job opportunities for members of society; This is because many green economy employees’ jobs depend heavily on location, such as: installing solar panels, constructing green buildings, generating wind energy, recycling, and many others.
- Green economy industries provide healthy and sustainable places to live in the future.
Sectors of the green economy
There are six main sectors that the idea of a green economy can apply to, and these sectors are green buildings, renewable energy, sustainable transportation, water management, land management, and waste management. Green economy applications can be observed in emerging industries of renewable energies, such as wind energy, Solar energy, and geothermal energy, as these renewable energies can be used to help provide power for green buildings and sustainable transport to make them work more efficiently, water is managed by purifying it, waste is collected by recycling it, and land management is done by protecting gardens and habitats: National, nature reserves, and reforestation efforts.
Green Economy and Environmental Challenges
Since the Industrial Revolution, polluting human behavior (the excessive use of machines polluting the environment) has had an increasingly negative impact on the planet. Although it cured famines and achieved prosperity, it led to the increasing and continuous pollution of the environment. For example, climate change, global warming, and the erosion of the ozone layer, and so far, we are trying to reduce the negative impact of this phenomenon. Overexploitation of natural resources; This has led to desertification, agricultural land degradation, and scarcity of significant natural resources, including water and minerals.
The solutions and opportunities provided by a green economy can help address many negative impacts on the environment while simultaneously supporting economic development. So, a green economy needs to have a sound and robust policy to be adequately implemented.
Benefits of the green economy
The green economy helps to enhance the ability to adapt to environmental risks and pressures. It also helps to reduce poverty, as it increases the access of societies to a safe and clean environment. It also enhances human security by preventing or resolving conflicts for land, food, water, and other Natural resources, it improves the quality of natural resources, and reduces air, water, and land pollution, and other environment-related risks.