The benefits of a green economy add another dimension to the goal of sustainable development that is responsive to the threats against the environment as well.
Specifically, green economy invests in natural capital and operates according to sustainable social, economic and environmental principles. This model aims at achieving sustainable growth by being consistent with the targets of achieving low carbon emissions; resource efficiency; and social inclusion.
What Are the Benefits of Green Economy
The green economy acknowledges the disproportion between the limitations of nature’s absorption and the demands of exploitation. Under these circumstances, this model promotes multidimensional prosperity by reforming the overall spectrum of production and consumption processes accordingly, in order to impact economies, the environment and society.
Among the benefits of pursuing green growth are:
- Facing and reversing issues pertinent to environmental degradation; hence, safeguarding environmental prosperity.
- Promoting sustainable economies and operations based on precaution.
- Redefining economies and approaching growth by turning attention to biofuels and renewable energy resources.
- Encourage expansion to new international markets that will benefit domestic contexts as well.
- Employment demands will increase, due to the increase in new industries’ demands.
- The insertion of the innovation element will expand and redefine other fields as well.
- It is a concept that acknowledges the importance of sustainable development. And, at the same time, recognizes the importance of being inclusive, to act upon social, economic, and environmental demands of the present and future as well.
Green Economy Transition: Challenges
Implementing a green economy and harnessing its benefits, has certain prerequisites in order to prevent potential risks.
First of all, successful implementation demands international cooperation and effort from within the national frameworks.
In approaching green growth, “one-size-fits-all” doesn’t apply, in every context. In fact, such an approach will prove to be problematic, due to the fact that each country is in a different development stage.
Moreover, developed countries invest in the research and development of technologies that are aligned with the environmental criteria. A fact that stresses the disadvantageous position of developing and poor countries.
Another key point of implementing a green economy is that this concept demands the adoption of a holistic stance. Therefore, by taking into consideration other crucial dimensions that can be embedded and contribute to future prosperity.
Keeping up with the environmental standards set, in terms of product exports, may be challenging for developing countries to cope with, due to the lack of pertinent technology and resources. Hence, supporting developing countries to cope is imperative.
Read “The Transition to a Green Economy: Benefits, Challenges and Risks from a Sustainable Development Perspective” report to learn more.
The Key Element of Growth
The benefits of the green economy can influence various dimensions; however, this concept conveys a crucial element and that is achieving a lasting effect. In other words, the benefits harnessed by green growth will be passed down over the future generations as well. Discover the Erasmus+ project M.O.T.H.E.R. and the consortium’s effort to tackle youth unemployment, by training the European entrepreneurs of the future.
Author: Anastasia Oikonomoula – iED Team
