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What is green economy? Definition and meaning

As the world transforms with the evolution of technology, climate, politics and economics, there are interconnected practices which positively balance environmental and social goals for the good of nature,  citizens, and businesses. Leading the way is the green economy, an economic model that prioritizes the success of human well-being and social equity, while reducing environmental risks and ecological scarcity. But what is the meaning of green economy? By definition, a green economy is the practice of sustainable development through the support of  public and private investment to create infrastructure that fosters social and environmental sustainability. The importance of green economy is that it encourages economies to become more sustainable and low-carbon, and ensures  that natural assets continue to provide the resources and environmental services for our continued well-being.

 

What are the principles of green economy?

The green economy is a people-and-nature-centric model whose main principles are:

 

  • wellbeing
  • justice and good governance
  • poverty eradication
  • energy-efficiency
  • low-carbon development

 

It takes a long-term perspective on the economy, by focusing on the ways in which resources are used to deliver value to society, how efficiency and sufficiency of resources can be forsters to create wealth, resilience and wellbeing for today’s and future citizens within the ecological limits of the planet. From investments in wellbeing to sustainable practices, the characteristics of a green economy are  inclusive and non-discriminatory.

 

The green economy transition: why is it important in today's world

The importance of transitioning to a green economy is that it continues to foster  and improve a symbiotic and positive relationship between nature and humans. Nature is the foundation to human development and economic growth. As we make more and more progress, we face more challenges, and thus the transition to a green economy ensures Improvement of well-being (such as better healthcare, education and job security, and social equity) and preserves in the advancement to reduce environmental risks and ecological degradation of natural resources.

 

Green economy as an engine for green growth and sustainable development

Green economy is key to global well being because it underpins green growth which means fostering economic growth and development while ensuring that natural assets continue to provide resources and environmental services. The green economy is the driving force and will catalyse investment and innovation for  sustainable growth and new economic opportunities.

 

Green and circular economy: what's the difference

If green economy is defined as interconnected economic activities that promotes global scale sustainable development, poverty eradication, environmental protection, and eco-efficiency and low-carbon development, the circular economy is a regenerative development strategy for economic growth that focuses on restoration, use of renewables, and elimination of toxic chemicals and waste through the superior design of materials, products, systems, and business models. They are joined by the common goal to reconcile environmental, economic and social goals.

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