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What is Green Growth?

Green growth is a term to describe a hypothetical way of economic growth that is environmentally sustainable. It is based on the understanding of economic growth from helpful resource use and adverse environmental influences. As such, green growth is closely associated with the concept of a green economy and low-carbon or sustainable development. Advocates of green growth policies argue that well-implemented green policies can create possibilities for employment in sectors such as renewable energy, green agriculture, or sustainable forestry. Several nations and international organizations, such as the Organization for Economic Co-operation and Development, World Bank, ILO, and United Nations, have developed strategies for green growth; others, such as the Global Green Growth Institute (GGGI), are mainly dedicated to the issue. The term green growth has been used to describe national or global strategies, for instance as part of economic recovery from the COVID-19 recession, often framed as a green recovery. Green growth is not a replacement for sustainable development, it is a practical and flexible approach to achieving measurable progress in economic and environmental sustainability. Green growth is accountable for taking full account of the social consequences of greening dynamic economies. Green growth strategies help ensure to deliver their full economic potential on a sustainable basis. The potential consists of the provision of clean air and water, and the resilient biodiversity needed to support food production and human health.

Why Green Growth is Important?

Green Economy sufficiently implies how its adoption benefits both companies and society. It is a concept that creates a sustainable low-emission world that impacts both our society and the planet. It is the strategy for sustainable development that provides a pathway to combat environmental issues and the use of natural resources in a sustainable way. Green growth considers paying attention to the issues of climate change and environmental degradation. Green Growth helps reduce production costs resulting in more responsible use of raw materials and an increase in efficient energy consumption. It also helps reduce waste through recycling and reuse of products. Green growth contributes to increasing sales that address environmental issues and respect the planet.

Green growth provides a wide-ranging concept of natural resource-specific environmental services (OECD). Energy sources that meet the requirements of green growth must fit the criteria of the efficient use of natural resources affordability, access, the prevention of environmental degradation, low health impacts, and high energy security. Renewable energy sources, including nuclear power, increase the power supply options for our current and future populations and meet sustainable development requirements. While solar, wind, and nuclear energy have nearly no negative interactions with the environment when generating electricity, there is waste and emission connected to material extraction, manufacturing, and construction (Wikipedia). Green Growth helps to build the capacity to live fairly and in dignity without destroying nature and ecosystems from which we draw essential resources for our survival and future generations.

What is Green Economy?

A green economy is the principle of economics by which an economic system is considered to be an element of the environment and ecosystem. A holistic strategy to the issue is typical, such that monetary thoughts are commingled with any number of different subjects, relying on the specific theorist. Proponents of feminism, the peace movement, postmodernism, the environmental movement, Green politics, green anarchism, and the anti-globalization movement have used the term to describe exclusive ideas, all exterior to mainstream economics. The term ‘Green Economy’ is an economic concept that captivates environmental, social, and economic dynamism. Some economists view green economics as a branch or subfield of established schools of the environment. Green Growth is an economic growth and development that helps ensure the natural resources continue in an environment-friendly way.

Why Green Economy Is Important?

Green Economy considers economic growth although it enables the sustainable development of the quality and quantity of our natural resources. It is the principle of creating a sustainable low-emission world that impacts both our society and the planet. It is a synonym of sustainable development that assures GDP increase while protecting nature and securing human and social well-being. It ultimately implies the capability to live fairly and in dignity without destroying nature and ecosystems from which we draw essential resources for our survival and future generations.

Extracting and processing raw materials to the disposal of a product, the production process can negatively impact the environment. Overproduction degrades communal bonds, and destroys nature, threatening our existence are negatively impacting our economic and social activities. The concept of a Green Economy has arisen to resolve these critical issues and to create a sustainable, fair, and inclusive economic system. For that, it needs concrete actions to minimize waste, reduce environmental pollution and global warming, and prevent resource exhaustion.

Green Economy depends on the use of renewable resources and the recycling and regeneration of garbage. Through public and private investments, we can reduce energy consumption and greenhouse gas emissions through the proper use of the amount of waste generated during the entire life cycle of a product. A green economy helps conserve the conservation of biodiversity and generate a good quality of life by reducing environmental risks and guaranteeing a good quality of life by reducing environmental risks and threats. It also helps create jobs and business opportunities ( green enterprises) and eliminate poverty by promoting well-being and social equity.

Conclusion

Green Growth is the strategy for sustainable development that provides a pathway to combat environmental issues and the use of natural resources in a sustainable way. Green growth considers paying attention to the issues of climate change and environmental degradation. It is not a replacement for sustainable development, it is a practical and flexible approach to achieving measurable progress in economic and environmental sustainability. Green growth is accountable for taking full account of the social consequences of greening dynamic economies. Likewise, the green economy is the principle of creating a sustainable low-emission world that impacts both our society and the planet. It helps to build the capacity to live fairly and in dignity without destroying nature and ecosystems from which we draw essential resources for our survival and future generations.

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