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STS429 Margarita R.
Global Green Growth Institute (2012): “Green growth is the new
revolutionary development paradigm that sustains economic growth
while at the same time ensuring climate and environmental
sustainability. It is aimed at reducing poverty, creating jobs, social
integration and the sustainability of ecosystems, alleviating climate
changes, supporting biodiversity, and providing access to clean energy
and water”.
European Environmental Agency (2012): “Green economy is an
economy where environmental, economic and social policies and
innovations support societies in the effective use of resources, while at
the same time improving human well-being, accentuating social
integration and protecting the natural systems which sustain life on the
Earth”.
The universal concept of green economy is still in the process of discussion
and specification, and therefore there are numerous perceptions of it. It has
been noted however that “while interpretations of the “green economy” vary
to some degree, there is much common ground between the concepts
employed by governments, businesses and international organisations
globally. Basically, a green economy implies a departure from the “business as
usual” economic paradigm, to one with regulatory measures and strong
financial incentives for innovation, investments (for example, in green)” (Green
Economy Report, 2010).
Building on UNEP’s report ‘Towards a Green Economy’, in order to
empower and achieve a green economy, an annual investment of 2% of global
GDP is required. It would allow to maintain the current rate of economic
growth and at the same time achieve changes towards sustainable processes.
Additionally, it is necessary for countries to promote fiscal incentives in areas
that stimulate a green economy (e.g. in technology, infrastructure or infant
industries), establish control measures and introduce economic instruments to
help conserve natural resources (Kumar, 2017). All the investments along with
the political reforms, should promote the transformation of the sectors
involved in the green economy, so that they acquire a competitive position in
the long term (Gehring, 2016, Biswas & Roy, 2015). Depending on their current
level of development, countries have different capacities to initiate and
implement policy reform and cope with transformative change. Other
supporting actions are therefore needed to increase capacity and strengthen
institutions, provide training and skill enhancement to the workforce, and
improve general education on sustainability.
Green economy is both a challenge and an opportunity for the labour
market, which, in turn, is a major factor in potential green growth. Response
dynamics and the good functioning of labour markets play a key role in
facilitating the transition to a green and resource-efficient economy. The
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