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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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