Green Economy and Sustainable Development: Vision, Concept and Applications

The current global trend revolves around reevaluating the foundations of development for nations by focusing on the evolving challenges faced by populations. This includes the exacerbation of unemployment, rising poverty rates because of climate change, successive financial crises, and the ensuing food crises.

It's a time to confront these crises by reconsidering the fundamental pillars that support economic growth and the developmental policies associated with it across various nations. This unequivocally underscores the imperative to advance concepts related to what it termed the "Green Economy."

This is one of the most crucial means to ease the spread of poverty and achieve sustainable development, as per the definition put forth by the United Nations Environment Programme, which states that "the green economy is an economy that leads to the improvement of human well-being and the long-term reduction of inequality, without exposing future generations to important environmental risks and ecological scarcity."

The significance of the green economy lies in its essential role in establishing a connection between sustainable development, encompassing economic, social, and environmental facets. It facilitates a positive transition in the requisite processes of production, patterns of consumption, waste, and pollution management. It aids in controlling the reckless utilization of natural resources, energy sources, and the ensuing emissions.

The ultimate aim is to transform all these elements into a more efficient and diversified economy, preserving the environment and fostering the creation of dignified employment opportunities for successive generations worldwide.

It works towards promoting sustainable trade, curbing the prevalence of poverty, enhancing levels of social justice, and ensuring a fair distribution of income.

Several reasons support the adoption of the green economy in sustainable development, especially in emerging economies (developing countries).