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A green economy is an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment. [ 1 ] [ 2 ] [ 3 ] It is closely related with ecological economics , but has a more politically applied focus.
The ideas and studies regarding the green economy denote a fundamental shift for more effective, resourceful, environment-friendly and resource‐saving technologies that could lessen emissions and alleviate the adverse consequences of climate change, at the same time confront issues about resource exhaustion and grave environmental dilapidation.
China: since at least 2006 (with its 11th 5-Year Plan), China has been committed to achieving a green economy. [ 42 ] [ 43 ] Emissions growth in recent years has decelerated sharply, underpinned by tighter environmental regulations and massive green investments, including in renewable energy and electric vehicle infrastructure.
[3] [4] Sustainable development aims to balance the needs of the economy, environment, and society. The Brundtland Report in 1987 helped to make the concept of sustainable development better known. Sustainable development overlaps with the idea of sustainability which is a normative concept. [5]
Companies leading the way in sustainable business practices can take advantage of sustainable revenue opportunities: according to the Department for Business, Innovation and Skills the UK green economy will grow by 4.9 to 5.5 percent a year by 2015, [72] and the average internal rate of return on energy efficiency investments for large ...
The Equator Principles, formally launched in Washington DC on 4 June 2003, were based on existing environmental and social policy frameworks established by the International Finance Corporation. These standards have subsequently been periodically updated into what is commonly known as the International Finance Corporation Performance Standards ...
Many of the more radical green economists split off to work on an alternate political economy. Environmental economics was a major influence on the theories of natural capitalism and environmental finance , which could be said to be two sub-branches of environmental economics concerned with resource conservation in production, and the value of ...
[5] Energy is the engine to a thriving economy, between life essentials such as cooking food or providing heating in homes and buildings, to industrial machines and transportation modes — economies today depend completely on energy. In terms of economic growth, energy is essential, but energy can also be one of the most detrimental factors to ...