Green Economy, Meaning, Importance, Sectors, Policies
A green economy is an economic system that promotes growth while ensuring environmental sustainability and social well-being. Learn about the green economy here.
Mridula Sharma22 Oct, 2024
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A green economy signifies an economic plan meant to reduce environmental risks and natural dangers. At its foundation, it supports healthy growth while protecting the earth from degradation.
Its essential function lies in promoting a form of economic growth that is both low-carbon and sustainable, ensuring the continued support of our well-being through the responsible usage of natural resources and environmental services. While based on natural values, the actual effects of the green economy are particularly affected by political factors. The attention to the green economy has increased due to the harmful environmental effects coming from the prevailing methods of numerous global economies.Green Economy Meaning
"Green economics" is a branch of economics focused on creating strategies that promote harmony between humans and nature. It explores topics such as sustainable interactions with the environment and eco-friendly production methods. Green economists often study the economics of renewable energy, sustainable materials, food systems, and industrial processes. While closely related to ecological economics, green economics takes a broader approach, emphasizing sustainable solutions that are also politically feasible, ensuring long-term environmental and economic balance.Importance of Green Economy
A green economy can be defined in various ways. According to the International Chamber of Commerce's (ICC) 2011 report, "Ten Conditions for a Transition Toward a Green Economy," it is an economy where economic growth and environmental responsibility go hand in hand, mutually reinforcing each other while also promoting social development. Green economics has gained more recognition, especially through labels that highlight a company or product's sustainability level, helping consumers make eco-friendly choices.Also Read: Principles of Auditing
Sectors of Green Economy
The following are the main sectors of the green economy, let’s discuss them and how changes in them contribute to or affect the green economy:Agriculture:
Agriculture is the growing of crops for intake and serves as the most substantial area in our economy. However, it brings the risk of environmental harm through excessive land use, destruction, and pollution of air, water, and land via the use of harmful chemical fertilizers and pesticides.Energy Resources:
Energy consumption, an important part of our daily activities, is constantly rising. Traditional energy sources like oil, coal, and gas pose risks to both health and the environment, being limited and non-renewable.Construction:
Construction activities affect world resources and environment, with the mining of sand and stones causing harm to river beds, leading to issues like floods and flooding. Poorly built buildings add to air pollution, necessitating higher energy use for air cooling and lights, along with water waste.Fishing:
In the fisheries sector, overfishing puts at risk future fish sources, leading to the loss of certain species like sharks and turtles. This imbalance in the environment puts extra pressure on farms, changing food chains and possibly causing the loss of income for fishermen.Forests and Wildlife:
Forests play an important role in keeping rains and protecting land resources. Deforestation, however, results in climate change, land runoff, wildlife loss, disturbed food chains, and decreased oxygen production, adding to increased pollutants. Many indigenous tribes depend on woods for life, making their protection important.Water Management:
Water stands as a key resource, with billions of people globally having difficulties in getting clean drinking water and better cleaning services. The seriousness of this problem is worsened by population growth.Industries:
While industries add to jobs and economic growth, they also have harmful environmental effects. It is essential for industries to adopt methods that avoid and reduce waste while accepting clean energy sources.Policies for Green Economy by the Indian Government
The government has taken important steps to comply with sustainable growth and the 'green economy' strategy, including:National Action Plan on Climate Change (NAPCC):
NAPCC is a thorough plan combining various missions aimed at achieving sustainable growth. Each mission within it has defined goals, dates, and assigned funds. The eight missions cover different natural aspects:- National Mission on Strategic Knowledge on Climate Change
- National Mission on Sustainable Agriculture
- National Mission for a Greener India
- National Solar Mission
- National Mission for Sustaining Himalayan Ecosystem
- National Mission for Enhanced Energy Efficiency
- National Mission on Sustainable Habitats
- National Water Mission
Green India Mission (GIM):
GIM, part of India's climate change action plan, focuses on preserving, renewing, and growing forest areas. It combines plans for ecosystems, wildlife, water, energy, and the protection of forests, marshes, and vital areas. It also promotes services such as fuel, food, lumber, and different non-wood forest goods.Jawaharlal Nehru National Solar Mission:
The mission tries to meet India's energy needs sustainably, aiming to position the country as a global leader in solar energy. Beyond energy and natural protection, it stands for local energy production and sharing.Swachh Bharat Mission (SBM) or Clean India Mission:
SBM is committed to improving cleaning in Indian cities, towns, and villages. The main objective is to achieve an Open-Defecation Free India by building toilets nationwide by October 2, 2019, marking the 150th anniversary of Mahatma Gandhi's birth.Establishment of the National Green Tribunal (NGT):
NGT acts as a quasi-judicial body handling issues connected to environmental protection, forest conservation, and natural resource preservation.Green Economy FAQs
Who is the man who started the green revolution?
M S Swaminathan is known as the "Father of the Green Revolution in India."
What are the six green economy pillars?
The term "green economy" covers six major sectors: renewable energy, green buildings, clean transportation, water management, waste management, and land management.
Who promoted the White Revolution in India?
Lal Bahadur Shastri was an Indian leader who served as the country's second Prime Minister. He encouraged the White Revolution.
What exactly is a black revolution?
The term "Black Revolution" refers to a period of rapid expansion and development in the petroleum sector.
What exactly is India's pink revolution?
Pink Revolution refers to the modernization of the meat and poultry processing industry by specialization, automation, and standardization of methods.
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