Green Economy: Origins, Sustainable Development, and Business Projects

GREEN ECONOMY

Prof. TolaWhat is a "green economy"? Origins of the terms. The term green economy was first coined in a pioneering report for the Government of the United Kingdom by a group of environmental economists, entitled "Blueprint for a Green Economy" (1989). The report was commissioned to promote the modern definition "sustainable development" and its implications in the economic and political structures. The main idea was that economics can and should come to the aid of environmental policy. Then the authors of the first report released sequels in 1991 and 1994: "Greening the world economy" and "Measuring sustainable development". The sequels extended the message to the problems of the global economy: climate change, soil exhaustion, tropical deforestation, and resourcesoss in the developing world.

The price of progress

The industrial revolution has brought many innovations and, in a few decades, it has led to unprecedented development. This boom has had a severe price. Infact our earth is now threatened by a climate catastrophe, for which environmental pollution (especially air and water) is responsible. We are living in an era of excessive consumption and consumerism, one of the main consequences of which is global warming, and contrary to popular belief, this is no longer a distant threat.Global WarmingImpacts of Global Warming Ecosystems Risks to Some Risks to Many Extreme Weather Increase Large Increase Distribution Negative Effects for Some Regions Negative for Most Regions Economy & Ecology Positive or Negative Impact Net Negative in All Metrics Irreversible & Abrupt Changes Very Low Risk Higher Risk 1 4 Temperature Increase ℃Temperature change over the past 50 years Trend from 1973 to 2023 (°℃) -1.0° -0.5° -0.2° +0.2° +0.5° +1.0° +2.0° +4.0°

The green economy model: five principles

As the world continues to transform with the evolution of technology, climate, politics and economics, there are interconnected practices which try to balance environmental and social goals for the good of nature, citizens, and businesses. The most important policy is the green economy, an economic people-centered model based on five principles that can be described as follows:

• Wellbeing: green economy aims to increase human wellbeing in terms of economic, social, physical and cultural capital. It prioritizes access to knowledge and education, more environment-friendly production technologies and processes, and sustainable infrastructure. People are always allowed to prosper while treating nature and natural resources in a more responsible way.
• . Justice and good governance: the green economy promotes good governance characterized by valid, transparent and resilient institutions. It also encouragesdecision-making attitude, open dialog and collaborative approache to problem-solving.
• . Poverty eradication: the transition to the green economy offers considerable investments and job creation opportunities. This economic model is also inclusive and non-discriminatory, promoting an equal income distribution and reducing disparities between people.
• Energy-efficiency: green economy focuses on using natural resources efficiently, in a circular manner, in order to reduce waste and rebalance the consumer-driven model.
• . Low-carbon development: the green economy is based on the use of renewable energy sources - like solar, wind, hydroelectric and hydrogen - that generate little or no amounts of carbon dioxide emissions. A low-carbon economy also encourages an extensive electrification (with energy produced from renewable sources), in industry, mobility and other aspects of life.

Green economy in the European Union: "the European green deal"

The European Union has introduced several initiatives and policies which aim topromote renewable energy, sustainable agriculture, forestry and tourism, energy efficiency. The EU also supports research and development in green technologies and provide funding for environmental projects. Additionally, it has set ambitious targets for reducing greenhouses gas emissions, increasing the use of renewable energy, and improving energy efficiency. The European Green Deal, approved in 2020 by European Commission, is a plan that point to build a greener Europe reducing greenhouse gases by 2050; it also aims to introduce new legislation on the circular economy, building, renovation, biodiversity, farming and innovation.

CIRCULAR ECONOMY

Recycling Remanufacturing Refurbishing Reuse Energy and material input Production Distribution Use Disposal Waste and emission leakage Longer use Intensifying use Dematerialisation

Green economy and business opportunities: what is a "green business"?

Transition to a green economy means business opportunities and economic development for companies which are also focused on positive and harmonious relationships between nature and humans. As we said, green economy calls attention to a more healthy environment promoting the use of low-carbon technologies and practices that rely on clean and renewable energy. When we talk about a "green business" we refer to the key aspect of green economy that is sustainability: business can expand with a minimal negative impact on the environment or people. For example, a farm that uses less water than a traditional one to produce the same crop yield could be considered a green business.

Some green business projects:

• E-bike conversion or sales:E-bikes are eco-friendly modes of transportation which reduce carbon emissions and make cycling fun for people. Converting old traditional bikes to e-bikes can be easy and profitable. Another option is to sell e-bikes at a retail store or even create your own brand of e-bikes.
• Solar panel installation or repair If you have some home repair or construction experience, installing or repairing solar panels could be a relevant way to enter the green business market. Solar panel installation require maintenance as well, so even if you don't install them you could still offer maintenance packages to houses or businesses with solar panels. Solar energy is an expanding field as electricity prices move higher consequently now is the great time to enter this area.3014

Some green business projects:

• Sustainable fashion store: This is a great way to combine a strong fashion sense with the green business movement. The fashion industry has often been criticized for labour practices. If you turn to eco-friendly materials, an entirely new niche can be created with a sustainable fashion boutique.
• . Eco-friendly home remodeling You could offer low-chemical or safer construction materials such as flooring with no toxic glues or finishes or low-fume carpeting that is safer to install. At the moment there are several safer and less toxic home materials on the market using them you could find many customers and at the same time help the environment.
• Green business consulting: If you have knowledge in a certain area of green business or have experience in the environmental field, consider consulting for companies which try to increase their sustainability. Some businesses are required to become more eco-friendly due to various state or federal laws, consequently this offers many opportunities to earn a substantial income.

Now it's your turn ...

group discussion.

1. Think about other green business projects you could start in the future; then discuss the argument with your class mates.