Green growth

Green growth is a term to describe a path of economic growth that uses natural resources in a sustainable manner. It is used globally to provide an alternative concept to typical industrial economic growth. This path would lead to what is known as a green economy.

Green growth as a policy strategy

The term green growth has been used to describe national or international strategies, for example as part of economic recovery from the coronavirus recession.[1]

Employment

The report "Growth Within: A Circular Economy Vision for a Competitive Europe" predicts that there are many opportunities in recycling, producing longer-lasting products and offering maintenance services from the manufacturer.[2]

According to the International Labour Organization, a shift to a greener economy could create 24 million new jobs globally by 2030, if the right policies are put in place. Also, if a transition to a green economy were not to take place, 72 million full-time jobs may be lost by 2030 due to heat stress, and the temperature increases will lead to shorter available work hours, particularly in agriculture.[3][4][5][6][7]

According to a 2020 report by the Green Alliance the job-creation schemes with the best value for money in the UK are: retrofitting buildings and creating cycle lanes; followed by electric ferries, battery factories and reforestation; and that these would create more jobs than proposed road-building schemes.[8] They also say that new investment in nature recovery could quickly create 10,000 new jobs.[9]

Organizational efforts on green growth
  • IEA: In 2020 the IEA published a strategy towards a "Clean Energy New Deal",[10] which is being strongly promoted by executive director Fatih Birol.[11]
  • IMF: In 2020 Kristalina Georgieva, the head of the IMF, urged governments to invest emergency loans in green sectors, scrap subsidies to fossil fuels and tax carbon.[12]
  • UNESCAP: In 2012, the United Nations Economic and Social Commission for Asia and the Pacific released the Low Carbon Green Growth Roadmap for Asia and the Pacific to explore the opportunities that a low carbon green growth path offers to the region. The roadmap articulates five tracks on which to drive the economic system change necessary to pursue low carbon green growth as a new economic development path.[13]
  • OECD: In 2011 the OECD published a strategy towards green growth.[14]
  • UNEP: In 2008, the United Nations Environment Programme (UNEP) led the Green Economy Initiative.[15]
  • World Bank: In 2012, the World Bank published its report "Inclusive Green Growth: The Pathway to Sustainable Development".[16]
  • International Chamber of Commerce (ICC): In 2010, ICC launched the unique global business Task Force on Green Economy resulting in the Green Economy Roadmap, a guide for business, policymakers and society published in 2012.[17][18]

Organizations devoted to green growth
  • Global Green Growth Institute: Founded in 2010 by Korean President Lee Myung-bak and later GGGI was first launched as a think tank in 2010 by Korean President Lee Myung-bak[19] and was later converted into an international treaty-based organization in 2012 at the Rio+20 Summit in Brazil.[20]
  • Green Growth Knowledge Platform: In January 2012, the Global Green Growth Institute, Organisation for Economic Co-operation and Development (OECD), United Nations Environment Programme (UNEP), and World Bank signed a Memorandum of Understanding to formally launch the Green Growth Knowledge Platform (GGKP).[21] The GGKP's mission is to enhance and expand efforts to identify and address major knowledge gaps in green growth theory and practice, and to help countries design and implement policies to move towards a green economy.[22]
  • KAIST Graduate School of Green Growth: Graduate School of Green Growth (GSGG)[23] at Korea Advanced Institute of Science and Technology (KAIST) provides world-class education and research on green business, sustainable finance, and policy through Green Business and Policy Program (MS), Green Business (MS/Ph.D.), Green MBA, and Green Business and Green Finance Track programs. GSGG was ranked 4th in 'Better World MBA' by Corporate Knights in 2015.[24] Established in 2013, GSGG nurtures professionals in green growth to cope with and adapt to climate change.

National green growth efforts
  • South Korea: Green growth is being discussed in the National Assembly in 2020.[25]
  • United Kingdom: Green growth was strongly advocated in 2020 by the Committee on Climate Change.[26]
  • United States: President Barack Obama took several steps toward green growth. He believes that by investing in the future, energy production will not only reduce the dependency on foreign energy sources but will also create jobs and a 'clean-energy economy'. Obama had a goal of installing 10 gigawatts of renewable projects by 2020, doubling the wind and solar energy production by 2025, and to develop such policies, which will help to shape the nation's green economy.[27] A 2014 report by the Center for American Progress quantified the levels of investment necessary for the US to attain green growth, while meeting the levels of emission reduction spelled out by the Intergovernmental Panel on Climate Change (IPCC).[28] In 2019, Democratic members of Congress introduced the Green New Deal resolution to create an umbrella for future government programs.[29][30]


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See also

References
  1. Scott, Mike. "Green Growth 'Tigers' Can Help The Global Economy To Roar Once More". Forbes. Retrieved 2020-05-18.
  2. Estimating Employment Effects of the Circular Economy
  3. Green economy could create 24 million new jobs
  4. Greening with jobs – World Employment and Social Outlook 2018
  5. Employment Implications of Green Growth: Linking jobs, growth, and green policies
  6. Jobs in the green economy will ‘more than offset’ losses in traditional industry by 2030
  7. Green jobs as an unemployment solution
  8. Harrabin, Roger (2020-06-29). "Extra £14bn needed a year for climate, report says". BBC News. Retrieved 2020-06-29.
  9. Venables and Joanna Furtado, Chris; Furtado, Joanna (June 2020). Blueprint for a resilient economy (PDF) (Report). Green Alliance.
  10. "Ensuring Green Growth in a Time of Economic Crisis – Analysis". IEA. Retrieved 2020-05-18.
  11. Ambrose, Jillian (2020-04-30). "Covid-19 crisis will wipe out demand for fossil fuels, says IEA". The Guardian. ISSN 0261-3077. Retrieved 2020-05-18.
  12. "IMF chief: $1 trillion post-coronavirus stimulus must tackle climate crisis". Climate Home News. 2020-04-29. Retrieved 2020-05-18.
  13. "Archived copy". Archived from the original on 2013-08-03. Retrieved 2013-08-01.CS1 maint: archived copy as title (link)
  14. "Green growth and sustainable development - OECD". www.oecd.org. Retrieved 2020-05-18.
  15. "Archived copy". Archived from the original on September 27, 2011. Retrieved 2011-08-30.CS1 maint: archived copy as title (link)
  16. Sustainable Development - Getting to Inclusive Green Growth
  17. ICC Green Economy Taskforce Archived 2013-09-03 at the Wayback Machine
  18. ICC Green Economy Roadmap
  19. "About GGGI: Organizational Overview". Global Green Growth Institute. Archived from the original on 4 June 2015. Retrieved 16 July 2014.
  20. "Green Growth for All: Converting the Global Green Growth Institute". United Nations Conference on Sustainable Development. Archived from the original on 5 September 2015. Retrieved 16 July 2014.
  21. 2012 Annual Conference | Green Growth Knowledge Platform
  22. Pages - About - Green Growth Knowledge Platform
  23. KAIST GSGG
  24. Corporate Knights
  25. Watts, Jonathan (2020-05-23). "Could a green new deal turn South Korea from climate villain to model?". The Guardian. ISSN 0261-3077. Retrieved 2020-05-23.
  26. "CCC boss: Green and resilient economic recovery can push UK towards net-zero target". edie.net. Retrieved 2020-05-18.
  27. "Advancing American Energy". The White House. Archived from the original on 2015-04-23. Retrieved 2015-04-25.
  28. Pollin, Robert; et al. (September 18, 2014). "Green Growth: A U.S. Program for Controlling Climate Change and Expanding Job Opportunities". Center for American Progress. Retrieved 2018-11-14.
  29. Whyte, Chelsea (12 February 2019). "Green New Deal proposal includes free higher education and fair pay". The New Scientist. New Scientist Ltd. Retrieved 4 May 2019.
  30. Ocasio-Cortez, Alexandria. "H.R. 109 - Recognizing the duty of the Federal Government to create a Green New Deal" (PDF). Representative Alexandria Ocasio-Cortez (website). House.gov. Retrieved 4 May 2019.


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