Green growth is the means by which the current economy can make the transition to a sustainable economy while reducing pollution and greenhouse gas emissions, minimising
waste and inefficient use of natural resources, maintaining biodiversity, and strengthening energy security.
Video on the importance of green growth
It seems that many countries across the world have not taken into account the consequences of some environmental issues such as air and water pollution, climate change, energy use and natural resource depletion. For developing countries, where economies are more dependent on natural resources and where climate change has the potential to have a disproportional impact, environmental issues are of primary importance. There are significant benefits in moving towards a greener economy and a new paradigm is needed to build a strong and prosperous world economy. “Green” and “growth” can no longer be considered in isolation. Green growth is the pursuit of economic growth and development while preventing costly environmental degradation, climate change, biodiversity loss and unsustainable natural resource use .
Green Growth and the financial crisis of 2008
During and after the finincial crisis of 2008, many warned that global warming would become a lesser priority within world politics. While this was true in the initial stages of recovery, the following financial stimulus packages of a number of countries (e.g. South Korea) included USD billions to finance clean energy projects. South Korea made the most notable contribution, investing 80% of its $38 billion stimulus into "green growth".
Green-powered development is now gaining traction as a way to sustainably stimulate national economies, and South Korea is seen as the model, along with Denmark which plans on being carbon-free by 2050.
As OECD Secretary-General Angel Gurria adds,
In a world trying to overcome the worst economic recession in decades, green growth policies offer the way to rebuild the global economy on more environmentally and socially sustainable grounds. They can also lay the foundation for powering and feeding the world in a manner that is less demanding of the planet's life support systems
Green Growth and the OECD
Policies which promote green growth need to be founded on a good understanding of the different factors that affect green growth, and appropriate information is needed to monitor progress and measure results.
Monitoring progress towards green growth requires indicators based on internationally comparable data. These need to be embedded in a conceptual framework and selected according to well specified criteria. Ultimately, they need to be capable of sending clear messages which speak to policy makers and the public at large.
As part of its Green Growth Strategy, the OECD has developed a conceptual framework and monitoring tools that can assist governments to measure progress towards green growth
(Towards Green Growth: Monitoring Progress - OECD Indicators).
Climate change mitigation action and a greenhouse gas stabilisation policy will cost 4% of the world's gross domestic product, while experiencing 63% lower levels of greenhouse gas emissions compared to "business as usual" if no action is taken. See below:
- ↑ [www.oecd.org/dataoecd/42/28/44273385.pdf OECD and Green Growth]
- ↑ OECD and Green Growth, OECD, 2009
- ↑ The Green Growth Strategy: How can we get to a greener economy?, OECD, 2010
- ↑ Feldman, S. (2011, Jan 26). Green Growth, South Korea's National Policy, Gaining Global Attention. Retrieved from Reuters: http://www.reuters.com/article/2011/01/26/idUS148995237220110126
- ↑ 5.0 5.1 Organisation for Economic Co-operation and Development. OECD Work on Environment. Paris: OECD PUBLICATIONS, 2011.
- OECD Green Growth official web page
- The Innovation Strategy
- International Energy Agency
- International Transport Forum
- A lesson in resources management by Elinor Ostrom
- The Green Growth Strategy: How can we get to a greener economy? OECD 2010
- Interim Report of the Green Growth Strategy: Implementing our Commitment for a Sustainable Future OECD, 2010
- OECD and green growth OECD, 2009
- Declaration on Green Growth adopted at the Meeting of the Council (MCM) at Ministerial Level on 25 June 2009
- Green Growth: Overcoming the Crisis and Beyond OECD, 2009
- From Grim to Green - OECD Messages on Green Growth OECD, 2009
- Green Growth, South Korea's National Policy, Gaining Global Attention (Reuters 26.01.2011) - A new economic paradigm is arising out of the ashes of the global financial crises. Could it take hold?