What is Green Economy?
Green Economy is the economy wherein sustainable society exists with zero carbon emissions and a one-planet footprint. Here, naturally restored renewable resources are utilized to acquire energy.
A Green Economy is applicable to people, planet and profits at the micro and macro-economic level of all organizations. Meanwhile, the foundation of “Black” energy economy exists with carbon-intensive fossil fuels such as petroleum and coal. On the other hand, a low-carbon economy is different from a green economy as carbon emissions are still created by it.
A Green Economy is applicable to people, planet and profits at the micro and macro-economic level of all organizations. Meanwhile, the foundation of “Black” energy economy exists with carbon-intensive fossil fuels such as petroleum and coal. On the other hand, a low-carbon economy is different from a green economy as carbon emissions are still created by it.
Characteristics of Green Economy
Here, the infrastructure is completely powered by renewable energy. It utilizes green energy technologies and also regulates the carbon market in order to build up a sustainable green economy.
Green economy can contribute to balance our ecosystems, biological diversity and forests creating sustainable model of governance, business models and markets wherein sustainable ecosystem services are maintained for the successful adaption to climate change at a local, regional and global level.
Green economy consists of industries like ecosystem services, climate change adaptation services, bio fuels, biomass, carbon capture and storage, carbon markets and renewable energy credits, distributed generation, energy storage, energy recycling, energy conservation, energy efficiency, energy controls and software, green information technology, green design, green materials and construction products, green building, solar energy, wind power, geothermal energy, hydroelectric power, ocean energy, sustainable and organic agriculture, waste and waste water management etc.
Due to high carbon emissions, coal and petroleum are not considered as a green economy. Though nuclear energy comparatively generates very little carbon emissions, it is excluded from a green economy due to its potential impact on environment.
Significance of Green Economy
Green economy significantly contributes in the economic growth of a country. It enhances the socioeconomic growth in a sustainable way indeed. Protecting the environment is one of its significant contribution. Through green economy, green employments can be generated which is an important factor for growing economy. It assists the government and organizations to move forward to implement the challenge of future economy through sustainable green method.
