Climate change, biodiversity loss, rising inequality, and other issues will plague humanity over the next few decades. These systemic global challenges cannot be addressed in isolation because they are all interconnected. Our economic structures, on the other hand, are incapable of striking a reasonable balance between environmental and social goals.
Green Economy Concept
Economies are, at their core, a set of rules and conventions that reward certain behaviours while punishing others. In their current state, our economies encourage excessive spending, deteriorate communal relationships, and deplete natural resources. This, however, is neither inevitable nor unavoidable; it is simply the evolution of our economies. To address these issues, a new economic vision is required.
The Vision of a Green Economy That Is Fair
A green economy is one that benefits everyone while remaining within the natural boundaries of the planet. It is founded on five key concepts, each of which draws on significant precedents in international politics and can be used to drive economic transformation in a variety of situations.
The Principle of Wellbeing
Everyone can succeed and generate wealth in a green economy.
The green economy revolves around people. Its ultimate goal is to create true, shared wealth.
· It emphasises amassing wealth to benefit one's well-being. This wealth includes all human, social, physical, and natural capital, as well as financial capital.
· It prioritises investment and access to the sustainable natural systems, infrastructure, knowledge, and education that all people require in order to thrive.
· It creates opportunities for dignified and sustainable livelihoods, businesses, and employment.
· It is founded on communal activity for public values, but it is based on individual decisions.
The Principle of Justice
Intergenerational and intergenerational equity are promoted by the green economy.
· The green economy is inclusive and non-discriminatory. It distributes decision-making, rewards, and costs fairly; it resists elite capture; and, in particular, it promotes women's empowerment.
· It promotes a more equitable distribution of opportunity and outcomes, narrowing the gap between people while still leaving enough space for wildlife and wilderness.
· It takes a long-term view of the economy, focusing on wealth and resilience in the interests of future residents while also acting quickly to address today's multifaceted poverty and injustice.
· It is based on solidarity and social justice, as well as the strengthening of trust and social ties, as well as the protection of human rights, workers' rights, indigenous peoples' rights, minorities' rights, and the right to sustainable development.
· It promotes the empowerment of MSMEs, social enterprises, and long-term livelihoods.
· It aims for a cost-effective, quick, and equitable transition, leaving no one behind, empowering
vulnerable groups to be transition agents, and innovating in social protection and reskilling.
The Principle of Planetary Boundaries
The green economy works to protect, restore, and invest in the environment.
· Nature's multiple values are recognised and nurtured in an inclusive green economy, including functional values of supplying products and services that underpin the economy, cultural values that underpin societies, and ecological values that underpin all life.
· It acknowledges that natural capital's substitutability with other capitals is limited, and it employs the precautionary principle to avoid the loss of important natural capital and the violation of ecological constraints.
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