The Green Economy
The green economy is defined as economic aims that aim to decrease environmental concerns and ecological scarcity. The primary goal of the green economy is to promote ecological development while minimizing environmental deterioration. The green economy is fundamentally centered on reducing environmental waste in order to optimize the economic resources available in the area. As a result, green development entails the estate growth concept, which carefully considers the social and environmental implications of development, whereas environmental competence refers to the use of fewer resources to protect energy and the overall ecosystem (Balmford et al., 2012). Green economy, however, is founded on the principle of preservation in the need to raise the alternative resources from the environment that are sustainable and enhance the environmental growth. The goal of this essay is to provide a crisp statement and presents an argument about green economy in relation to community economic stability.
Key Components of Green Economy
Green economy encompasses many components. These components wholesomely reflect the major areas of concern that the economy is based. Firstly the green economy consists of renewable energy component; this outlines the use of energy that is gotten from the renewable resources that are naturally replaced by a hominid span, like wind sunlight, geothermal heat, rain, waves, and tides. The economic use of the energy from the renewable sources is often cheaper and works to limit the wastage of the environmental resources. The use of wind energy in the milling industries is cheaper to the investment companies hence help in the maximization of profits. Additionally, the second component of green energy is the use of green buildings; also called the sustainable building, reflects both structural and the use of procedures which are environmentally liable and resourced by the building's lifespan. Sustainable transport is also a component of the green economy that depicts the natural forms of transport which are environmentally acceptable. Water management is fundamental to the preservation of the environmental resources. Humans under the green economy are encouraged to recycle water and use it sparingly (Balmford et al., 2012). Waste management helps in the preservation of the resources under the green economy policies; this entails the use proper waste decomposition methods to prevent environmental pollutions.
Differences between the Green Economy and the More Traditional Approaches to Economic Development
Green economy is different from the more traditional approaches to the economic development in many ways; firstly, the green economy depicts the use of the renewable resources in the larger planetary system in ways that sustainable. The more traditional approaches to the economic development focus on the use of the locally available resources in the environment but do not consider the sustainability of these resources. The green economy has well-established plans and measures like the environmental preservations goal, the minimum extraction of the non-renewable sources of energy (Blakely & Leigh, 2013). The more traditional forms of economic development entail the use of resources to suit the current forms of production, unlike the green economy system which considers the value of the economic resources the future generations. Therefore, the green economy makes regard to the reflection of the future generation concerning the use of the natural resources. There are poor management systems in the more traditional forms of economic development, unlike the green economy which has diverse institutions and supporters around the world geared towards similar goals of preserving the environment. The green economy policies are familiarized to people around the world than the traditional forms which are known to the natives of the particular origins.
The Strengths and Weakness of Green Economies
Strengths of Green Economies
Green economy is predicted to reduce the consequences of the environmental impacts caused by different forms of pollution; this is stated to have both a local and global benefit to the environment. At the global level, the use of green economy is shown to enhance the fight against global warming and desertification which are the major environmental threats in the world. While at the local levels, the use of green economy helps to improve the quality of air, water, and soils to promote higher production percentages (Blakely & Leigh, 2013).
In addition to the environmental characteristics, the green economy likewise has greater latent to the economic growth. Through the ever-changing economy, different markets are formed in places like biofuels and the renewable energy cradles. These new markets enhance international benefits taking the prospective of funding entirely by the exports and growth in local sales powered by progressively fitted environmental regulations. The use of the green economy helps in the reduction of the economic expenditure in the non-renewable sources of energy; hence the use of the renewable sources is predicted to improve the investment levels by the use of the cheaply available resources (Balmford et al., 2012). Additionally, green economy creates more employment opportunities in the country at both the local and international levels to the different education levels due to the easy usage. It is advantageous to use the green economy by the less developed countries because it does not involve the use of many technologies like other economic approaches.
Weakness of Green Economies
However, the use of green economy has some weakness too; first, there are fears concerning the efficiency of the system because many predict that green economy shall even lead to more poverty levels during the transition process. Less developed countries argue that the process is costly due to the implementation of the major steps of the economy (Fairhead, Leach, & Scoones, 2012). Developed countries, on the other hand, argue that they lack sufficient knowledge of the green economy and even fear the future of the market trends which are likely to be altered.
The Barriers to Success of Green Economy
The transition process to the use of green economy system poses a great challenge to the scholars of the theory. Many countries claim that the transition process is predicted to cause more poverty levels in the developing countries and even lower the production rates of the developed countries. Another challenge is the lack of full knowledge on the practice of the green economy. Little information has been shared regarding the use of green economy and hence created little awareness among the target countries and individuals; this has led to low convincing power by the proponents of the system. Moreover, changes in the market trends are likely to affect the economic growth of many countries; the major market shares have worked to prevent the success of the system (Figge & Hahn, 2004). Lack of adequate technologies and funds has become a greater challenge to both the developed and developing countries. Poor regulations standard on the market is a major challenge to the application of the green economy system.
Improvement of Green Economy
The success of the green economy is dependent upon the convincing power of the practitioners of the system. Much knowledge concerning the success of the green economy ought to share worldwide to attract many people into accepting the system. This information has to contain the major strategies that are predicted to be followed to ensure the system is successful. Therefore sensitization is a major component to the success of the green economy. Additionally, the training of the people who are predicted to advance the system needs to be done in almost all the interested countries, this training has to ensure the people are given relevant skills and abilities to promote the use of green economy (Figge & Hahn, 2004). The technologies required by the green economy must be developed in time to promote the progress of the system. The control of the market standards must be achieved and sustained to give hopes to the proper predictions of future trends after the implementation of the green economy.
Green Economy's Advancement of Community Economic Stability the Goals
Green economy is predicted to promote the advance the community economic stability the goals through the presentation of better conservation measures to the environmental resources. Firstly, the policies set by the green economy to enhance the preservation of the quality of the air, water, and soils in the community is predicted to improve the production systems for the community. Secondly, the green economy shall support the use of renewable sources of energy like wind, geothermal power and solar power in the production process hence lowering the expenditure the community incurs on the non-renewable sources of power like coal.
More jobs can be created to both the educated and the illiterate individuals in the society because the system gives room for the use both the skilled and non-skilled labor. The less extraction of the non-renewable sources of energy shall promote sparely utilization of resources and encourage the conservation to the future generations (Pearce, Markandya & Barbier 2013). The preservation of the environment shall promote healthier living in the society reducing instances of diseases and other calamities.
The control of the market trends by the green economy which emphases that market trend does not control the production systems rather there is need to control the market trends through standardization processes. The communities in the developing countries particularly are indicated to benefit from this shift to the green economy since the process can offer a chance to form more social and economic gains. For instance, through investing in the unconventional energy springs, the access to these energy services may be enhanced and their infrastructures grow into more energy competent. This process can lead to the reduction of the energy import and possibly saving money (Blakely & Leigh, 2013). Consequently, the funds can improve the resource efficacy as the agricultural fabrication will be cleaned and, improve the food security by the community.
Conclusion
Green economy continues to play a significant role in the reduction of environmental risks associated with environmental degradation that consequently impacts the economy. Green economy, therefore, aims at spurring sustainable development without necessarily creating environmental degradation. Through a more political approach, green economy not only focuses on the economy as embracing equity dimensions but also taking into considerations measures that aim at efficiency in transitioning the economy to become sufficiently endowed to create a socially inclusive economic environment that thrives on efficient utilization of resources while safeguarding the environmental interests such as low carbon emissions. Green economy, therefore, is a multifaceted approach towards economic growth and subsequent sustainability in the modern world.
References
Balmford, A., Bruner, A., Cooper, P., Costanza, R., Farber, S., Green, R. E., & Munro, K. (2012). Economic reasons for conserving wild nature. science, 297(5583), 950-953.
Blakely, E. J., & Leigh, N. G. (2013). Planning local economic development. Sage.
Fairhead, J., Leach, M., & Scoones, I. (2012). Green Grabbing: a new appropriation of nature?. Journal of Peasant Studies, 39(2), 237-261.
Figge, F., & Hahn, T. (2014). Sustainable value added—measuring corporate contributions to sustainability beyond eco-efficiency. Ecological economics, 48(2), 173-187.
Pearce, D. W., Markandya, A., & Barbier, E. (2013). Blueprint for a green economy (Vol. 1). Earthscan.
