The green economy is an alternative to the growth and development of a nation’s economy during the times of global recessions. It is capable of generating sustainable growth and development in society. The green economy fuctions to improve the economic, environmental, and social aspects of society, unlike the regular economic model which only focuses on the growth of GDP of the nation and put aside all other aspects. The economic model provides satisfactory income and reduces poverty of the nations, but neglects the rapid depletion of environmental and natural resources. The world has also witnessed income inequality in more than two- thirds of the entire world. The green economy is a model which is formed to provide solutions to problems created by the economical model by implying a variety of institutional reforms and regulatory, tax, and expenditure-based economic policies and tools.
There are countries which have come forward to adopt the model of green economy and have shown a significant amount of positive results. These countries have been working on the ideas of “green growth” and “low carbon” economic strategies. Here are a few countries which have experienced growth and productivity under the green economy.
China has been investing more in renewable energy compared to any other country in the world. The new national policy predicts clean energy to be one of the biggest markets in the future, and China wants to take an early lead in the production of such technologies. With an abundance of land, China can easily be on the top lists for natural energy production.
Due to the increase in traffic and pollution, the Mexican government put forth new planning for the bus routes. The plan was called Bus Rapid Transit(BRT). This plan uses dedicated lanes for the bus to commute. There has been a significant improvement in the traveling time and pollution control due to this project. The public transport has now become more accessible to people. The plan has been successfully running in all the major cities of Mexico and has increased the investment in urban public transit.
Republic of Korea
A five-year plan for green growth was adopted, which focused on increasing the green resources across the nation. The government invested 2 percent of its gross domestic product in the green sectors such as renewable energy, clean energy technology, and clean water technology. The government also established a Global Green Growth Institute, which aims towards assisting developing countries in developing green growth strategies.
The world has become more connected today than at any time in the past eras, and people have together realized the depletion of resources around the world due to the previous economic development plans. The governments have started appreciating the sustainable development of their nations for maintaining their resources for years to come.