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TopEvolution Of The Concept Of Green Economy
The concept of green economy has emerged in the last decade as a policy framework for sustainable development and poverty eradication. The concept of green economy was coined and used in 1989 in the report Blueprint for a green economy (Pearce, Markandya, and Barbier, 1989) commissioned to advice on the applications, projects, policies and measures of sustainable development.
On the midst of the economic crisis in 2008, green economy was presented as a means to reduce the growing social inequality and achieving sustainable development. The concept of green economy rises in the aftermath of 2008 global financial crisis challenging a radical transformation of development practices (Davies, 2013, 1285). The concept of green economy was initially a response to the financial crisis (Bina and La Camera, 2011), and an operational policy for growth based on sustainable development at the environment– economy nexus (Schmalensee, 2012).
After the financial crisis of 2008, green stimulus programs were launched as an incentive for investments in green energy sources and technologies. The global recession has led to design green energy sources. The United Nations Environmental Programme (UNEP) launched the green economy initiative in climate change mitigation. Green economy aims to improve human well-being and social equity while significantly reducing environmental risks and ecological scarcity according to the concept of The United Nations Environmental Programme (UNEP).
In 2009, the Global Green New Deal was proposed as a strategy to revive the global economy, mitigate climate change and environmental degradation and reduce poverty. The objective UNEP’s GE Initiative (GEI) was to provide policy support for investing in greening sectors and environment. Green economy delivers transformations for more egalitarian and inclusive societies and shared economic prosperity.