According to the UNEP (UN Agency for the Environmental Program), a green economy is a low carbon, resource efficient, and socially inclusive economy. It is a development model that aims to prevent increased greenhouse gas emissions and ultimately tackle climate change. A green economy acknowledge the importance of revitalizing dependence between economy and natural ecosystem to reduce climate change.

The Green Economy aims to develop a more sustainable economy that reduces environmental risks by altering production processes and comsumption practices to minimize resource consumption, waste, and emissions.

What's the problem?

Most companies rely on a "black" economy model that is being very wasteful of natural resources such as fossil fuels, coal and natural gas. The concept of a green economy has created a new focus on the economy, investment, capital and infrastructure, employment and skills, and positive social and environmental outcomes. The green economy aims to promote a clean and green investment that relies on clean technology to reduce carbon emissions.

Three main areas of work for Green Economy

1. Advocacy of macro-economic approach to sustainable economic growth

2. Demonstration of green economy approaches, focus on access to green finance, technology and investments.

3. Support to countries in terms of transitioning to a green economy

Five principles of green economy

1. The wellbeing principle. A green economy enables all people to create and enjoy prosperity

2. A justice principle. A green economy promotes equity within and between generations

3. The planetary boundaries principle. The green economy safeguards, restores and invests in nature

4. The efficiency and sufficiency principle. The green economy is geared to support sustainable consumption as well as sustainable production

5. The good governance principle. The green economy is guided by integrated, accountable and resilient institutions.

Green economy VS other sustainability initiatives

The green economy initiative by United Nations Environment Program differs from other sustainable development programs because it has a more political approach. It focuses on integrating policies that can help resolve environmental issues and  advance the 2030 sustainable development goals. Over the years, this initiative has been used as a tool in response to the 2008 financial crisis. At the Rio +20, the green economy has been ecknowledged as the framework for sustainable development!

Cases of green economy all over the world:

1. renewable energy in China. China has transitiones into a greener economy by implementing the 11th Five Year Plan (2006-2010). This plan outlined larga portions of investment into green sectors, focusing on renewable energy and energy efficiency. According to plan, per-unit GDP energy consumption should have decreased by 20% by 2010 compared to 2005. By 2020, Chinese government has committed to generating 16% of its primary energy from renewable sources.

2. sustainable urban planning in Brazil. In an effort to develop a green economy, Curbitta ( a city in Brazil) has successfully introduced a sustainable urban planning system that has helped solve existing urban problems. Curbitta is best known for its Bus Rapid Transit system. It also demonstrates integrated urban and industrial planning, which helped create new industries and job development.

Measuring Green Economy Progress. GEP (green economy progress) has four main objectives:

1. Support the assessment of progress in achieving a selection of the SDGs within the 2030 sustainable development agenda and establishing direct links with them

2. Help countries monitor progress against nationally set targets in priority areas

3. Introduce greater levels of transparency to policymaking and provide policymakers with the tools necessary to set up policies that support the transition to an inclusive green economy

4. Measure and compare green economy efforts across countries.

GEP aims to solve three global challenges:

1. persistent poverty

2. overstepped planetary boundaries

3. inequitable sharing of growing prosperity