The Concept of Green Economy - Literature review Example

Institution : xxxxxxxxxxx Title : xxxxxxxxxxx Tutor : xxxxxxxxxxx Course : xxxxxxxxxxx @2013 Introduction While the term green economy is rapidly becoming a catchphrase for many governments globally, green growth or sustainable growth has actually shifted from being just a mere concern among few individuals to being an idea that is currently entrenched into every nation’s growth strategy. This has even been more emphasized in the past two decades where the question regarding how and to what extent the environment can be protected has dominated major public policy debates. Actually, with the rising population and the consequent rising costs, it is inevitable that the economic growth ensures the very social equation regarding the welfare of states is addressed in a manner that does not jeopardize the actual balance needed for sustainable living. While this has been viewed as a positive initiative globally, it has equally been viewed by others has a near impossibility, thereby making its viability more contentious. It is in view of this therefore that this particular paper intends to provide a critical analysis regarding the possibility of achieving a green economy. Green economy, just as described by UNEP (2013), is an economy resulting in the improved well-being of the people while also taking into consideration social equity and a significant reduction not only in terms of environmental risks but also ecological scarcities. The search for a transformational economic growth is currently very fashionable highlighting green investments as well as clean energy solutions as the keys to a better sustainable future. In as much the viability of a green economy remains a contentious issue, Al-Zu’bi (2013) argues that the known environment-versus-investment argument ought to stay out of our dictionary. It is within this respect that the Green Economy Coalition (2012) maintains that the green economy is actually feasible taking into consideration the already plentiful innovations underway in most parts of the globe that offer an indication of a greener as well as a fairer future. Actually, according to Blackburne (2011), elements indicating a gradual transition towards the green economy are currently evident and continuously emerging across both the developing and the developed nations alike. Blackburne (2011) further states that there are other nations that are even going faster than others in terms of embracing the green economy, a factor that is argued to generate a pull factor that may sooner bring other nations along. According to Blackburne (2011), for instance, China is in the lead with respect to investments in renewable energy, an investment approximated to be 49 billion dollars in 2010 alone. Similarly, other nations including South Africa, Cambodia, the Korean Republic, Indonesia and Barbados have already initiated steps towards the introduction of a national Green-Economy plan in response to the findings of the United Nations Environmental Programme. On the other hand, the governments of Jordan, Armenia, Nepal, Ukraine, Malaysia, Azerbaijan, Senegal and Mexico are as well focusing on investing massively in some key sectors outlined by the United Nations Environmental Programme. Actually, according to Huhne &Cable (2010), low carbon technology is already being embraced globally within the transport sector as an alternative measure to cutting down carbon emissions. As highlighted by Huhne & Cable (2010), many countries have actually made significant progress in their ambitious programs to ensure not only a cleaner transport but also a cleaner energy. This has seen low carbon vehicles receive a relatively higher attention compared to other eco-friendly technologies. On the other hand, Carvalho (2001) contends that the green economy within the sustainable development context is but a mere label that masks the business-as-usual trend, a point also supported by Greenpeace (2012). According to the Greenpeace (2012),governments globally have spoken a lot concerning sustainable development in the past several decades, while on the other hand still promoting both social as well as environmental destruction with approximately one trillion US dollars of harmful subsidies annually, covering almost everything right from fertilizers, fisheries to fossil fuels.Additionally,destructive industries, just as corporate polluters, are accepted to reap profits from the overexploitation of the available resources while innocent individuals incur the costs in terms of the negative impacts on health and livelihoods. As highlighted by the Greenpeace (2012), governments are as well bailing out insatiable/greedy banks while failing to mobilize finances as well as rescue packages aimed not only at the planet but also the poor. According to Greenpeace (2012), almost two decades after the Rio de Janeiro’s Earth Summit, the world is still facing a paradox. Governments are aware that solutions are currently available and inexpensive, that clean technology investments are on the increase, that deforestation is preventable and that food can be availed for everybody if the respective governments are committed. It is as well clear that some parts of the world are deeply unsustainable.Inspite of the Rio de Janeiro Conventions as well as similar several multilateral agreements regarding sustainable development, extraction of resources keeps rising, climatic change is going beyond control, the water resource is becoming scarce, the world oceans are in an emergency state, there is an upsurge in toxic pollutions, and increased gambling with the food system through the introduction of the genetically-modified crops is currently evident. In summary, the Greenpeace (2012) argues that governments have undoubtedly failed and still seem to face hurdles in achieving a green economy. Banerjee (2003) however argues that governments are not to be solely blamed as many corporations have frustrated sustainable development initiatives. Such corporations include the Asia Pulp and paper and the Volkswagen. The former is argued to have undermined the effective protection of the forest cover in Indonesia. On the other hand, the latter is argued to have fought against the rules on climate protection. Despite the claims made by Greenpeace (2012), Spongenberg (2011) & the United Nations (2011) argue that achieving a green economy is not only possible but a necessity. As Spongenberg (2011) highlights, currently, more than before, when most parliamentarians enact new laws they focus majorly on incorporating measures of minimizing climate change, ensuring a better and sustainable environment and shaping business practices. According to Dernbach (2011), this makes it possible for the complete integration of all aspects in the most sustainable manner while formulating new regulations. Guziana (2011) further highlights that private sectors have also followed suit in terms of supporting and implementing the green economy initiatives, a factor that, as Guziana (2011) argues, has made the private sector look greener. For instance, the clean technology sector (CleanTech) is a rapidly growing business within Nordic nations. While having different focus with respect to green economy, the Nordic nations including Sweden, Denmark, Faroe Islands, Finland and Iceland share the urge and willingness to achieve a better and sustainable future economic growth. In 2010 alone, the Nordic countries invested approximately half a billion Euros in the Nordic Clean technology sector to actually realize this particular goal. Guziana (2011) therefore argues that if such countries become successful in achieving a complete green economy, they will be able to strengthen their competitiveness globally in matters regarding green economy. On the other hand, while the idea of green economy sounds nice especially with regards to how it focuses on protecting the planetary ecology, boosting economy and eradicating poverty, its achievement may unfortunately never be realized if the argument of Conant (2012) is considered. While Greenwood cites how green economy endorses the idea of combining markets with more democratic and non-market institutions for environmental sustainability, Conant (2012) holds a different view of this. According to Conant (2012), green economy has turned out to represent something similar to an extensive nature privatization contrary to the initial idea behind it. The current idea is actually about pegging a fee on the natural cycles with the help of controversial policies that Conant (2012) argues are greening capitalism rather than greening the economy. Conant (2012) asserts that rather than cutting down on pollution, minimizing consumption or even promoting initiatives stewarding resources for the future generation, the concept is actually doing the contrary by promoting trade in the pollution credit, facilitating establishment of the speculative markets with regards to biodiversities and forests and supporting monoculture tree planting, initiatives argued to be threatening to displace the land-based communities. Conclusion The concept of green economy as highlighted in the paper is without a doubt promising. However, to ascertain whether this is achievable is actually proving to be a hard nut to crack. In the above analysis, both arguments highlight how the issue of green economy is a contentious issue within global debates. In the above analysis, what is evident is that most arguments points towards the fact that attaining a green economy can actually be a reality. As highlighted, plentiful innovations in most parts of the globe are currently underway thereby offering a glimpse of a greener future. Besides, currently laws are being enacted in favour of environmental friendly initiatives that tend to minimize climatic changes and shape business practices. Addressing the arguments posed against the approach however begs for more consideration on some of the policies adopted towards these initiatives to be not only effective and practical but also take into consideration the original objectives behind the idea. References Al-Zu’bi, R, 2013, Jordan’s Green Economy Potential, Retrieved on the 5th November, 2013 from Blackburne, A, 2011, ‘Green economy’ achievable, says UN report Banerjee, S, 2003,Who Sustains Whose Development? Sustainable Development and the Reinvention of Nature, Organization Studies, Vol. 24, No. 1, Pp.143-180 Carvalho, G, 2001, Sustainable Development: Is it Achievable within the Existing International Political Economy Context? Sustainable Development, Vol.9, Iss.2, Pp.61–73 Dernbach, J, 2011, Creating the Law of Environmentally Sustainable Economic Development, Pace Environmental Law Review, Vol. 28, No. 3 Conant, J, 2012, The Dark Side of the “Green Economy”, Yes magazine Guziana, B, 2011, Is the Swedish environmental technology sector ‘green’? Journal of Cleaner Production, Vol.19, Issue 8, Pp. 827–835 Green Economy Coalition, 2012, Glimpses of a Green Economy Greenpeace, 2012, A Just and Fair Green Economy, Retrieved on the 6th November, 2013 from Greenwood, D,2007,The halfway house: Democracy, complexity, and the limits to markets in green political economy, Environmental Politics, Vol. 16, No.1,Pp. 73-91 Huhne, C &Cable, V, 2010, The green economy is still viable, The Independent Spongenberg, H, 2011, Nordic Countries are Greening their Economy more than ever United Nations Environment Programme (UNEP), 2013, What is the "Green Economy"? Retrieved on the 5th November, 2013 from United Nations, 2011, Working towards a Balanced and Inclusive Green Economy: A United Nations System-wide Perspective, United Nations Environment Management Group Read More