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green economy as “one that results in improved human well-being and social equity, while significantly reducing
environmental risks and ecological scarcities. It is low carbon, resource efficient and socially inclusive”.
It is an effort of the whole world to create a healthy planet by using alternative ways of growth and development
that improve quality of life of people through sustainable development. It also means healthy clean air to breathe,
pure water to drink and wholesome food to eat for all without exhausting our present natural resources and saving
it for the future generations to come.
Characteristics of Green Economy
Environmentally sustainable development has become the main goal of all the countries across the globe since
the UN Conference on Environment and Development (UNCED) in 1992. It emphasizes that the Green Economy
provides prosperity for all within the ecological limits of the planet. It focuses on:
• Well-being and prosperity for all people by providing good education, decent livelihoods and jobs.
• Supporting human rights and social equity especially the rights of underprivileged and minorities.
• Nurturing the geographical boundaries to safeguard, restore and invest in nature. It protects the biodiversity
and natural ecosystems.
• Creating prosperity within planetary boundaries for sustainable production and consumption. It provides
economical growth by aligning prices, subsidies and incentives with true costs to society.
• Good governance by adapting sound science and economics along with local knowledge. It prioritises public
participation, informed consent, transparency, and accountability.
Components of Green Economy
There are six basic components of a Green Economy:
• Renewable Energy: Energy produced by renewable sources like wind, sun, water, etc. is called renewable energy.
Using these as the alternate sources of energy will help reduce the impact on the environment.
• Green Buildings: Buildings which cause minimum destruction of the environment during its construction and
use renewable energy with proper waste management are called Green Buildings.
• Green Transport: It supports a well-planned transportation system with minimum damage to the forest and
environment. It also promotes efficient use of fuel that produces minimum greenhouse gases and also uses
alternate sources of fuel like CNG, battery, etc.
• Water Management: It is to reduce the wastage of water and replenish the groundwater level by adopting Rain
Water Harvesting. Using rainwater for agriculture, wastewater for recycling, etc. reduce scarcity of water.
• Waste Management: It is managing the waste by adopting 3 R's: , Reduce, Reuse and Recycle for minimum
environmental degradation.
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