What is a green economy ? Get the Answer at BYJU’S UPSC Preparation (2024)

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What is a green economy ? Get the Answer at BYJU’S UPSC Preparation? ›

A green economy is a type of economy that reduces environmental risks and ecological dangers. Its core principle is that it encourages sustainable development without degrading the environment.

In a green economy, growth in employment and income are driven by public and private investment into such economic activities, infrastructure and assets that allow reduced carbon emissions and pollution, enhanced energy and resource efficiency, and prevention of the loss of biodiversity and ecosystem services.

A low carbon climate resilient economy is an economy that aims to reduce greenhouse gas emissions, limit global warming and consumption of coal, oil, and gas. It is also known as a green, circular, or sustainable economy.

Energy-efficiency: a green economy focuses on using resources efficiently, in a circular manner, so as to reduce waste to a bare minimum. It seeks to rebalance the consumer-driven model towards one that is more sustainable in terms of natural resource usage.

The Green Index initiative, a tool kit and manual which helps to analyse, evaluate, and rank environmental protection initiatives in government infrastructure projects and programmes, was launched on Wednesday by Environment Minister Eshwar Khandre.

Also known as sustainability standards, these standards are special rules that guarantee the products bought do not hurt the environment and the people that make them. The number of these standards has grown recently and they can now help build a new, greener economy.

The term "green economy" covers six major sectors: renewable energy, green buildings, clean transportation, water management, waste management, and land management.

According to the United Nations Environment Program (UNEP), "A green economy leads to improved human well-being and social equity, while significantly reducing environmental risks and resource scarcity. In its simplest form, it is characterised by low carbon emissions, resource efficiency and social inclusion”.

The main factors influencing green economy include monetary expansion, macro-environmental variables, institutional variables, consumer attitude, cognitive factors, sense of responsibility, economic factors, government regulation, green product supply, economic development, trade openness, energy consumption, renewable ...

Which country has the highest Green GDP? ›

Which country has the highest green GDP? Sweden is the top performing country in the 2018 Global Green Economy Index (GGEI).

Countries Using Green GDP

India: While India does not officially measure Green GDP, research efforts suggest an estimation of around Rs 167 trillion in 2019. This represents a 10% reduction from the conventional GDP of Rs 185.8 trillion for the same year, as per a Reserve Bank of India paper from October 2022.

The green gross domestic product (green GDP or GGDP) is an index of economic growth with the environmental consequences of that growth factored into a country's conventional GDP. Green GDP monetizes the loss of biodiversity, and accounts for costs caused by climate change.

A green economy is an economic system that aims to promote sustainable development, reduce environmental risks, and improve human well-being. It focuses on the efficient use of resources, reducing waste and pollution, and promoting social equity.

According to the International Labour Organization (ILO), this type of job: Increases efficient consumption of energy and raw materials. Limits greenhouse gas emissions. Minimises waste and contamination. Protects and restores ecosystems.