A green economy aims to balance social unity and environmental impact while promoting economic growth through sustainable practices. It includes various ideologies such as social justice, politics, and renewable energy. However, lack of central structure and conflicting legislation pose challenges to its implementation.
A green economy is essentially an economy whose goal is to create a sense of social unity and equality while keeping in mind the impact on the environment. Its main objectives are to support these values while maintaining economic growth by investing in environmentally sustainable practices. This is done through government means, such as legislation, policy making, and public and private funding. A strong emphasis is placed on helping those people who rely on nature to make a living and who don’t have many other resources or wealth.
There are different schools of thought on what constitutes a green economy, but most include a holistic global approach. Many other movements or ideologies are often included in the definition of the green economy, largely dependent on which particular green economist provides that definition. Some of the more common themes involve social justice, politics, and renewable energy sources. The underlying theme of all schools of thought, however, is harmonious interaction with nature and economic growth.
Some green economists have called it part of other branches of economics, such as neoclassical or Marxist economics. These economists typically replace a traditional definition or classification with one that is more nature-oriented. An example would be to list nature as part of the proletariat which, in Marxist economics, is exploited to provide value to the entire economic community. The belief is that a green economy is easier to implement if it is already part of an established school of thought.
The main challenge in defining and rationalizing a green economy is the lack of a central structure and ideology. There are many schools of thought that, while similar, don’t completely agree on how to approach the problem. Another key challenge is simple economics; many companies require incentives to invest in green economic trends, as they are typically not as profitable as traditional economic investments. Some countries, such as Germany, the European Union and the United States, have passed legislation including these incentives, but growth is slow.
Another of the challenges in creating a green economy is legislation that is passed in some arenas that conflict with that made in others. This is mostly seen in international trade, as several countries and organizations, such as the United Nations, have written policies that conflict in some way with the rules of another country or organization, making initiatives difficult to implement. Although the formal concept of green economy has been around for several decades, it still faces many challenges to be fully realized and defined.
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