Now that the countries have started relaxing lockdown rules amid corona virus scare that put almost entire earth in lockdown mode and confine people to their homes for more than two months, the countries have started opening up their economy gradually which is at the verge of underperforming or even critical. According to various economists and financial experts, almost all the countries will likely to see shrink in their GDP and economic performance on global level. So what is the solution for better job boosting economy?
The simple answer is ‘GREEN ECONOMY’, one which is being continuously put forward by various economists and world environmentalists as the only solution to conserve non- renewable resources present on earth while also ensuring that economy achieves its maximum objectives. Especially now in times of world crisis, countries have a chance to introduce green economy policies including green economic infrastructure. There is no general definition except one which is provided by United Nations Environment Programme. It defines “Green Economy” as an economy that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities. There are numerous benefits of implementing green economy like:-
- Upon implementation of green economic recovery policies, there will be drastic reduction in pollution which has been primary cause of more than 7 million deaths around the world annually.
- It will certainly bring climate threat under control which many countries have started facing with abnormal weather conditions, large scale bushfires, global snow melting, rise of sea level on earth, shrinking of water resources, deforestation etc.
- Investing hugely on renewable resources like wind energy, solar energy etc. will put less risk on earth limited non-renewable resources hence conservation of it for future generation will be beneficial and this pandemic situation in our only chance before things go out of our hands for worst.
- It will result in creating jobs especially in energy sector and nature based sectors. Recently, Adani Green group won prestigious $6 Billion solar power plants project in India which will likely to create 4 lakh jobs over the span of five years.
This is the first time when not only environmentalist are urging governments to introduce green economy recovery path, but also similar sentiments is being echoed by world investors, financial institutions, business leaders, job creators . On World Environment Day, global institutions working on developing labour and environment have united around key actions for spurring a green, just and transformative recovery. They have identified ten policy options that will guide towards green recovery:-
- The green economy principles of well- being, justice, sufficiency, efficiency,
- Advance green deals, economy plans, industrial strategies to built long term prosperity
- Financial stimulus package must be structured in a way that it will accelerate towards green economy
- Recognize the role of nature in reducing systematic risk
- Invest in sustainable infrastructure and stronger environmental protection.
- Strengthen and broaden inclusive social protection mechanisms
- Accelerate energy transition and tackle fossil fuel subsidy
- Apply gender responsive approach
- Give priority to small and informal enterprise to accelerate the power sector
- Improve global cooperation and coordination to effectively respond to pandemic crisis.
However, in immediate run, the governments are not reluctant to formulate and execute green policies because their focus is on creating better facilities and resources in health sector, attract investments to ease the burden of debt, job creation.
The ball is now in governments hands as to how fast and effectively they introduce green policies which are the need of the hour. The sooner they introduce policies be it of corporate, industrial or investment nature that also promotes and protects nature, the sooner the state will be on the path of eco-sustainability and hence will be in a position to avoid any future pandemic. UK, The European Union and Australia are the ones that are racing ahead in executing green economic policies while countries like USA, India and China have yet to act prudently. This is our only chance to act in sync with nature before another pandemic like situation hits us.