GREEN ECONOMY
Just as sustainable development cannot be defined only in terms of environmental factors, the green economy is also a broad term that encapsulates three major points: a low carbon economy, a resource-efficient economy, and a socially inclusive economy. Adding on to the goal of a traditional economic framework of increasing the Gross Domestic Product and output, a green economy takes into consideration the implications that the actions of a certain business can have on the environment and society. A larger part of promoting and implementing a greener economy is contingent upon the ability of the public and private sectors to collaborate on infrastructures and assets that diminish pollution and prevent the damage to biodiversity and the ecosystem, at large.
Therefore, a collaborative approach of both the private and public sectors indicates the engagement of several stakeholders from government authorities to private firms to individuals to research institutes. A green economy cannot be instituted in one instant, but it requires a gradual transition where the attitudes of the people need to be changed regarding the use of energy resources. In fact, from the production process to consumption habits to the training of workers, the low-carbon norm would need to be instilled. Because this would be a novel approach, the solution that should be taken into account must incorporate the interconnections between an array of sectors.
The solution can be achieved easily if the problem is understood in depth. The global climate crisis with its destructive repercussions is perceivable by all. Hence, there is a need to recognize not just the stationary sources of pollution but also the diffuse sources that are constantly adding more dust particles and carbon greenhouse gas emissions into the environment. This necessitates a detailed evaluation of the sources of pollution in a specific country and the steps that can be taken to address those predicaments, usually by initiating carbon-free energy technologies.
One of the concepts that can be promoted by the governments is the green economy where the stress is on realizing the value of products and resources and preventing overconsumption by highlighting re-use, reduction, and recycling. For example, heat in industrial power plants can be recycled if the surplus heat is channeled into residential heating. Such actions, essentially, form the basis of transitioning to a greener economy.
The main idea again boils down to the importance of cooperation between the two sectors: public and private. The public sector needs to mobilize investment in greener technologies and attract investment from the private sector, and this is, certainly, possible if there is more fiscal consolidation. Therefore, if a policy framework is established that aims to mitigate the harmful ramifications of climate change, the prospects for the implementation of the factors of the green economy are more probable. Some policy reforms that can be advanced by the government are the termination of fossil fuels subsidies which can help to promote the aptness of clean energy investments. Lastly, some support institutions need to be built that can allow the government to manage the green investment. A full green economy will be achieved with social equity, inclusive employment opportunities, human capital investment, and properly structured tax redistribution policies put in place.
Africa is one of those places on our planet that needs energy transition since the global south is being impacted the most by the climate change crisis, although it is not contributing significantly to the greenhouse gas emissions. This is where Green Economy and Social and Environmental Entrepreneurship Development in Africa gains significance since it is bolstering the transition from carbon dominated economy to a carbon-free, green economy while also promoting environmental and social entrepreneurship in Africa. This project aims to highlight the awareness that is needed to help people understand the importance of the green economy and motivate the various stakeholders to focus more on policies and investments regarding investments in the green economy.