Green growth is a term to describe a path of economic growth that uses natural resources in a sustainable manner. It is used globally to provide an alternative concept to typical industrial economic growth. This path would lead to what is known as a green economy.
Green growth as a policy strategy
The term green growth has been used to describe national or international strategies, for example as part of economic recovery from the coronavirus recession.
Employment
The report "Growth Within: A Circular Economy Vision for a Competitive Europe" predicts that there are many opportunities in recycling, producing longer-lasting products and offering maintenance services from the manufacturer. According to the International Labour Organization, a shift to a greener economy could create 24 million new jobs globally by 2030, if the right policies are put in place. Also, if a transition to a green economy were not to take place, 72 million full-time jobs may be lost by 2030 due to heat stress, and the temperature increases will lead to shorter available work hours, particularly in agriculture. According to a 2020 report by the Green Alliance the job-creation schemes with the best value for money in the UK are: retrofitting buildings and creating cycle lanes; followed by electric ferries, battery factories and reforestation; and that these would create more jobs than proposed road-building schemes. They also say that new investment in nature recovery could quickly create 10,000 new jobs.
Organizational efforts on green growth
IEA: In 2020 the IEA published a strategy towards a "Clean Energy New Deal", which is being strongly promoted by executive director Fatih Birol.
UNESCAP: In 2012, the United Nations Economic and Social Commission for Asia and the Pacific released the to explore the opportunities that a low carbon green growth path offers to the region. The roadmap articulates five tracks on which to drive the economic system change necessary to pursue low carbon green growth as a new economic development path.
OECD: In 2011 the OECD published a strategy towards green growth.
World Bank: In 2012, the World Bank published its report "Inclusive Green Growth: The Pathway to Sustainable Development".
International Chamber of Commerce: In 2010, ICC launched the unique global business Task Force on Green Economy resulting in the , a guide for business, policymakers and society published in 2012.
Green Growth Knowledge Platform: In January 2012, the Global Green Growth Institute, Organisation for Economic Co-operation and Development, United Nations Environment Programme, and World Bank signed a Memorandum of Understanding to formally launch the Green Growth Knowledge Platform. The GGKP's mission is to enhance and expand efforts to identify and address major knowledge gaps in green growth theory and practice, and to help countries design and implement policies to move towards a green economy.
KAIST Graduate School of Green Growth: Graduate School of Green Growth at Korea Advanced Institute of Science and Technology provides world-class education and research on green business, sustainable finance, and policy through Green Business and Policy Program, Green Business, Green MBA, and Green Business and Green Finance Track programs. GSGG was ranked 4th in 'Better World MBA' by Corporate Knights in 2015. Established in 2013, GSGG nurtures professionals in green growth to cope with and adapt to climate change.
National green growth efforts
South Korea: Green growth is being discussed in the National Assembly in 2020.
United States: President Barack Obama took several steps toward green growth. He believes that by investing in the future, energy production will not only reduce the dependency on foreign energy sources but will also create jobs and a 'clean-energy economy'. Obama had a goal of installing 10 gigawatts of renewable projects by 2020, doubling the wind and solar energy production by 2025, and to develop such policies, which will help to shape the nation's green economy. A 2014 report by the Center for American Progress quantified the levels of investment necessary for the US to attain green growth, while meeting the levels of emission reduction spelled out by the Intergovernmental Panel on Climate Change. In 2019, Democratic members of Congress introduced the Green New Deal resolution to create an umbrella for future government programs.
