The green economy is one that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities. Green economy is an economy or economic development model based on sustainable development and a knowledge of ecological economics.
A feature distinguishing it from prior economic regimes is the direct valuation of natural capital and ecological services as having economic value (see The Economics of Ecosystems and Biodiversity and Bank of Natural Capital) and a full cost accounting regime in which costs externalized onto society via ecosystems are reliably traced back to, and accounted for as liabilities of, the entity that does the harm or neglects an asset.
For an overview of the developments in international environment policy that led up to the UNEP Green Economy Report, see Runnals (2011).
Green Sticker and ecolabel practices have emerged as consumer facing measurements of sustainability. Many industries are starting to adopting these standards as a viable way to promote their greening practices in a globalizing economy.
Read more about Green Economy: "Green" Economists and Economics, Definition of A Green Economy, Other Issues, Criticisms
Famous quotes containing the words green and/or economy:
“You know, if this is Venus, or some other strange planet, we’re liable to run into some high-domed characters with green blood in their veins who’ll blast at us with their atomic death rayguns, and there we’ll be with these—these poor old-fashioned shootin’ irons.”
—Edward L. Bernds (b. 1911)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)