The emerging markets are the new drivers of global growth. India, Brazil, China and other emerging countries are shaping the future of the world economy; these countries have the potential of changing the world's consumer demand and can become the main supplier of major product essentials.
As the population increases manifold, economic emphasis will be placed upon providing food, water and energy for more than 8 billion people by 2030. The emerging market will witness direct contact with 80 percent of the world's population and 50 percent of the world's economy. Shifting to "green" growth requires leaders who can motivate other nations as well as countrymen to implement sustainable development practices. Based on this, a new approach to development has emerged. Global Green Growth, also known as "3G", redefines the path of economic growth based on sustainable principles, providing an alternative concept to standard economic growth.
According to the OECD, green growth means fostering economic growth and development, while ensuring that natural assets continue to provide the resources and environmental services on which our well-being relies. It focuses on the synergies and trade-offs between the environmental and economic pillars of sustainable development. Importantly, green growth does not neglect the social pillar; on the contrary, without good governance, transparency, and equity, no trans-formative growth strategy can succeed.
Another explanation by United Nations Economic and Social Commission for Asia ( UN ESCAP ) states that green growth strategies can help economies and societies become more resilient as they work to meet demands for food production, transport, housing, energy and water. Strategies can help mitigate the impacts of adverse shocks by reducing the intensity of resource consumption and environmental impacts, while alleviating pressure on commodity prices. Green growth also offers competitive advantages to those countries that commit to policy innovations.
According to greengrowth.org, the global market for green goods and services is vast and growing fast, offering countries the dual benefit of prosperity and job creation. In January 2012, the OECD, UNEP and the Global Green Growth Institute (GGGI) signed a memorandum bringing the Green Growth Knowledge Platform (GGKP) to life. 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."
Borrowing from GGKP's mission statement, the 7th annual B4E Global Summit will take place in Delhi from 15 to 16 April 2013. Using the theme ‘Emerging Market Leadership for Global Green Growth’, the event's focus will be to look at the role of emerging markets and the responsibility they bear in driving the world’s transition to a global green economy. The summit will witness the presence of leaders from business, government and the NGO community, who will gather to explore inclusive green business models, innovation in finance and technology and propose industry commitments to action.
The Global Green Growth Forum will also be hosted later this year in Copenhagen from 21 to 22 October 2013, which is an initiative of the Danish government, developed in conjunction with the South Korean government and the Global Green Growth Institute. The mission of the Forum is to explore and demonstrate how better collaboration among leading businesses, investors and key public institutions can effectively realizse the potential for long-term global green growth. Further details about the event can be found out on Global Green Growth forum's website.
The question that now arises after looking into so many initiatives taking place around us is, finally, when we will start consciously and deliberately contributing to Global Green Growth.
Author: Ajay Pal Singh Chabba/ RESET editorial
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