Critically Assess the Development Potential of the 'Green Economy' For Essay

Critically Assess the Development Potential of the 'Green Economy' For Localities and Regions - Essay Example A green economy can be defined as an economic model that improves the welfare of human beings while at the same time reducing any negative impacts on the environment. A green economy is consistent with sustainable development. In the past, countries have focused on economic growth and development as a way of eliminating poverty and raise the level of income for their citizens. Some of the strategies of economic development have resulted in environmental degradation and some of the negative effects on the environment are irreversible. The main objective of traditional economic models is increasing the level of gross domestic product. Many governments are now appreciating the fact that their economies have exceeded acceptable limits in terms of emission of greenhouse gases and exploitations of natural resources. Global recessions and financial crisis have caused many governments in both developed and developing countries to shift their focus to sustainable development (Ocampo 2010, p. 2; UNEP 2011). Sustainable development is a major concern in advanced economies. This is because these economies are responsible for the highest proportion of greenhouse gas emissions (Parker 2011). A green economy provides a channel through which many people can improve their standards of living while the planet becomes healthier. Local and regional development is a concern for many governments across the world. However, local and regional development is now more challenging, competitive, globalised and knowledge intensive. There is a shift in focus by many governments concerning local and regional development. Governments are now more concerned how sustainable their current level of development is as opposed to the magnitude of development. Concerns have been raised regarding the impact of economic development in nations on the environment following the increasing trend in global warming and sudden climatic changes (Christopherson 2011, p. 4). The long term prospects of sustainable local and regi onal development are uncertain. There are many contentions on whether a green economy is achievable or not. Those who support a green economy argue that it would result to social justice to individuals who have not benefited from globalization. The lives of such individuals will be improved if the planet is healthier. Supporters of a green economy are not concerned about how new jobs are distributed across regions but instead, they are concerned about saving the global climate. Critics of a green economy argue that it is unrealistic and unachievable with current economic structures and institutions (Pike & Tomaney 2010, p. 3). This paper critically analyses the development potential of a green economy in localities and regions. The Potential to Develop a Green Economy for Localities and Regions Gibbs (2002, p. 93) explores some of the guiding principles that would help localities and regions to shift towards sustainability. A sustainable society values unpaid work and gives its memb ers access to work without causing harm to the local, national and global environment. A sustainable society also considers the environment in its provision of goods and services as well as other facilities such as sanitation and health care. Developing a green economy involves balancing between economic development and the environment. To achieve this balance, localities and regions must focus on conserving natural resources and control the flow of commodities. The local and regional governments should invest sufficient resources in improving the state of the environment (Gibbs 2002, p. 93) Gibbs (2002, p. 94) indicates that for regions and localities to develop green economies, they should apply some of the concepts of sustainable development including emphasizing on the environment, participation, futurity, and equity. Emphasizing on the environment involves considering the full and actual environmental costs