Green Economy, Meaning, Sectors, Policies (2024)

A green economy signifies an economic plan meant to reduce environmental risks and natural dangers. At its foundation, it supports healthy growth while protecting the earth from degradation.

Its essential function lies in promoting a form of economic growth that is both low-carbon and sustainable, ensuring the continued support of our well-being through the responsible usage of natural resources and environmental services.

While based on natural values, the actual effects of the green economy are particularly affected by political factors. The attention to the green economy has increased due to the harmful environmental effects coming from the prevailing methods of numerous global economies.

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Green Economy Meaning

“Green economy” is a branch of economics that seeks to create policies that promote harmonious coexistence between humans and the environment. It covers a wide range of issues, such as how to engage with the environment and how to produce things.

Sectors of Green Economy

The following are the main sectors of the green economy, let’s discuss them and how changes in them contribute to or affect the green economy:

Agriculture:

Agriculture is the growing of crops for intake and serves as the most substantial area in our economy. However, it brings the risk of environmental harm through excessive land use, destruction, and pollution of air, water, and land via the use of harmful chemical fertilizers and pesticides.

Energy Resources:

Energy consumption, an important part of our daily activities, is constantly rising. Traditional energy sources like oil, coal, and gas pose risks to both health and the environment, being limited and non-renewable.

Construction:

Construction activities affect world resources and environment, with the mining of sand and stones causing harm to river beds, leading to issues like floods and flooding. Poorly built buildings add to air pollution, necessitating higher energy use for air cooling and lights, along with water waste.

Fishing:

In the fisheries sector, overfishing puts at risk future fish sources, leading to the loss of certain species like sharks and turtles. This imbalance in the environment puts extra pressure on farms, changing food chains and possibly causing the loss of income for fishermen.

Forests and Wildlife:

Forests play an important role in keeping rains and protecting land resources. Deforestation, however, results in climate change, land runoff, wildlife loss, disturbed food chains, and decreased oxygen production, adding to increased pollutants. Many indigenous tribes depend on woods for life, making their protection important.

Water Management:

Water stands as a key resource, with billions of people globally having difficulties in getting clean drinking water and better cleaning services. The seriousness of this problem is worsened by population growth.

Industries:

While industries add to jobs and economic growth, they also have harmful environmental effects. It is essential for industries to adopt methods that avoid and reduce waste while accepting clean energy sources.

Policies for Green Economy by the Indian Government

The government has taken important steps to comply with sustainable growth and the ‘green economy’ strategy, including:

National Action Plan on Climate Change (NAPCC):

NAPCC is a thorough plan combining various missions aimed at achieving sustainable growth. Each mission within it has defined goals, dates, and assigned funds. The eight missions cover different natural aspects:

• National Mission on Strategic Knowledge on Climate Change
• National Mission on Sustainable Agriculture
• National Mission for a Greener India
• National Solar Mission
• National Mission for Sustaining Himalayan Ecosystem
• National Mission for Enhanced Energy Efficiency
• National Mission on Sustainable Habitats
• National Water Mission

Green India Mission (GIM):

GIM, part of India’s climate change action plan, focuses on preserving, renewing, and growing forest areas. It combines plans for ecosystems, wildlife, water, energy, and the protection of forests, marshes, and vital areas. It also promotes services such as fuel, food, lumber, and different non-wood forest goods.

Jawaharlal Nehru National Solar Mission:

The mission tries to meet India’s energy needs sustainably, aiming to position the country as a global leader in solar energy. Beyond energy and natural protection, it stands for local energy production and sharing.

Swachh Bharat Mission (SBM) or Clean India Mission:

SBM is committed to improving cleaning in Indian cities, towns, and villages. The main objective is to achieve an Open-Defecation Free India by building toilets nationwide by October 2, 2019, marking the 150th anniversary of Mahatma Gandhi’s birth.

Establishment of the National Green Tribunal (NGT):

NGT acts as a quasi-judicial body handling issues connected to environmental protection, forest conservation, and natural resource preservation.

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Government’s Role in Green Economy

• The government formulates policies and gives funds to perform plans and policies in support of the green economy.
• It enacts legislations, such as ‘The Environment (Protection) Act, 1986,’ to protect the environment and take legal action against violators.
• The establishment of missions, such as the Green India Mission and National Solar Mission, shows the government’s commitment to green economy efforts.
• Collaboration with researchers and public education initiatives are made to support environmentally sound practices, including waste control and chemical-free farms.

Private Agencies’ Contribution to the Green Economy

• Private agencies play a vital part by sticking to government laws and policies relating to the green economy.
• They ensure compliance with government policies by actively joining in government missions.
• Reporting cases of legal violations is a responsibility shouldered by private agencies to keep the purity of green efforts.
• Private agencies add to public education and awareness efforts, encouraging learning and participation in green economy activities.
• Providing information to the government and helping in the application of green policies shows the joint effort between business agencies and the government for sustainable practices.