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Green growth is good growth

  • Published at 06:47 pm September 25th, 2013
Green growth is good growth

Green growth is growth that fosters economic growth and development while ensuring that environmental resources are not harmed. According to the World Bank Group, green growth is efficient in its use of natural resources, clean in that it minimises pollution and environmental impact, and resilient in that it accounts for natural hazard.

It focuses on the synergies and trade-offs between the environmental and economic pillars of accelerating economic growth. Bearing concern for developed and developing countries is the extent of the trade-off between environmental policy and international competitiveness, at both the national and firm level.

That growth approach will focus on the relationship between green policy and competitiveness, investigating the impact of green growth policies on the patterns and volume of trade, as well as on national and firm competitiveness, the legitimacy of the pollution havens hypothesis in developing countries, the risk of trade disputes arising from green policies, and methods for realising the comparative advantage provided by natural capital endowments while avoiding reliance and excessive exploitation.

Green growth involves avoiding the convention of “grow first, clean up later.” Rather, it attempts to catalyse investment and innovation in ways that give rise to more sustainable growth.

The approach is a globally recognised one for sustainable economic growth that has been developed in South Asian countries, Bangladesh included. Its growth system generates green jobs, enhances economic vitality, and protects the environment.

A group of themes are vital in the work on green growth, for example, greenhouse gas emissions, natural resources including biodiversity, quality of life including access to clean drinking water, and related policies concerning cost-effective management of natural resources.

Some increase in carbon dioxide emission has been observed with per capita emissions of 0.3 metric tonnes in 2007 and projections suggest a rise to 0.38 by 2015.

Green energy would bolster the economy, generate green jobs, reduce carbon emissions and reduce long-term energy costs. Additionally, Bangladesh currently produces about 75megawatts of electricity from green energy sources. But, it is so little to meet our huge demand.

Recently, the Danish government gave its support to a one-year Climate Change Adaptation and Mitigation Project (CCAMP) in the coastal areas of Bangladesh. The project will run from July 2014, with a budget of about Tk69m.

It said Denmark’s opportunities to make a difference in Bangladesh were significant by supporting renewable energy as well as the green energy sector and energy efficiency through the implementation of CCAMP.

As things stand now, we would do well to follow these recommendations on green growth for Bangladesh: Prepare plan of action on green growth development for Bangladesh, continue implementing projects for “greening” national economic activities, expand and review existing renewable energy policy and green banking policy for fostering green development of Bangladesh, adjust to the United Nations green initiatives for sustainable development especially, “Green economy and green energy” for all, introduce international, regional and national level projects and financial support services for fostering green economic development for Bangladesh.

Lastly, people want growth, they want growth that is fair, clean and they want a green economy, not more hazards for mother Earth.