5 Principles of a Green Economy | Testbook.com (2024)

The green economy, a term that is gaining traction in both political and economic discussions, is primarily based on five key principles. These principles are designed to ensure that economic prosperity does not come at the expense of our planet's health and wellbeing.

1. Principle of Wellbeing:This principle emphasizes that a green economy should not only generate wealth, but also enhance the quality of life for all its citizens. It advocates for a system where prosperity is universally accessible and sustainable.

2. Principle of Justice:A green economy is one that promotes fairness both within the current generation and between future generations. It ensures that the benefits of economic activities are equitably distributed, and not at the expense of future generations.

3. Planetary Boundaries Principle:This principle recognizes that our planet has certain biophysical limits. A green economy should work within these limits, respecting and preserving the natural resources and ecosystems that sustain life.

4. Principle of Efficiency and Sufficiency:A green economy values not just efficient use of resources, but also sufficient use. It promotes sustainable consumption and production patterns that minimize waste and maximize resource use.

5. Principle of Good Governance:This principle underscores the importance of strong, accountable institutions in steering the green economy. It calls for integrated and resilient governance structures that can effectively manage the transition to a green economy.

For further reading on related topics, consider the following resources:

• UPSC Environment and Ecology Questions
• Understanding Green GDP
• Comprehensive Notes on Environment and Ecology