Monday | 7 October 2024 | Reg No- 06
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Monday | 7 October 2024 | Epaper

Stop ecocide to gain green economy

Published : Sunday, 31 December, 2023 at 12:00 AM  Count : 753
Md Istiaq Hossain Mojumder
An economy that strives for sustainable growth without causing environmental degradation is known as a "green economy." It also tries to lower ecological risk and scarcity. The global economy is moving more and more toward industrial expansion, which is seriously harming environmental sustainability.

The number of natural disasters has recently grown due to the increasing use of farmed land and other resources, which is reversing the progress trend achieved in the last ten years. In June 2022, the World Bank published a report on Bangladeshs development. Creating a Green and Sustainable Growth Path for Bangladesh is the title. As per the survey, Bangladesh experiences an annual economic deficit of $6 billion as a result of environmental degradation. This sum represents 3.4% of Bangladeshs yearly GDP. The goal of Sustainable Development Goal (SDG) number 15, Life on Land, is to stop deforestation and preserve, restore, and sustainably manage terrestrial ecosystems.

Sustainable development is one facet of the profound change in the conception of development. The sustainability and environmental effects of development are important to the concepts inception and progression. When present generations contributions to development don exceed the capacity of future generations to meet their requirements, that development is considered sustainable.
 
People are the most significant P of the five Ps of SDG since all growth is centered around human prosperity. It focuses on gender parity and addresses the issue of reducing poverty worldwide, particularly in the worlds least developed and developing nations. The 2030 plan aims to leave no one behind, as expressed in the United Nations proverb. Of the 6.1 billion people living in 110 countries, 1.1 billion are considered impoverished, according to MPI 2023.

Many urban residents are living below the poverty line as a result of employment losses following the pandemic. In addition to encouraging sustainable environmental progress, a green economy offers a range of employment options. According to the International Labour Organization (ILO), the global employment potential from moving toward a green economy might reach 24 million. Equal income distribution can lower the poverty line, and green finance can open up new job prospects.

People are now moving toward shorter, less stressful work since everyone is concerned about global warming. According to ILO predictions, heat stress will cause 72 million full-time jobs to disappear by 2030, and rising temperatures will result in fewer hours of labor being available, especially in agriculture. The fairness concept, which promotes the full participation of both men and women, is one of the fundamental tenets of the green economy. Fairness is in terms of decision-making, costs, and benefits. It adheres to attaining sustainable development goals and forbids discrimination against women in any form.

Planet is the second of the SDGs five Ps, and it stands for preserving the environment and our natural resources for coming generations. The requirement for developers to adhere to environmental conservation measures is also addressed by the green economy. The green economy talks about development while protecting the environment, just as sustainable development stresses environmental protection together with development to protect future generations rights.

Though environmentally benign, that is development. The environment serves as a gauge of economic output and growth, value, harmony, and long-term success in a "green economy," which supports expansion while reducing environmental dangers. In other words, progress without endangering Mother Earth

Prosperity is the next topic. According to the UN, prosperity is defined as attaining economic expansion while protecting the environment. Green growth is the definition of a green economy. Green growth advocates using more renewable energy and less nonrenewable energy to achieve economic growth while protecting the environment. Since the Industrial Revolution in the 18th century, the world has experienced the emission of millions of carbon dioxide and then gas into the atmosphere, which has led to the depletion of the earths ozone layer.

The use of renewable energy sources, such as solar photovoltaic systems, wind turbines, waste and biomass, and concentrated solar power plants, can greatly improve the sustainable development of the built environment, according to recent studies, given the negative environmental effects of fossil fuel-based production.
 
The fourth Sustainable Development Goal (SDG) is peace, which encourages harmonious and peaceful interactions between members of society, including students, animals, and other natural components. By running campaigns, holding conferences, holding peace talks, and other activities to eradicate conflict and violence from the world, the green economy guarantees peace. Bangladesh is home to the largest mangrove forest, the Sundarbans, which is in danger of submerging under the sea. For environmental economists, the rising water level in the Bay of Bengal has become a major worry.
 
Not to be neglected P is a collaboration. It is necessary to address the relationship between developed and least developed nations to mobilize and promote sustainable economic growth. Programs for foreign direct investment or public-private partnerships can improve the process even within national borders.

By creating an inclusive economic strategy and changing the current policies, a green economy can aid in the abolition of unfair competition and hostile economic regulations. The largest global movement for a fair and ecological economy is called the Ecological Economy Coalition. It holds several seminars and concentrates on research and development to create new trade and investment policies that assist the poorest in achieving economic growth through coalitions and partnerships.
 
The writer is a student, Department of Finance, University of Chittagong



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