An Investigation into the Enablers and Barriers of Green Economy Management
Abstract
The term ‘green economy’ was first coined by a group of leading
environmental economists in UK in 1989 in a report entitled ‘Blueprint for
a Green Economy’. The green economy is one in which value and growth is
maximized across the whole economy, while natural assets are managed
sustainably. Sustainable system is based on “triple bottom line” thinkingenvironment,
economic and social or in other words planet, profit and
people respectively, being called “the three Ps”. Green economy is an
important tool for sustainable development; one that is inclusive and can
drive economic growth, employment and poverty eradication, whilst
maintaining the healthy functioning of the Earth’s ecosystems.
Although green economy is most natural and being practiced since the
inception of agricultural society, however, with the progress of civilization,
as it is being preached more and more, it is becoming a distant reality.
The objective of this article is to study the status of green economy in
great detail, with the success and failure story of the green economy
across the globe and investigate the enablers (political pressure,
international law, global policy and framework, reverse technology
transfer, reverse innovation, inclusive innovation, humanitarian innovation
etc.) and barriers (lack of foresight, lack of vision and knowledge, lack of
involvement and commitment, business risk etc.) of green economy.
The research methodology used in this study is a combination of literature
review, case studies and key informant interviews. The literature review
includes both published as well as unpublished sources of literature. Case
studies have been mainly taken from Wind industry which by nature is
‘green’. In case of key informant interviews, informal telephonic
discussions have been carried out with the key executives of the
organizations (industry, university, research institutions and government
officials) who are actively engaged and taking lead role in the development
of green economy.
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