Environmental Sustainability And Economic Growth Essay

Introduction Green Growth (GG) melds needed environmental sustainability and economic growth through natural harmony. This report examines GG compared to traditional growth, measurement strategies, capital and engineering requirements, tools for economic analysis, and critique of monetizing natural capital. Green Growth Definitions Traditional economics assumes free natural resources except extraction and processing costs, overusing them without regard for natural capital [1]. Conventional growth reflects this, promoting economic growth excluding environmental considerations without accounting for planetary impacts [3].GG instead promotes economic growth while managing environmental resources responsibly [4][5]. It acknowledges â€Å"water, land, air, ecosystems and [their] services† have value, accounting for them in economic and environmental costs relating to natural and financial capital that conventional growth ignores [60][6]. A GG example is green energy installations like solar panels [62]. Analyses shows oil-based energy seems cheap looking at extraction, delivery, and processing costs, but GG analysis including natural capital shows deficits [7]. Consequently, countries like Germany have adopted green energy [62]. Sustainable development promotes similar principles to GG, but differs in scope. It allows humans to meet present and future needs by balancing the pillars of sustainable development; economy, society, and the environment [8]. 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