Green growth and sustainable development
Sustainable development provides an important context for green growth. Green growth has not been conceived as a replacement for sustainable development, but rather should be considered as a means to achieve it (OECD, 2011b). It is narrower in scope, entailing an operational policy agenda that can help achieve concrete, measurable progress at the interface of the economy and the environment. It provides a strong focus on fostering the necessary conditions for innovation, investment and competition that can give rise to new sources of economic growth, consistent with resilient ecosystems.
Green growth strategies need to pay specific attention to many of the social issues and equity concerns that can arise as a direct result of greening the economy – both at the national and international level. To achieve this they should be implemented in parallel with initiatives centring on the broader social pillar of sustainable development.
The goal for many developing economies is to achieve diversified and sustainable growth over time, which leads to poverty reduction, increased well-being and major improvements in the quality of life of its citizens. This is achieved by taking into account the full value of natural capital and recognising its essential role in economic growth. A green growth model promotes a cost-effective and resource efficient way of guiding sustainable production and consumption choices. Put simply, green growth will help developing countries to achieve sustainable development.