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Green economics is loosely defined as any theory of economics by which an economy is considered to be component of the ecosystem in which it resides (after Lynn Margulis). A holistic approach to the subject is typical, such that economic ideas are commingled with any number of other subjects, depending on the particular theorist.
It has been suggested that because of the rural poverty and overexploitation, environmental resources should be treated as important economic assets, called natural capital. [51] Economic development has traditionally required a growth in the gross domestic product. This model of unlimited personal and GDP growth may be over.
As the world is slowly transitioning to sustainability, it is important for our company leaders to prioritize and have a sense of urgency. [ 51 ] Companies should adopt a sound measurement and management system to collect data on their sustainability impacts and dependencies, [ 52 ] as well as a regular forum for all stakeholders to discuss ...
The economic value of natural capital and ecosystem services is accepted by mainstream environmental economics, but is emphasized as especially important in ecological economics. Ecological economists may begin by estimating how to maintain a stable environment before assessing the cost in dollar terms.
This is why the environmental dimension is so important. [4] The World Economic Forum illustrated this in 2020. It found that $44 trillion of economic value generation depends on nature. This value, more than half of the world's GDP, is thus vulnerable to nature loss.
Ecologically sustainable development is the environmental component of sustainable development.It can be achieved partially through the use of the precautionary principle; if there are threats of serious or irreversible environmental damage, lack of full scientific certainty should not be used as a reason for postponing measures to prevent environmental degradation.
Environment friendly processes, or environmental-friendly processes (also referred to as eco-friendly, nature-friendly, and green), are sustainability and marketing terms referring to goods and services, laws, guidelines and policies that claim reduced, minimal, or no harm upon ecosystems or the environment. [1]
Ecological footprint analysis is widely used around the world in support of sustainability assessments. [9] It enables people to measure and manage the use of resources throughout the economy and explore the sustainability of individual lifestyles, goods and services, organizations, industry sectors, neighborhoods, cities, regions, and nations. [1]