The green economy has become a means and the foundation for long-term sustainable development. Whether in advanced economies or developing countries, governments, the private and civil societies are banking on green economy standards to improve the quality of life for all.
The UN Environment Programme defines green economy as low carbon, resource efficient and socially inclusive. The green economy is a mechanism to bring in sustainable development. However, it is not a substitute for it.
The green economy facilitates the achievement of integration among sustainable development in four dimensions: environmental, social, economic, technical or administrative.
It is based on eco-friendly use of resources as part of a nation’s socioeconomic strategy. The eco-friendly use of natural resources has been a long-term strategy for many countries since the 1992 Rio Earth Summit, which called for an integrated environmental and economic accounting.
Certainly, it is imperative to adapt the goals of green economy to national priorities and conditions. To this end, it is a must to apply a joint accountability principle among the concerned parties for a smooth, voluntary transition towards green economy.
The world is racing against time to comply with low-carbon use of resources for the infinite welfare of mankind. However, the green economy should not be used as a means to impose trade restrictions or terms on economic aid debt relief.
In fact, it should address trade distortions among world countries and tackle environmentally-harmful subsidies.
President Abdel Fattah El Sisi has laid the foundation for green economy since he came to office in 2014. The Egyptian government has been committed to a long-term plan for low-carbon transition, adopting a clear-cut integrated environmental and economic accounting.
Egypt has taken the lead in Africa and the Middle East, rolling over green economy standards to lure foreign direct investment (FDI). The President’s vision is well-established on standards of modern economics, which are based on safe use of resources, human health maintaining natural and social capital.
More engagement of the private sector in the nation’s economic activities should be well based on clean energy and low-carbon emissions. The state is betting on a bigger role of the private sector in the second phase of economic reforms, which are aimed at addressing the economy’s structure.
Finally, we should deem green growth as a long-term means – not an ultimate target – to safeguard the nation’s natural and social capital.
