UN: Green economics will tackle financial turmoil

A new report from the UN has said that a commitment to environmental sustainability must be placed at the heart of any plan to recover the world’s economies after the financial crisis.

The green ‘New Deal’ proposed by the UN said economies in both the developing and industrial world must be weaned off their dependency on oil and encouraged to invest in clean and sustainable energy sources.

The ‘Green Economy Initiative’ published by the UN Environment Programme (UNEP) says economics must take an ethical stand on natural resources such as oceans and rainforests.

Traditional economics understands that the earth’s resources are scarce, but does not put any ethical safeguards in place to prevent resources being exploited beyond what is environmentally sustainable.

A green economic system, according to the UNEP, would move beyond boom and bust cycles and stripping the earth’s resources, towards nurturing and re-investing in resources.

The report also warned that governments around the world are using the financial crisis to turn their backs on promises to protect the environment.

Despite its gloomy warnings, the report ultimately wants to frame climate change and the financial crisis as an opportunity for businesses.

Business opportunities include clean-technology ventures, sustainable agriculture, conservation, and eco-system management.