The UNEP-led Green Economy Initiative was launched in late 2008. UNEP defines Green Economy as “one that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities”. In other words, a economy with ” low carbon, resource efficient and socially inclusive” (UNEP,2008). Green economy is one where public and private investments will drive the growth in employment and income. These investments involve reducing the pollution and emissions of carbon, enhancing energy and resource efficiency and lastly preventing the loss of ecosystem services and biodiversity. These investments can be supported by public and private financing, reformations of policies and or changes in the regulations. It is a model based on knowledge of ecosystems and sustainable development. Green economy should lead to the development path by maintaining, enhancing and, where necessary, rebuilding natural capital as a critical economic asset and source of public benefits, particularly for those poverty people whose livelihoods and security depend strongly on nature .

Aims and Objectives

The aim of the Green Economy Programme is to provide analysis and policy support for green and greening environmental unfriendly sectors projects.

The Green Economy Initiative within the UNEP includes 3 sets of activities:

Generate a Green Economy Report and relevant research materials, which will aid in analyzing the macroeconomic, sustainability, and poverty reduction implications of green investment and providing advises on policies that can stimulate increased investment in a range of sectors from renewable energy to sustainable agriculture

Provide advisory services for some countries on ways for transiting to a greener economy

Implement the Green Economy Initiative by engaging a wide range of research, private organizations, business and UN partners

How it works

UNEP currently is engaging with over 20 countries in helping them to transit into a green economy by undertaking assessments of macroeconomic in either their national economies or specific economic sectors. These include fostering multistakeholder dialogue; identifying areas for capacity building and training; creating indicators for measurement frameworks; supporting Centres of Excellence; and, mainstreaming green economy into national development strategies.

For example, Korea was one of the beneficiaries, the Waste management in Korea. The “Extended Producer Responsibility” (EPR) system was launched in 2003 in Korea. The requirement of recycling a certain amount of manufacturers and importers’ product benefited Korea financially and also environmentally. In 2008, 6.0667 millions of recycled waste is estimated to yield over US $1.6 billion during the 5 years. Moreover, the ERP system generated 3200 jobs from 2003 to 2006. Similarly, the environmental benefits are also impressive. The emissions of Carbon dioxide have been reduced by an average of 412,000 tons annually through recycling instead of incinerating or land filling. An estimation of approximately 23,532 tons of greenhouse gas emissions from incineration or plastic landfill was avoided.