World - Red Flags on the Blue Economy

We often hear that sustainable development stands on three legs of social equity, economic viability and environmental protection.

The intersection of these three leads to sustainability. The challenge is that these three are rarely given equal consideration when actions are being taken. A careful consideration of the impacts of alterations or transformations in the environment leads to less degradation and ensures less destruction of habitats. Economic measures aimed at profit accumulation will ride on the exploitation of nature and labour to the detriment of the environment. Measures taken will dress business as usual in the garbs of technological advancement and innovative ideas. Where social inclusion in decision making and implementation is not a cardinal consideration, unethical and immoral decisions may be the outcome. Such decisions may cause divisions in society, entrench inequalities and promote racism and xenophobia. These are issues we have to keep at the back of our minds as we continue.

The world has been engulfed in crises arising from turmoil in the social, economic and environmental spheres. The climate crisis is one of the most challenging problems of our age. Analysts agree that the crisis is a result of a deeply flawed economic model that sees nature as an inexhaustible source of materials including the non-renewable ones like coal, oil and gas. This mindset has led to massive deforestation, and monoculture agriculture leading to nutritional deficiencies. It has generally encouraged over consumption, wastage and the driving of species to extinction. It goes without saying that of the three legs of sustainability, it is the economic one that takes precedent, creates the problems and is at the same time presented as the solution. Some of the economic bandages applied to the multiple crises engulfing the world include the Green Economy and the Blue Economy. If we are not careful the Green New Deal may end up being another of these.

The United Nations Environment Programme (UNEP) proposed a response in the form of a Global Green New Deal (GGND) aimed at using the multiple-crises as an opportunity for transformation through placing green investment at the core of stimulus packages, including green investment in regular government budgets and creating public-private green investment funding mechanisms. It also proposed the provision of domestic enabling conditions (fiscal/pricing policy, standards, education and training and global enabling conditions covering trade, intellectual; property rights, overseas development aid, technology transfer and environmental agreements.

Read more.