The United Nations Environment Program (UNEP) and renown economists have launched the Green Economy Initiative with close to $4 million in funds contributed by the European Commission, Germany, and Norway. The plan was formed after the G8+5 group of nations requested action two years ago.
The foundation lies on three foundations: valuing and mainstreaming nature’s services into national and international accounts; employment generation through green jobs; and laying out the policies.
The Green Economy Initiative is based on the existing information provided by UNEP that draws from the impacts of the price increase in fuel and other subsidies. The deal will constitute five priority sectors:
-Clean energy and technology which includes recycling
-Rural energy, including renewable and sustainable biomass
-Sustainable agriculture
-Ecosystem Infrastructure
-Reduced Emissions from deforestation and forest degradation
UN Under-Secretary General and UNEP Executive Director Achim Steiner said, “The financial, fuel, and food crises of 2008 are in part a result of speculation and a failure of governments to intelligently manage and focus markets.”
Pavan Sukdhev, a senior banker from Deutsche Bank, commented: “Investments will soon be pouring back into the economy – the question is whether they go into the old, extractive, short-term economy of yesterday or a new green economy that will deal with multiple challenges while generating multiple economic opportunities for the poor and well-off alike.”