- Friday | 23 Aug, 2013
- Rabia Manzoor, Shakeel Ahmed Ramay
- Working Papers
Green growth can be defined as fostering economic growth and development while ensuring that the natural assets available to an economy continue to provide resources and environmental services on which the intergenerational well-being of humankind relies in a sustainable manner (OECD, 2011). According to United Nations Economic Social Commission for Asia and Pacific (UNESCAP) “Green growth advocates growth in GDP that maintains or restore environment quality and ecological integrity while meeting the public needs with the lowest possible environment impact. It is a strategy that seeks to maximize economic output while minimizing the ecological burdens”. It is a growth that is efficient in its use of natural resources and minimizes the pollution and environmental impacts (World Bank, 2012; OECD Ministerial Council meeting 2011a;Toman, 2012). Green innovative technologies are one of the main strategies to achieve green growth (World Bank, 2012).Technological innovation, which focuses on increasing efficiency and reducing waste is crucial to increase productivity and reduce its impact on environment. Therefore, exponential green growth is next to impossible without technological innovation. The development of green technologies through appropriate innovation policies (BIAC, 2010; OECD 2011b) is one of the main strategies. It is important to ensure the low-carbon green technologies is an important source to promote the green growth (BIAC, 2010; Stewart, 2011; Popp, 2011), and only these technologies can reduce the cost of environmental risks (Popp, 2012). These green technologies are used in the application of environmental science to conserve the natural environment and various resources as well as to reduce the negative impact of human activities (Kuan-Yeow Show, 2010; UNEP, 2010; Rajvanshi, 2012).