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How Green Growth and Tech Can Encourage Eco-Friendly Profit

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green growth
Shutterstock Licensed Photo - By Sergey Nivens

The terms green growth and green economy are often used interchangeably by charitable organizations and national governments in order to promote a new model of sustainable development. The concept of green growth focuses mainly on the fact that this type of growth considers the environmental impact of economic growth as well as economic profit. Green growth tries to protect the environment, but at the same time, it tries to line the pockets of shareholders and CEOs.

So, what are the aims of green growth, and how can technology encourage profit that is also environmentally friendly?

Green growth aims to reduce pollution

For many, green growth is an alternative to transform the growth patterns achieved at the expense of natural resources of recent decades, since it is a growth that is efficient in its use of these resources and a clean growth that minimizes pollution and environmental impacts. It is also a resilient growth, which takes into account natural risks and the role of environmental management and natural phenomena in the prevention of the negative effects. Reducing pollution is one of the main aims of green growth.

The role of technological change in green growth

New and emerging technologies that focus on the sustainable development and that pay attention to the social issues of poverty, reducing the environmental impact of business practices and, above all, the interests of equity and human development have to have a role in green growth. For example, finding a sustainable alternative to fossil fuels in order to power factories and the activities of multinational will involve technological innovation.

How will technology aid sustainability and grow profit

Technological change will allow us to change business practices, created new more eco-friendly ways of making a profit. This it is vitally important that we create new green technologies , particularly ones that reduce the emissions causes by businesses. Technological change is also capable of expanding the spread of green innovations that have been concentrated in only a few rich countries — those located primarily in the western world.

One of the best examples of technological change associated with green growth is the development of industrial pipeline technology that allows hazardous material to be eliminated from the environment. Thus the global risk of diseases like cancer can be reduced, and other threats to the environment, such as rises in sea levels can be brought under control.

Other technological changes related to the development of solar technology and wind technology to provide electric power are also incredibly important if the economy is to continue to grow. If applied on a global scale, it will directly reduce greenhouse gas emissions that directly slow the damage to the ozone layer.

Green growth cannot be achieved without changes to business practice and technological developments, and these have to be global, rather than concentrated in the western world. This is because 75% of CO2 pollution comes from developing countries. This is why green growth is so exciting. It is a win-win situation — economies can grow without destroying the environment, which is, after all, our most important resource.

If countries throughout the world can unite on a plan to combine technology into green growth, then a true global green economy can emerge – a profitable one at that, leaving the Earth a cleaner, healthier place for generations to come.

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