The World Bank has released a new report, titled “Inclusive Green Growth – The Pathway to Sustainable Development,” at the Global Green Growth Summit in Seoul in early May.
The report challenges governments to change their approach to growth policies, measuring not only what is being produced, but what is being used up and polluted in the process. It argues that sustained growth is necessary to achieve the urgent development needs of the world’s poor and that there is substantial scope for growing cleaner without growing slower. It also noted that green growth requires improved indicators to monitor economic performance.
The report focuses on 5 main points:
- Greening growth – it is suggested this is necessary, efficient, and affordable, and critical to achieving sustainable development
- Chief obstacles to greening growth, such as political barriers, entrenched behaviors and norms, and a lack of financing instruments
- Multi-disciplinary solutions to overcome constraints and ensure progress
- Green growth ‘variability’ – it is pointed out that strategies will vary across countries
- Green growth not being inherently inclusive – it is highlighted that green growth policies must be carefully designed to be inclusive, by maximizing benefits for, and minimizing costs to, the poor and most vulnerable to avoid irreversible negative impacts
At the Global Green Growth Summit, the Government of Korea announced a partnership with the World Bank Group and pledged $40 million to further promote green growth.
Links: World Bank News