Green Economy 

   Scarcity is the core question for this economics study. Humanity’s wants are unlimited and seem impossible to satisfy. However, global resources are limited and precious in terms of economic growth. In order to reach economic prosperity and high economic level, countries have to pay more and more resources in exchange for a little step of economic growth as time goes on. Therefore, many countries’ economic growth is restricted by the natural resources they own. Also, according to investigation, some countries are considered as emerging economic countries. For example, China and India, but their environmental conditions are relatively worse than many other developed countries. The essay is going to introduce an economic concept, Green Economy, and how it benefits economic growth.

   During the age of the steam engine, oil was being used in many different areas such as steel industries, railway industries and car industries. Petroleum is one of the most important resources for economic growth since that time. It also benefits many countries in the Middle East such as Arabia, Iraq and the Islamic Republic of Iran because they have a copious amount of oil reserves. In 1960, 11 Middle East countries established the Organization of the Petroleum Exporting Countries in order to control the price of oil. However, the reserve of petroleum decreased exponentially as time had gone by. It influenced the global economy in various ways, many countries started to develop and search for renewable resources while other countries fought for oil. And due to global warming, ice is melting in the arctic area. Some economists believe that it will be the last area with many undeveloped natural resources, such as oil. In other words, it means the countries that own more land in that area are going to be the next powerful countries because they have more resources that can be allocated into a developing economy.           

   However, what is the world going to do if the last available resources are drained. Every country seems to recognize this serious global problem so the concept of the Green Economy was introduced and pursued. Green Economy is defined as an economy or economic development model based on sustainable development and a knowledge of ecological economics[1]. Based on the concept, more and more countries are engaged in developing renewable resources such as tidal energy, solar energy and wind energy. Also according to economists’ investigations, developed countries have relatively good environmental conditions while developing countries’ environmental conditions will be improved once the economic growth increases. But the reality is that environment pollutions are increasing rapidly, and there is no time to wait till every country has become well developed. The facts are revealed by The United Nations Climate Conference.

   Therefore, green projects are gradually becoming a priority of each government. Canada, being one of the most developed countries also strive for improving environmental conditions by investing in new energy efficiency initiatives. The report said: the Government of Canada is investing $78 million over the next two years to create jobs in the energy sector and save Canadian homeowners money while improving energy efficiency. It also announced that The Next Phase of Canada’s Economic Action Plan promotes job creation through investments in energy efficiency and clean energy technology. The ecoENERGY Efficiency initiatives will help improve energy efficiency, reduce greenhouse gas emissions, improve air quality and save money for Canadians and Canadian businesses. These initiatives are expected to reduce greenhouse gas emissions by approximately four megatonnes, which is the equivalent of removing over one million cars from the road[2].

   Saving resources is a global trend, not only is Canada participating, there are also many developing nations joining in. For example, China, is a country important economic role in the world by building many green projects. Three Gorges Dam is one of the green programs in China. It is one of the biggest hydroelectric stations in the world. It has been shown that in the first half of 2011, the Three Gorges Dam produced 39 billion kilowatt of electricity. The annual electricity supply has increased steadily since it was established in2006. The Three Gorges Dam not only saved households’ money, it also helped to maintain the ecosystem around the Yang Zi River and reduce the possibilities of flooding[3].

  Overall, green projects benefit the world in many different ways: it can stimulate economic growth without any negative effect toward society. It can save money, create more job opportunities and protect environment for society. Under the limitation of natural resources, Green Economy and Green Projects effectively bring people the resolution. Now, there are more and more countries striving for developing green projects. All the efforts aim to reach the same goal, Economic Growth with no harm for society and the world we live in.