Shifting to a Sustainable Economy Not only is it a serious threat to the planet and the people, but climate change is also alarming the global economy. We are already seeing the economic impacts of the changing climate. Agricultural sector, being the most vulnerable sector to climate risk, as well as many other sectors is also in danger. Adverse global environmental catastrophes such as cyclones, hurricanes, droughts, etc. devastate millions of people and their economic activities worldwide, dragging them to extreme poverty. The equilibrium between the population growth, which is expected to hit 10 billion by 2050, and the resilience of the economy to feed the demand of increasing population is likely to collapse if these economic threats continue surging. According to statistics from the World Bank, climate change could push 100 million more people into poverty by 2030.

At present, we are experiencing a worst ever global pandemic which created the downfall of the economies of most of the countries. The COVID 19 pandemic has had devastating consequences for lives and livelihoods around the world. In many countries, governments are now looking towards recovery as vaccination programs are rapidly progressing, with plans for economic stimulus worth trillions of dollars. Today, more than ever, it is of vital importance to inculcate green economic principles to the post Covid-19 economic recovery plans of every nation.

This year, the governments of several countries designed their economic recovery programs to be more inclusive and sustainable, with the “Net Zero Carbon'' campaign widely adopted as a slogan. However, in this endeavor, the support from both government and corporate sector stakeholders are crucial in promoting resource efficiency and the green economy.

The core elements of a green economy are low-carbon development, resource efficiency and social inclusion. To build a more resilient, beneficial growth model for people, we must accelerate structural transformation in key economic elements such as clean energy systems, smart urban management systems, sustainable land use, sustainable water management systems, etc.

It is not too late to turn around climate change and minimize its dreadful effects and it is our prime responsibility to repair the harm caused to nature over the past decades. Shifting to a sustainable economy is the key to implementing that drastic change for fast recovery.

Darshani Madumali

Assistant Manager - Memberships, Marketing & Media

Green Building Council of Sri Lanka