Green growth involves transforming production and consumption processes in order to maintain or restore the regulatory functions of the planet's natural capital. It requires that environmental factors be treated as an essential factor of production and not merely an externality. In practice, this transition depends on advances being made in four areas: widening the concept of efficiency; energy transitions; inclusion of the value of natural capital in economic life; and a revision of the scale of risks within the financial system whose innovations for allocating resources at low cost to green growth would be greatly facilitated by effective pricing of environmental pollution.
Green growth, or environmentally sustainable economic growth, is imperative in light of current environmental crises and resource depletion.
The concept of the green economy presented in three reports from leading global organizations is examined in this paper.
As “green public procurement” (GPP) is playing an increasingly important role in stimulating the demand for environmentally friendly products and services, there is a strongly emerging need to analyse which factors drive the inclusion of environmental criteria in public tenders.