Sustainable Development through Green Growth and Technological Innovation
Rather than degrowth, the mainstream view advocates for sustainable development through 'green growth.' This approach focuses on decoupling economic growth from environmental degradation by increasing resource efficiency, investing in renewable energy, and promoting technological innovation. Green growth aims to achieve economic progress while simultaneously reducing carbon emissions and minimizing environmental impact. Policies such as carbon pricing, investments in clean energy technologies, and regulations promoting sustainable practices are considered essential tools for achieving green growth. The OECD, for instance, actively promotes green growth strategies among its member countries (OECD, 2011). Proponents argue that technological innovation can provide solutions to environmental challenges without necessitating a contraction of the economy. Examples include advancements in renewable energy technologies, carbon capture and storage, and sustainable agriculture.
Conclusion
The mainstream view is that degrowth is an impractical and undesirable strategy for addressing environmental challenges and promoting societal well-being. Instead, mainstream economics supports sustainable development achieved through continued economic growth, technological innovation, and policies that promote resource efficiency and environmental protection. While acknowledging the need to address environmental concerns, the mainstream perspective emphasizes that reducing economic output is not the solution; instead, a transition to a greener, more sustainable growth model is required.
References
- Dollar, D., & Kraay, A. (2002). Growth is good for the poor. Journal of Economic Growth, 7(3), 195-225.
- OECD. (2011). Towards Green Growth. OECD Publishing.
- World Bank. (2023). Poverty and Shared Prosperity Report 2022: Correcting Course. World Bank, Washington, DC.