The term green economy was first coined in a pioneering 1989 report for the Government of the United Kingdom by a group of leading environmental economists, entitled Blueprint for a Green Economy (Pearce, Markandya and Barbier, 1989).
The term ‘green economy’ was revived in 2008 in response to global crises.
While there are many ways to define a green economy, it can broadly be defined as “a resilient economy that provides a better quality of life for all within the ecological limits of the planet.” A green economy is a low carbon, resource efficient and socially inclusive economy. In a green economy, growth in employment and income are driven by public and private investment into such economic activities, infrastructure and assets that allow reduced carbon emissions and pollution, enhanced energy and resource efficiency, and prevention of the loss of biodiversity and ecosystem services.
The United Nations Environment Programme (UNEP) has defined the green economy as "one that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities. It is low carbon, resource efficient, and socially inclusive.”
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