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Permanent Secretariat Extra-Regional Relations 12 UNEP stresses that the concept of “green economy” does not replace that of “sustainable development”, but there is growing recognition that achieving sustainability almost mandatorily requires having an adequate and proper economy. Sustainability remains a crucial long-term objective and greening the economy is necessary in order to achieve it. The green economy is not intended to replace sustainable development. It is rather a way to achieve such development at the national, regional and global levels, in line with the implementation of the Agenda 21,12 and even enhancing it. For decades, the creation of wealth has followed a “brown economy” pattern, which did not address substantial problems such as social exclusion or depletion of resources. This places us still very far from achieving the Millennium Development Goals by the year 2015. The green economy is therefore the best mechanism for achieving the ultimate goal of sustainable development, while taking due account of social inclusion, poverty eradication and long-term sustainability of natural capital. Investments for a green economy UNEP added that in a green economy, rising income and job creation must be derived from public and private investments aimed at: i) reducing carbon emissions and pollution; ii) promoting energy efficiency and the consistent use of resources, and iii) preventing the loss of biodiversity and ecosystem services. Such investments must be catalyzed and supported by targeted public expenditure, political reforms and regulatory changes. The path towards development should maintain, enhance and, whenever necessary, rebuild the natural capital as a fundamental economic asset and as a source of public benefits, particularly for disadvantaged people, whose livelihood and security depend on nature. Most of the investments needed for the transformation towards a green economy are expected to come from the private sector, which has greater financial resources than the public sector to perform such reconversion. However, in developing countries, much of the necessary funds for large-scale green investment in the initial stages of the transition must come from new and innovative funding mechanisms. In this regard, the Climate Change Green Fund and the emerging financing mechanisms of the REDD+13 Partnership offer favourable funding prospects to achieve the scale needed for an effective transition towards a green economy. In cases in which national budgetary conditions are limited, multilateral development banks are in an ideal position to provide financial assistance and allow these countries to participate in the path towards green growth. 12 Agenda 21 is a comprehensive action plan that will be adopted universally, nationally and locally by organizations of the United Nations System, Governments and Major Groups in every area where humans have an influence on the environment. The Agenda 21, the Rio Declaration on Environment and Development and the Declaration of Principles for Sustainable Forest Management were signed by more than 178 countries at the United Nations Conference on Environment and Development (UNCED) held in Rio de Janeiro, Brazil, from 3 to 14 June 1992. The UN Agenda 21 deals with the most serious problems at present, namely: sustainable development, social inequality, health, environmental degradation and human development, to mention a few. Agenda 21 includes 4 sections: 1) Social and economic dimensions, 2) Conservation and management of development resources, 3) Strengthening the role of major groups, and 4) Means of implementation. http://www.un.org/spanish/esa/sustdev/agenda21/agenda21spchapter1.htm. 13 The REDD+ Partnership (Reduction of Emissions from Deforestation and Forest Degradation) is an effort to create financial value for the carbon stored in forests, offering incentives for developing countries to reduce emissions through forest land and invest in low-carbon mechanisms for sustainable development. REDD+ goes beyond deforestation and forest degradation, and includes the role of conservation, sustainable management of forests and enhancement of forest carbon storage. http://www.un- redd.org/AboutREDD/tabid/582/Default.aspx.PDF Image | green economy In Latin America and the Caribbean
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