Green Economy Journal Issue 62

THOUGHT LEADERSHIP
THOUGHT LEADERSHIP
Ecological economics
is defined by its focus
on nature, justice
and time.
The built environment, which refers to the full life cycle (design,
materials production and distribution, construction, usage and
demolition) of all infrastructure assets, is directly or indirectly responsible
for approximately 40% of global CO2 emissions from fuel combustion
and 25% of overall greenhouse gas (GHG) emissions. To meet net-zero
emission targets by 2050, various infrastructure sectors will need to
triple the pace at which they decarbonise compared to the past 30
years. Several possible decarbonisation pathways across materials,
design and technology collectively could help mitigate a significant
portion of overall emissions.
Within the broader social externalities, the constructed environment
also has a role to play in a just transition. The impacts of environmental
degradation tend to fall unequally on vulnerable groups. Policy
packages for an inclusive green transition should aim at mitigating
the regressive impact of pricing environmental externalities, investing
in human capital and upgrading skills to facilitate labour reallocation,
addressing systemic inequalities with sectoral and place-based policies
as well as ensuring efficient and responsive governance.
Ecological economics addresses the
interdependence and coevolution of
economies and ecosystems.
CONCLUSION
In summary, the green economy and the constructed environment are
intertwined in a symbiotic relationship where sustainable building and
construction practices (SBC), energy use as well as urban planning and
design contribute to environmental stewardship, economic prosperity
and social well-being.
This integrated approach is essential for addressing global challenges
such as climate change and resource depletion. This integration will
be further explored in subsequent chapters throughout the year.
• Social inclusion. Ensuring that the benefits of economic activities
are distributed equitably among different segments of the
population and that vulnerable groups are not disproportionately
affected.
• Resource efficiency. Promoting the sustainable and efficient
use of resources, including energy, water and raw materials to
eliminate waste and enhance overall efficiency.
• Renewable energy. Increasing reliance on renewable energy
sources such as solar, wind and hydropower to reduce dependence
on fossil fuels and mitigate climate change.
• Circular economy. Transitioning to a circular approach to
production, distribution, consumption and disposal where
products and materials are reused, recycled or repurposed to
extend their lifespan and reduce waste.
• Green jobs. Fostering the creation of employment opportunities
in sectors that contribute to environmental sustainability, such
as renewable energy, energy efficiency and conservation.
• Innovation and technology. Supporting research, development
and the uptake of technologies that contribute to environmental
sustainability and improve overall resource efficiencies.
• Policy integration. Implementing policies that align economic,
social and environmental goals to create a holistic and sustainable
approach to development.
The concept of an ecological economy (green economy) is gaining
prominence in response to the growing awareness of environmental
challenges, including climate change, biodiversity loss and resource
depletion.
ECOLOGICAL (GREEN) ECONOMICS
AND THE BUILT ENVIRONMENT
The green economy and the built environment nexus refer therefore
to the interconnected relationship between sustainable economic
practices and the physical structures and spaces in which we live and
work. Investment in the built environment should consider externalities
such as carbon emissions and pollution, enhanced energy and resource
efficiency and the prevention of the loss of biodiversity and ecosystem
services (replace what is displaced).
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