Although the term ‘green economy’ was coined in 1989, the concept has become a compulsory strategy today, given that nations worldwide are combatting never before seen climate catastrophes.

Transitioning to a green economy appears to be a likely prospect for Sri Lanka with the country having initiated an action plan to meet this goal by 2050.

“A green economy is a resilient economy that provides a better quality of life for everyone within the ecological limits of the planet,” United Nations Development Programme (UNDP) Economist Dr. Vagisha Gunasekara explained, on a recent edition of LMDtv.

The definition inherently has economic, ecological and societal elements, which combine to serve as the three pillars of sustainable development.

Gunasekara elaborated: “Looking at the crux of the green economy, we face one question – the rise of global warming, which has a direct link to the activities of people. It’s estimated that the world population will increase by another two billion by 2050 so it has become a necessity to control a further rise in world warming due to the activities of this increased population.”

She pointed out that when applying the concept to Sri Lanka, it is important not to think ‘green’ but ‘blue-green.’

“Our maritime territory, which includes an exclusive economic zone, is eight times larger than our landmass. Beyond the continental shelf in the Bay of Bengal, it’s spread across an approximate extent of 2.2 million square kilometres, which is about 35 times bigger than the land area of our island,” she noted.

And she continued: “We also have this very attractive and resourceful coastline, and natural harbours and rich coastal resources.”

“So with such a vast underdeveloped resource area, it’s necessary to identify comprehensive sustainable development strategies to manage these ocean resources without causing environmental pollution,” Gunasekara averred.

She said: “On the green side of things, Sri Lanka can and has the potential to become a hub of clean industries that offer green energy. We can have certified export products by taking advantage of our renewable energy resource capacity, and conforming to strict waste and energy management practices.”

“We can also strengthen the prevention and control of environmental risks, and improve environmental public services,” she posited while stressing the importance of having a clear vision for the island nation to achieve its green goals.

Gunasekara stated that “Sri Lanka needs a clear vision outlining what we really mean by going for a blue-green economy. We also need to follow that clear vision with at least a loose framework and some specific tasks to transition to this green, low carbon and potentially circular economy.”

There are many facets to becoming a green economy, she explained, beginning with ensuring that Sri Lanka’s production system becomes greener.

“This means that we have to improve the recycling level of industries, think about building a green supply chain, look at how we promote the green upgrading of industries, accelerate green agriculture and green the service sector,” Gunasekara asserted.

Improving the circulation system was the next aspect highlighted by the UNDP economist: “We have to strengthen the recycling of our renewable resources and think of green logistics.”

Acknowledging that attitude is critical when adopting green practices, she recommended advocating a green and low carbon lifestyle, noting that “we have to translate this in terms of how it applies to our daily lives; and we have to promote the consumption of green products.”

Technology is another significant pillar in transitioning to a green economy as Gunasekara emphasised: “We have to build market oriented green technology innovation systems so a lot of R&D on green, low carbon technologies is a must-have.”

She concluded: “Lastly and very importantly, we need to improve our system of laws, regulations and policies.”