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Does the world need green growth or degrowth?

By illuminem briefings 🌎

Jul 28 2023 · 1 min read

Illuminem Voices
Degrowth · Environmental Sustainability

illuminem summarizes for you the essential news of the day. Read the full piece in The New Statesman or enjoy below 

🗞️ Driving the news: The discussion around sustainable economic development oscillates between the proponents of 'green growth' and advocates for 'degrowth.' 
• The Labour Party leans towards green growth, aspiring for unrivaled G7 growth while promoting decarbonization 
• Nonetheless, it's contended that both these viewpoints hold value and are not mutually exclusive

🔭 The context: The concept of degrowth suggests reducing economic activity to operate within planetary boundaries, while green growth proponents believe economic activity is necessary to fund sustainability transitions
• The debate on whether growth can be fully decoupled from environmental damage remains unresolved

🌎 Why does it matter for the planet: This dialogue is central to achieving a sustainable future
• The current pace of decoupling economic growth from carbon emissions is not sufficient to meet the Paris Climate Agreement's targets, highlighting the need to reassess our growth-centric approach

⏭️ What's next: The proposal advocates that communities ought to accept the possibility of slower growth, simultaneously restructuring our economic system to lessen its reliance on rapid expansion
• Recommended strategies include altering our taxation structures, reigning in the incentivization of debt, and allocating resources to education and research

💬 One quote: "It’s unlikely that the very mechanism that led us into this ecological predicament can serve as the solution to the same problem." (Hans Stegeman, Chief Economist Triodos Bank)

📈 One stat: Estimates for structural growth are below 1 percent, and the World Bank has warned of another “lost decade.” 
• This projection contrasts with the traditional 2-3 percent growth rates that underpin our current economic framework

Click for more news covering the latest on degrowth

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