Driving Economic Growth with Green Technology

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The spiraling prices and depleting sources of conventional energy fuels coupled with irresponsible and unsustainable use of technology has led to huge economic losses and environmental destruction.

Thus, the demand for a cleaner and environment-friendly fuel has increased manifold along with a growth in other sustainable technologies. All countries especially the developing ones are looking at green technology to spur their economy without any adverse environmental effects.

Driving Economic Growth With Green Technology

What is Green Technology?

Green technology means a more sustainable and eco-friendly approach to technology which stresses upon the importance and protection of the environment. Unsustainable growth can be disastrous for any country as its environmental factors may crumble and lead to huge economic and livelihood losses consequently. Green technology encompasses the following major areas:

  • Waste management, pollution control and other general environmental concerns.
  • Use of renewable resources for fuel (tidal energy, solar energy, wind energy, etc.).
  • Increasing fuel efficiency and reducing carbon footprint.

Unexplored Growth Opportunities

Green technology has a huge untapped potential and may grow exponentially in the near future. This can help in creating millions of new jobs and business growth opportunities.

  • New jobs are bound to crop up as a result of expansion and creation of new business opportunities like the construction of green buildings, the making of solar panels and the setting up of huge wind mills. Employment generation is one of the major concerns of economic development as it encourages greater spending and investment.
  • Along with the new businesses of green technologies, various supporting businesses and companies will also emerge. This will lead to a further growth and expansion of the economy.

Green Vs Brown Technology

Brown technology is a term which is often used for that form of technology using conventional energy sources of fossil fuels. Fossil fuels and their products are still so widely in use because they are significantly cheaper than the green tech products. For example, electric cars are still heavily priced and therefore, their sale is abysmally low in western countries.

Green Tech and Finance

  • One of the greatest impediments in the usage and development of green technology is its high installation cost.
  • In spite of the high installation cost, green technology may prove to be more cost friendly in the long run. Therefore, investors and users must be made aware of the long term use of green technology.

A Greener and a Cleaner Society

  • The health of the people will naturally improve as the quality of the air and water around them improves.
  • As the efficiency of fuels and other technology increase, people will have more money with them thus, improving the economy of the entire nation as a whole.

Photo Credit By: blog.febc.org

Filed Under: Science & Technology

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