Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real (adjusted for inflation) terms. Consistent growth can be achieved by aligning growth with sustainable development. Covid crisis has taught us that in order to survive, we need to work with nature and not against it. The following steps can help in ensuring consistent growth after covid crisis-
Sustainable development is also a societal rather than just an environmental challenge. Substantial advances in human capacity are needed through improvements of education and healthcare – resulting, among others, in higher income and better environmental decisions.
Responsible consumption and production cut across several of the other transitions, allowing us to do more with fewer resources – we need to adopt a circular economy approach and reduce demand. Reduce, reuse and recycle approach can be followed to grow sustainably.
It is possible to decarbonise the energy system around 2050 while providing clean and affordable energy for all – including through energy efficiency, more renewables and electrification.
Achieving access to nutritional food and clean water for all, while protecting the biosphere and the oceans, requires more efficient and sustainable food systems – for example by increasing agricultural productivity and reducing meat consumption
Smart cities: Transforming our settlement patterns will benefit the world population and the environment– such as through ‘smart’ infrastructure, decent housing and high connectivity.
Digital revolution: Science, technology, and innovation need to support sustainable development. Much depends on the way the world will put the Information Technology revolution to use – continuing present trends or inverting them by asserting societal control over them.
All SDGs are interlinked and have knock-on effects on each other. A global interdisciplinary approach to develop pathways toward sustainable futures based on a science-based, integrative approach to addressing all 17 SDGs is required build on their synergies while alleviating their trade-offs.
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https://earth5r.org/sustainability-sustainable-development-goals/
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The SARS-CoV-2 virus that has caused the current COVID-19 pandemic is thought to have originated in Wuhan, China during the month of December 2019. Within months, this highly infectious virus spread throughout China and around the world, involving at least 185 countries and territories, with a trail of incredible damage in its wake. The medical community of the world finds itself dealing with the immediate health consequences of this rapidly evolving crisis and is trying to develop therapies and vaccines, as countries and their leaders attempt to overcome the inevitable societal and economic devastations that unfolded.
Economies all over the world have plunged into deep depression during April-June of 2020. A country’s Gross Domestic Product (GDP) measures the total monetary value of all final goods and services produced and sold on the market during a period of time, and hence, represents the economic growth of a country. For India, the fall in real GDP in the April-June quarter was the record lowest at 23.9 percent, with the Reserve Bank of India (RBI) calling it “historic technical recession”. This economic downturn is a real threat at the global level, and in order to recover from covid crisis and achieve a long-run economic development, a growth in GDP needs to be achieved. However, the world also needs to be doing more than getting economies and livelihoods back on their feet. Recovery methods also need to initiate changes that will minimize the likelihood of future problems and increase society’s resilience to them when they do occur. Central to this approach is a focus on well-being and inclusiveness.
Measures for economic growth post-covid:
1. Giving more importance to healthcare, biodiversity, and climate change: Governments’ first priorities in tackling the COVID-19 pandemic have been to overcome the health emergency and to implement rapid economic rescue measures, the latter mostly aimed at providing protection to livelihoods in the face of abrupt losses of income. As the health crisis gradually subsides in many countries, attention is now turning to preparing various measures to trigger economic recovery. At the heart of this approach is the role of environmental health in strengthening resilience to pandemics, and a transition to more inclusive, more resilient societies having lifestyle choices leading to much reduced impacts on nature. Biodiversity and ecosystem services are fundamental to economic activities and human health. Valuing natural capital is central to improving a range of environmental health conditions that are important for societal resilience to pandemics and other shocks, such as cleaner air and water. Also, resilience to climate change is an important aspect of improving the overall resilience of economies and societies post-COVID crisis.
2. Taking measures to improve infrastructure: Providing specific support for reskilling and training for industries affected by the immediate crisis and longer-term decarbonisation, along with supportive policies such as reforming housing policies to encourage mobility. Measures that could contribute to such objectives include public communication campaigns or education. It is also crucial that governments address the issue of food security for vulnerable populations. Food stamps and increased subsidies may also be an option to help vulnerable populations, as long as physical access to healthy food and diets is ensured.
3. Building a sustainable future: Sustainability has become an indispensable lifestyle choice, now more than ever. It is a commitment to positively influencing the world in which we live. Covid crisis makes the Sustainable Development Goals (SDGs) even more relevant today as they aim to transform the systemic conditions that perpetuate the shortcomings of our societies and economies. The United Nations Sustainable Development Goals (SDGs) are targets for global development adopted in September 2015, set to be achieved by 2030. All countries of the world have agreed to work towards achieving these goals. The goals are a collection of 17 interlinked global goals designed to be a blueprint to achieve a better and more sustainable future for all. An effective realization of these goals will, among other things, create effective and long-lasting energy efficient solutions to support smart cities, homes, and businesses. We can overcome today’s challenges with accessible innovative solutions, development of recharging infrastructures and technologies, lighting resources, and energy flow management for local government organizations.
4. Understanding and overcoming our vulnerabilities: In addition to the immediate human suffering caused by the disease itself and the loss of livelihoods for millions, the COVID-19 pandemic has also highlighted several key vulnerabilities of our societies and economic system. Global interconnectedness has facilitated the rapid spread of the pandemic. The depth of the economic crisis has shown that a core principle of the global economy- prioritising short-term economic growth over long-term resilience- can have huge societal costs. Many countries struggling to acquire medical and other strategic supplies is the biggest vulnerability that the world needs to overcome.
Because no one can predict the future and because the pace of transformation is so rapid, the main takeaway for the world post-COVID is to stay alert and agile. Whether the focus is on healthcare, climate restoration, preservation of biodiversity and ecosystem services, or creating a sustainable future, the recovery from the pandemic opens an opportunity for governments to require both clear actions towards alignment with environmental policy objectives, as well as disclosure of climate-related risks as conditions for financial support through recovery policies