INTERNATIONAL REVIEW OF BUSINESS AND ECONOMICS ISSN 2474 -5146 (Online) 1.CLIMATE RESILIENT GREEN ECONOMY: PROSPECTS Dr.R.RAGAPRIYA, I.A.S.,Managing Director, Gulbarga Electric Supply Company, Government of Karnataka. Prof.D.RUDRAPPAN, President, AMECA, Former Joint Director of Collegiate Education, Govt. of Tamil Nadu, Professor, Department of Development Economics, Ethiopian Civil Service University, Ethiopia. “The size and extent of the climate change ecosystem services were found to be degraded threats are new. It is arguably the biggest or used unsustainably. The gap between challenge humanity faces today. This the rich and poor has also been increasing- means that we must act urgently and seize between 1990 and 2005, income disparity opportunities quickly. One such opportunity (measured by the gap between the highest is renewable energy,” – President of the 72nd and lowest income earners) rose in more than UN General Assembly. two-thirds of countries. ABSTRACT The persistence of poverty and degradation of new political climate has grown in many the environment can be traced to a series of Acountries around the world, thanks to market and institutional failures that make the the strong base in science and widening prevailing economic theory far less effective public awareness of climate change and than it otherwise would be in advancing its risks. Clean energy revolution has been sustainable development ambitions. These taking place all over the developed countries, market and institutional failures are well underscored by the steady expansion of known to economists, but little progress has the renewable energy sector. The adoption been made to address them. For example, of Renewable Energy Technologies (RETs) there are not sufficient mechanisms to constituted a win-win situation, as renewable ensure that polluters pay the full cost of is not only green and job-generating, but their pollution. Likewise, there are “missing also sustainable with a higher environmental markets” – meaning that markets do not benefit. Renewable fuels such as wind, systematically account for the inherent value solar, biomass, tides, and geothermal are of services provided by nature, like water inexhaustible, indigenous and are often free filtration or coastal protection. A “market as a resource. They just need to be captured economy” alone cannot provide public goods, efficiently and transformed into electricity, like efficient electricity grids, sanitation or hydrogen or clean transportation fuels. The public transportation. And economic policy is renewable energy sources have hardly any often shaped by those who wield power, with carbon footprint and are environment-friendly strong vested interests and rarely captures and do not require environmentally-damaging the voice and perspectives of those most at mining and transport. The paper highlights risk. Environmental devastations and climate various sources of clean energy in the context challenges take place as a result of present-day of sustainable economic, environmental, and non-suitable economic policies based on non- social development besides focusing on the renewable energy which makes it clear the importance of renewable energy in the modern need to change the present economic model. world. Energy, though consisting of positive and INTRODUCTION negative features, is a vital basis of livelihood. The prevailing economic growth model is Despite the fact that non-renewable energy is focused on increasing GDP above all other cheaper and easier to produce, the reserves goals. While this economic system has of fossil fuels would be exhausted soon. improved income and reduced poverty for Therefore, importance need to be given hundreds of millions, it comes with significant to green energy sources which are non- jobless growth and potentially irreversible polluting, dependable and labor intensive social, environmental and economic costs which will propel the economy to a stronger (Rudrappan, 2004). Poverty persists for as and a higher level. The latest one among many as 2.5 billion people even today; the clean energy sources is fuel cells. They offer natural wealth of the planet is rapidly being a highly efficient and fuel flexible technology drawn down. World Bank has estimated that that produces power with zero emission. approximately 60 percent of the world’s Moreover, hydrogen fuel cells emit water only ASIAN MANAGEMENT ECONOMICS COMMERCE ASSOCIATION( AMECA) 1 AMECA INTERNATIONAL CONFERENCE PROCEEDINGS, IRBE VOLUME 2, SPECIAL NUMBER 1, FEBRUARY 2018 with no CO2 emissions and air pollutants that most talked-about aspect of sustainability create haze and cause health complications along with economic efficiency. Economic as in the case of fossil fuels. Hence, the paper efficiency implies an economic state in which explores how to achieve climate compatible every resource is optimally allocated to serve development path through green energy each individual or entity in the best way while sources with the objectives listed below. minimizing waste and inefficiency. When an OBJECTIVES economy is economically efficient, any changes The objectives of the paper have been listed made to assist one entity would harm another. below MAJOR CAUSES OF GLOBAL CLIMATE To find out sources of clean energy, importance, CHANGE and impact on the economy; and Global climate changes seen above have To suggest remedial measures for raising the occurred as a result of an increase in greenhouse contribution of green energy and for efficient gases, aerosols and land use changes in the use of renewable energy sources.. context of urbanization wave witnessed in Methodology the world. Global warming is caused mainly Descriptive study is adopted and secondary by three factors such as radiation from the sources of information were collated and used sun, earth’s natural temperature cycle as a for the present study. result of changes in earth magnetic field and GREEN ECONOMY INITIATIVES OF the accumulation of carbon dioxide (C02) in UNEP the atmosphere. Climate change refers to an Energy is deposited in a range of energy increase in average temperature on account sources, which can be described as non- of a rise in the emission of greenhouse gases; renewable or renewable. Renewable sources of while emission of carbon dioxide is weighed in energy are those that can be refilled in a short tonnes and gigatonnes (Gt=109 tonnes ), green period of time, as opposed to non-renewable house gas concentration in the atmosphere is sources of energy. Renewable fuels such as monitored in parts per million (ppm) molecules wind, solar, biomass, tides, and geothermal of dry air. In the baseline scenario i.e., business are inexhaustible, indigenous and are often as usual scenario, the CO2 concentration would free as a resource. The use of renewable rise from 27 Gt in 2005 to 62 Gt in the year sources of energy is less polluting, compared 2050, corresponding to an increase from 379 to that of non-renewable sources. Specifically, ppm to 550 ppm of CO2 in the same period as increased dependence on renewable sources against the natural range of 180 ppm to 330 of energy is a key element of efforts to avert ppm. (Aswathanarayana,2010). Similarly the climate change. Renewable sources of energy atmospheric concentration of methane gas today make a small contribution to total energy has increased from 775 parts per billion (ppb) use, compared to that of non-renewable molecules of dry air in the 1990s to 1732 ppb in sources. A range of barriers including the high 2005 as against the normal range of methane cost of production hampers the widespread between 320 ppb and 790 ppb. (IPCC, 2007) deployment of renewable energy technologies. This phenomenon of global warming takes Green Economy attempts to remedy these place in the atmosphere between earth surface problems through a variety of institutional and the ozone layer which is about 50 km up in reforms and regulatory measures, tax, and the atmosphere ((Nakicenovic, 2001). Further, expenditure-based economic policies and it is pointed out that temperature tends to tools. The concept of green economy has been decline with distance from the surface of the strongly recommended by the United Nations earth. Conference on Sustainable Development held To avert the catastrophes of global warming, in Rio in 2012. green economy is needed because it is ELEMENTS OF SUSTAINABLE DEVELOPMENT low carbon, resource efficient, and socially ARE ENVIRONMENT, SOCIETY, AND ECONOMY inclusive, focusing on sustainable development A key feature of the sustainable development is and poverty reduction. The green economy that it comprises three elements: Environment, is defined as an economy that aims at Society, and Economy. Or, the three Ps: Planet, reducing environmental risks and ecological People, and Profit. All the three, in no particular scarcities, and that aims for equity and order, are balanced so that one doesn’t sustainable development without degrading destroy another. The greater sustainability the environment. To implement this concept, movement, however, is guided by these three the United Nations Environment Programme E’s, commonly referred to as the “three pillars” (UNEP)’s Green Economy Initiative (GEI) of sustainability: environment, equity, and has been designed to assist governments in economics. The environmental pillar is the “greening” their economies by reshaping and CLIMATE AND ENVIRONMENTAL CHALLENGES: RETROSPECT AND PROSPECT 2 INTERNATIONAL REVIEW OF BUSINESS AND ECONOMICS ISSN 2474 -5146 (Online) refocusing policies, investments and spending strategies. And there are many examples of towards a range of sectors, such as clean successful, large-scale programs that increase technologies, and renewable energies. Ban Ki- growth or productivity and do so in a sustainable moon, Secretary General of UN has rightly said ‘’ manner such as in the case of Republic of Korea the clear and present danger of climate change and China. In many ways, Green Economy means we cannot burn our way to prosperity. objectives simply support those already We already rely heavily on fossil fuels. We need articulated for the broader goal of sustainable to find a new, sustainable path to the future we development.