Day: 23rd February, 2023 | Wednesday
10:00 am – 11:00 am IST | Click here for time in your location
Venue: Stein Auditorium, India Habitat Centre, Lodhi Road, New Delhi

Introduction

Green growth involves rethinking growth strategies regarding their impact(s) on environmental sustainability and the environmental resources available to poor and vulnerable groups (Finance Commission 2009). Green growth strategies should ensure that the environmental pillar of sustainable development is aligned to meeting economic and social objectives.

Policy Instruments for Green Growth

In a federal context, a predictable and secure fiscal base would also be necessary to secure local public goods for green growth. Fiscal and public finance planning also becomes important for mainstreaming environment in economic decision-making. Some measures to mainstream environment in economic decision-making by the governments include green budgeting, greening economic surveys, and greening GDP/ growth measures. Apart from this, a regulatory policy framework is needed to compliment and support market-based instruments. A regulatory policy framework also promotes policy coherence by preventing the passage of laws that might cause environment harm. Improving governance is an essential enabler of green growth and for green growth to be effective, governments at all levels will need to work towards policy alignment and coherence. As depicted in the following figure, policy instruments for green growth can be in four broad categories: (i) mainstreaming green growth in economic policy; (ii) greening market signals; (iii) regulation; and (iv) green innovations.

Instruments for Green Growth

Mainstreaming Green Growth in Economic Policy	Greening Market Signals	Regulation	Green Innovations across Sectors
Green budgeting Greening economic surveys Green accounting/ alternative development measures Subsidy reforms and fiscal incentives	Sustainable public procurement Eco-labels Green investment frameworks	Banning single-use plastics Environmental taxes/ cess Enforcement of legislation on pollution/ waste management Incentives to green enterprises	Research and development Green technology Waste management Clean energy innovations Nature-based solutions Green consumer products

Role of Sub-national Leadership for Green Growth

Sub-national governments are at the forefront in implementing green growth strategies, and in some cases are leading or catalysing national efforts. To be successful, green growth planning needs to adapt to local and regional developments, as well as respond to spatial needs, and needs of the local and regional stakeholders. Sub-national authorities can be at the forefront of playing a more proactive role in promoting green growth and encourages innovations and the development of local initiatives.

This session also provides a platform to assimilate diverse perspectives on experiences, lessons learnt on strategies to enable green growth.

Key Questions (speakers are requested to address all/ at least two questions)

[1] The five pillars of the Green Development Pact, under India’s G20 Presidency, are envisaged to include: Lifestyle of Environment (LiFE), Circular Economy, Climate Finance, Accelerating Progress on SDGs, and Energy Transitions & Energy Security. What are your proposals for a possible G20 Green Development Pact?

[2] What are the challenges to green growth at the state/ sub-national levels and organizational levels? What could be the distributive implications of green growth policies?

[3] How can green and social innovations be upscaled?

[4] What specific measures have you taken to mainstream green growth in economic policymaking/ decision-making (green budgets, alternative growth measures, fiscal measures, investments, and value chains)?

Format

The session will involve a chaired/ moderated discussion, which will start with brief remarks by the chair/ moderator followed by brief addresses/ statements by the speakers. After the addresses, depending on the remaining time, the chair will pose 1–2 questions to the esteemed speakers based on issues emerging from the addresses. The chair/ moderator will then sum up the discussions. The total length of the panel discussion is 60 minutes. The addresses should be in the form of verbal interventions only. The WSDS Secretariat requests speakers to avoid using power point presentations. Strict time management is to be followed, for which there will be a timer/ buzzer.