TABLE OF CONTENT I. Abstract .......................................................................................................... 2 II. Introduction ................................................................................................... 2 III. Literature Review .......................................................................................... 4 IV. Methodology ................................................................................................... 5 V. Definition – differentiate with other related economic concepts ............... 5 VI. The Importance of Green Economy: Case study ........................................ 9 a. With environment ................................................................................................ 9 b. With economy ................................................................................................... 12 c. With society ...................................................................................................... 16 VII. Analysis the trend of green growth in the world and Viet Nam using EPI index 18 a. EPI framework .................................................................................................. 18 b. Trend in the world ............................................................................................. 20 c. Green growth in Viet Nam (Current EPI ) ........................................................ 22 VIII. The implement in Vietnam ......................................................................... 25 a. Vietnam Green economy context ...................................................................... 25 b. Vietnam Government’s Policy .......................................................................... 27 c.Economic assessment towards green growth in Vietnam through a number of indicators 29 d. Solutions to ensure efficiency 34 IX. Conclusion 39 X. Appendix 41 XI. References 42 1 I.Abstract Since joining the WTO in 2007, Vietnam has become increasingly integrated into the global economy, which is both good and evil. The 2008 global financial crisis, combined with Europes increasing public debt, drastically halted Vietnams thenrapidly developing economy. Vietnam must reevaluate the sustainability of its brown economy and develop strategies toward the adoption of a green economy growth model to alleviate the longterm repercussions of that economic shock and promote growth adequate to meet the requirements of its citizens. Vietnam is fortunate to be in a region that has seen rapid economic development and has many advantageous social and legal conditions for the development of a green economy with its neighbors. Despite this, Vietnams economy continues to be fueled by a brown growth model defined by an overreliance on raw materials production, excessive consumption of fossil fuels and natural resources, and escalating environmental pollution. To conclude, although Green Growth initiatives have been implemented in Vietnam for many years, they have yielded some initial favorable effects while also posing significant practical issues. This article will examine and evaluate the overall execution of green growth in Vietnam, as well as the challenges that must be addressed and make some recommendations based on the findings AI.Introduction Developing a green economy to achieve green growth has become an inevitable trend of the modern world economy. Green growth reflects how economies respond to climate change and natural resource depletion; it reflects the trends of looking for new growth models with the green industry emerging as a spearhead, creating a new and highly competitive growth engine. At the same time, it demonstrates governments efforts in restructuring the economy towards green and sustainable growth. The green economy is being promoted as a solution to environmental and economic problems. Dating back to the last decades, the worlds economy has witnessed a tendency toward integration and sharing economic development experiences, especially after 1945. For example, the post–World War II economic growth, sometimes known as 2 the Golden Age of Capitalism, was a period of the global economic boom that lasted from 1945 to 1975, commencing after WWII and ending with the 1973–1975 recession. In particular, the United States, the Soviet Union, Western European and East Asian countries saw extraordinarily strong and persistent growth, as well as full employment. However, along with these prominent achievements is the overexploiting energy from fossil fuels and other limited natural resources. As a result, numerous environmental problems have arisen, including air pollution, water pollution, soil degradation, forest loss, shortage of resources, et cetera. This old method of economic development, say, the brown economy, has not only affected the environment but also threatened human life and sustainable economic activities. With a view to addressing the problem, the green economy a new strategy for economic development was promoted by the United Nations Environment Program (UNEP). Many research and experts believe that it is the green economy that eliminates ecological shortages and environmental dangers. While doing so, it can even bring longterm development and tackle the problem of persistent poverty. Up to now, this model is convinced to be the optimal option for now and the future. Within the context of the worldwide trend of economic development like today, Vietnam has begun to acknowledge the urgency of pursuing a green economy. What is more, Vietnam is one of the five countries suffering the most devastating effects of climate change. Therefore, establishing this method is a necessary and wise choice. In order to lead the progress, it is also very critical to understand the opportunities and challenges clearly. In fact, green economy is not a very new term. The Club of Romes study Limits to Growth, published in 1972, was a watershed moment. In recent years, the topic of sustainability has risen to the top of the global agenda. Vietnams government has also taken this approach into account since 2012. However, practice in Vietnam shows that the green concept is still relatively new among the population and many businesses and has not been applied thoroughly. Being aware of the topics significance, the authors will carefully analyze the existing data and documents in order to make the most appropriate proposals and recommendations. Hence, help promote the green economy development and application in Vietnam more efficiently. 3 III.Literature Review The green economy has been a popular topic since the 1970s, and especially since October 2008, when UNEP, in collaboration with developed economies, launched the green economy model. Its important to separate research reports on the green economy into two categories. The first category focuses on the fundamental concepts, principles, and perspectives of green economic development. The second group, led by UNESCO (2011), examines unique problems and development plans in a number of countries and regions, ranging from green economies to green societies. UNEP (2010), Green Economy: Success Stories from Developing Countries, Nairobi; Stern, N. (2007), The Economics of Ecosystems and Biodiversity: Mainstreaming the Economics of Nature: A Synthesis of the Approach, Conclusions, and Recommendations, TEEB; Robins, N. et al (2010), The United Kingdom has been struck by green austerity. Climate Change, HSBC Global Research, OECD, London (2011), Preliminary study on a green growth strategy for food and agriculture, Paris; UNEP (2010), Driving the green economy through public finance and fiscal policy reform, Nairobi; J. Stephenson and S. Upton (2010), Strategies for green growth: Framing and issues, OECD. The publications mentioned above share the view that a green economy is necessary for sustainable development and is the most viable economic model for many developing countries despite the high cost of implementation of the necessary strategies. From such publications, 14 models of green economic development can be sketched. Although each country has 38 its own models, the common feature that they share is investment in clean technology, clean production, efficient use of natural resources and green energy. Despite the significant expense of implementing the essential methods, the publications mentioned above all agree that a green economy is necessary for sustainable development and is the most viable economic model for many developing countries. 14 models of green economic development can be derived from such studies. Despite the fact that each country has its own model, they all invest in clean technologies, clean production, efficient use of natural resources, and green energy. Clean economy, environmentfriendly economy, and green development are the three key pillars of the green economy in Vietnam, according to researchers. The ten 4 principles of green economy, according to Mr Bui Quang Tuan, are 1) sustainability, 2)existence, 3) healthiness, 4) humanity, 5) fairness, 6) protection, 7) effectiveness, 8) accountability, 9) sufficiency, and 10) responsible innovation. In Vietnam, green economy development is encouraged in all three areas: economy, society, and environment. This perspective is reinforced in the National Green Growth Strategy, which was approved on September 25, 2012. Mr Do Huu Hao emphasized the importance of green industry as the foundation for the countrys green economy development. While solid financial strength is required for development, Vietnams national reserves are thought to be insufficient, negatively impacting the outcome IV.Methodology Our research approach is structured as follows. First, we introduce the definition of “green economy” and other related concepts to have a broad view of this new economic and social idea, then analyse the detrimental effect of green economy on environment, economy and society, with many case studies to better demonstrate our thorough findings and researches. Next, trends of international green growth with two main contractionary components: greenest countries to adopt its policies and most polluted countries to avoid their dilemma. Finally, the green economy and how it was and is being applied in Vietnam is taken into consideration, with the following order: context, current policies and future endorsements to ensure its longterm efficiency. V.Definition – differentiate with other related economic concepts The definition of the green economy appears to be very diverse. Many experts and international organizations have come up with their own conceptions of this term. The European Union believes that Green economy is a smart, sustainable and fair growth economy (European Commission, 2010). According to the Organization for Economic Cooperation and Development, Green growth means fostering economic growth and development while ensuring that natural assets continue to provide the resources and environmental services on which our wellbeing relies. (Towards Green Growth, 2011). The International Chamber of Commerce considered the green economy from a 5 business perspective. It said that It is described as an economy in which economic growth and environmental sustainability work together in a mutually reinforcing fashion while supporting progress on social development. Business and industry has a crucial role in delivering the economically viable products, processes, technologies, services, and solutions required for the transition to a green economy. (ICC, 2012). Meanwhile, the Green Economy Coalition proposed a shorter description An economy that provides better quality of life for all within the ecological limits of the planet. Among these, the United Nations Environment Programs (UNEP, 2011) definition is considered the most accurate and complete of Green Economic A green economy as one that results in improved human wellbeing and social equity, while significantly reducing environmental risks and ecological scarcities. In its simplest expression, a green economy can be thought of as one which is low carbon, resource efficient and socially inclusive. Until now, the concept and perception of a green economy have remained ambiguous. Even though there are numerous approaches to comprehend and interpret it, we can see a common aim: to reduce the negative impacts of economic activities on the environment and society. Accordingly, the Green Economy not only sets economic development goals but also pays much attention to human happiness, social justice, and environmental and ecological issues. Whatever approach is taken, a green economy always involves three primary purposes: Low carbon emissions, efficient resource usage, and maintaining social fairness. In other words, it supports economic growth and boosts employment, reduces the use of carbon energy and natural resources, and assures poverty reduction targets, all of which improve the quality of a standard life. With a broader view, we want to discuss more on the relationship between the green economy and other related economic concepts. Prior to the green economy, the worlds development was primarily based on the brown economy. The term Brown Economy refers to a widely held development viewpoint. Within this method, economic development came first, followed by environmental treatment. “Brown implies pollution in the environment. In terms of resource utilization, its also inefficient. According to the United Nations Environment 6 Program (UNEP), brown economy is considered an economy focused on fossil energy sources, ignoring renewable energy alternatives. The cost of abusing the method of brown economy for development is substantial for the environment and human health. Proven fact, this concept has caused enormous damage to the environment, such as increasing greenhouse gas emissions and global climate change. These consequences have threatened human life and resulted in a loss of economic activity. It also affects countries longterm sustainable development goals. Because of the negative impact of the methods in the green economy, the shift to applying the green economy is inevitable, and it is a widespread tendency in most countries throughout the world. Thus, we can say the brown economy and the green economy are diametrically opposed concepts. While the brown economy can be considered as the opposite of the green economy, green growth is quite closely related to this term. However, there are still certain differences between them. Green growth emphasizes on promoting economic growth while maintaining a harmonious balance with the natural world especially, avoiding pressures that would disrupt the environments balance, with the ultimate goal of sustaining growth. There is no guarantee, though, that the gains of Green Growth will be dispersed fairly across society. Meanwhile, the Green Economy places a greater emphasis on environmental constraints rather than just ecological balance; in particular, the Green Economy promotes human happiness and social justice. To put it in other words, the Green Economy is more comprehensive when paying attention to sustainable development with all three pillars of economy, environment, and society. On the other hand, green growth is necessary for a green economy in many places where poverty exists. This is most likely why, in the early years of the twentyfirst century, Green Growth garnered more attention than Green Economy. In addition, there is another term, “sustainable development”, which has appeared a lot and is closely related to the concept of green economy. It can be noted that the concept of a green economy does not, and cannot replace the concept of sustainable development”. It is becoming more widely recognized as a viable strategy for achieving 7 it. To put it another way, a green economy is an economic approach for achieving longterm development goals. Figure 1 Green economy in relation to sustainable development The prosperity of human Aim: promote equality and social responsibility Ecosystem Economy Aim: ensure the Aim: improve resilience of the resource efficiency ecosystem Indeed, the green economy is also concerned with three main aspects of sustainable development (economic development, social development, and environmental development). However, the green economy prioritizes its focus on the economy (produced capital) and the environment (natural capital) from an ecosystem perspective. It then uses that as a foundation to promote human prosperity (social and human capital). This strategy is based on the reality that progress toward sustainable development must be made based on appropriate economic growth. Yet, the difference in focus does not mean that the green economy takes human wellbeing lightly. On the contrary, factors such as social justice, quality, better quality of life, human happiness, and social justice have always been strongly stressed in green economy concerns. In fact, these points are reflected in the process of the green economys performance in Europe, which include many indicators relating to social capital and human capital. 8 VI.The Importance of Green Economy: Case study a.With environment The green economy is proposed to eradicate environmental pollution in society. As stated in its definitions and principles, the green economy is resource and energyefficient. It maintains biodiversity and ecosystems while respecting planetary boundaries, ecological constraints, and scarcity. It was discovered that the natural environment has long supported the concept of green growth establishment theory. The environment has provided the foundation for green growth in three ways: adapting wastes, utilizing resources, and providing environmental services. Green economy adoption in countries can be beneficial on both economic and social levels, as it helps reduce pollution and waste of limited resources. Study case in China China has been seen investing in green sectors to aim for energy efficiency and renewable energy. The Chinese government prioritizes renewable energy investment because it allows the country to address air and water pollution while also reducing the risk of socioeconomic instability. Among these targets, air pollution is considered the most crucial reason for the Chinese government encouraging renewable energy. Intending to prioritize economic growth, China has made very rapid progress. In 2014, with a gross domestic product (GDP) of 17.4 trillion in purchasing power terms, it overtook the United States as the worlds largest economy for the first time. Moreover, today, this country is still the second economy in the world behind the US, with a GDP of 12,238 trillion. However, this rapid expansion has resulted in increased environmental concerns and a greater focus on longterm development. China has overtaken India as the worlds greatest energy consumer and secondhighest SO2 emitter. In some countries, coal is the primary source of sulfur dioxide (SO2) emissions, especially in China, accounting for 92 percent of its total emissions (2007). Because of its interaction with other airborne molecules, SO2 is a hazardous chemical that causes a wide range of health and environmental issues. Respiratory 9 issues, reduced sight, acid rain, and corrosion are just a few of them. Air pollutions economic and physiological effects have been extensively studied, showing shocking results. In 2013, Asian Development Bank reported that China has seven of the top ten most polluted cities in the world. According to the World Health Organization, air pollution kills about 1 million people in China each year. Meanwhile, a University of Chicago study also stated that suspended particles are shortening the lives of half a billion people in northern China by an average of 5 years. In terms of economics, a largescale survey conducted by Chinas Ministry of Environmental Protection in 2013 revealed that 16.1% of the countrys land area. According to the RAND Corporation, air pollution cost China 535 billion in 2012, or 6.5 percent of its GDP, due to lost worker productivity. These consequences push China to confront them and propose remedies. This government has set itself lofty ambitions in terms of increasing renewable energy. Chinas commitment to renewables is backed up by the countrys vast potential for both production and consumption. China intends to boost nonfossil fuels in the share of overall electricity production by 4% to 39% in 2020, within the objectives of the 13th FiveYear Electricity Plan (20162020). Nonfossil fuel sources are expected to account for 20% of the countrys electricity consumption by 2030. China is also predicted to account for 36% and 40% of global solar and wind energy growth in the next five years, respectively, said the International Energy Agency. China also spends a huge amount of money on this program, demonstrating its ambition to make China a leader in the field of green economy. By 2020, more than 360 billion will be invested in renewable energy development and can create 13 million jobs. The BRICS New Development Bank has issued a longterm green loan totaling 811 million to its members to fund clean energy projects. Hardly surprising, China is a member of it.
MIDTERM REPORT GREEN ECONOMY PROMOTING SUSTAINABLE DEVELOPMENTS & APPLICATIONS IN VIETNAM TABLE OF CONTENT I Abstract II Introduction III Literature Review IV Methodology V Definition – differentiate with other related economic concepts VI The Importance of Green Economy: Case study a With environment b With economy 12 c With society 16 VII Analysis the trend of green growth in the world and Viet Nam using EPI index 18 a EPI framework 18 b Trend in the world 20 c Green growth in Viet Nam (Current EPI ) 22 VIII a The implement in Vietnam 25 Vietnam Green economy context 25 b Vietnam Government’s Policy 27 c Economic assessment towards green growth in Vietnam through a number of indicators 29 d Solutions to ensure efficiency 34 IX Conclusion 39 X Appendix .41 XI References 42 I Abstract Since joining the WTO in 2007, Vietnam has become increasingly integrated into the global economy, which is both good and evil The 2008 global financial crisis, combined with Europe's increasing public debt, drastically halted Vietnam's thenrapidly developing economy Vietnam must reevaluate the sustainability of its "brown economy" and develop strategies toward the adoption of a "green economy" growth model to alleviate the long-term repercussions of that economic shock and promote growth adequate to meet the requirements of its citizens Vietnam is fortunate to be in a region that has seen rapid economic development and has many advantageous social and legal conditions for the development of a green economy with its neighbors Despite this, Vietnam's economy continues to be fueled by a brown growth model defined by an overreliance on raw materials production, excessive consumption of fossil fuels and natural resources, and escalating environmental pollution To conclude, although Green Growth initiatives have been implemented in Vietnam for many years, they have yielded some initial favorable effects while also posing significant practical issues This article will examine and evaluate the overall execution of green growth in Vietnam, as well as the challenges that must be addressed and make some recommendations based on the findings II.Introduction Developing a green economy to achieve green growth has become an inevitable trend of the modern world economy Green growth reflects how economies respond to climate change and natural resource depletion; it reflects the trends of looking for new growth models with the green industry emerging as a spearhead, creating a new and highly competitive growth engine At the same time, it demonstrates governments' efforts in restructuring the economy towards green and sustainable growth The green economy is being promoted as a solution to environmental and economic problems Dating back to the last decades, the world's economy has witnessed a tendency toward integration and sharing economic development experiences, especially after 1945 For example, the post–World War II economic growth, sometimes known as the Golden Age of Capitalism, was a period of the global economic boom that lasted from 1945 to 1975, commencing after WWII and ending with the 1973–1975 recession In particular, the United States, the Soviet Union, Western European and East Asian countries saw extraordinarily strong and persistent growth, as well as full employment However, along with these prominent achievements is the overexploiting energy from fossil fuels and other limited natural resources As a result, numerous environmental problems have arisen, including air pollution, water pollution, soil degradation, forest loss, shortage of resources, et cetera This old method of economic development, say, the "brown economy," has not only affected the environment but also threatened human life and sustainable economic activities With a view to addressing the problem, the green economy - a new strategy for economic development - was promoted by the United Nations Environment Program (UNEP) Many research and experts believe that it is the green economy that eliminates ecological shortages and environmental dangers While doing so, it can even bring long-term development and tackle the problem of persistent poverty Up to now, this model is convinced to be the optimal option for now and the future Within the context of the worldwide trend of economic development like today, Vietnam has begun to acknowledge the urgency of pursuing a "green economy." What is more, Vietnam is one of the five countries suffering the most devastating effects of climate change Therefore, establishing this method is a necessary and wise choice In order to lead the progress, it is also very critical to understand the opportunities and challenges clearly In fact, green economy is not a very new term The Club of Rome's study Limits to Growth, published in 1972, was a watershed moment In recent years, the topic of sustainability has risen to the top of the global agenda Vietnam's government has also taken this approach into account since 2012 However, practice in Vietnam shows that the green concept is still relatively new among the population and many businesses and has not been applied thoroughly Being aware of the topic's significance, the authors will carefully analyze the existing data and documents in order to make the most appropriate proposals and recommendations Hence, help promote the green economy development and application in Vietnam more efficiently III.Literature Review The green economy has been a popular topic since the 1970s, and especially since October 2008, when UNEP, in collaboration with developed economies, launched the green economy model It's important to separate research reports on the green economy into two categories The first category focuses on the fundamental concepts, principles, and perspectives of green economic development The second group, led by UNESCO (2011), examines unique problems and development plans in a number of countries and regions, ranging from green economies to green societies UNEP (2010), Green Economy: Success Stories from Developing Countries, Nairobi; Stern, N (2007), The Economics of Ecosystems and Biodiversity: Mainstreaming the Economics of Nature: A Synthesis of the Approach, Conclusions, and Recommendations, TEEB; Robins, N et al (2010), The United Kingdom has been struck by green austerity Climate Change, HSBC Global Research, OECD, London (2011), Preliminary study on a green growth strategy for food and agriculture, Paris; UNEP (2010), Driving the green economy through public finance and fiscal policy reform, Nairobi; J Stephenson and S Upton (2010), Strategies for green growth: Framing and issues, OECD The publications mentioned above share the view that a green economy is necessary for sustainable development and is the most viable economic model for many developing countries despite the high cost of implementation of the necessary strategies From such publications, 14 models of green economic development can be sketched Although each country has 38 its own models, the common feature that they share is investment in clean technology, clean production, efficient use of natural resources and green energy Despite the significant expense of implementing the essential methods, the publications mentioned above all agree that a green economy is necessary for sustainable development and is the most viable economic model for many developing countries 14 models of green economic development can be derived from such studies Despite the fact that each country has its own model, they all invest in clean technologies, clean production, efficient use of natural resources, and green energy Clean economy, environment-friendly economy, and green development are the three key pillars of the green economy in Vietnam, according to researchers The ten principles of green economy, according to Mr Bui Quang Tuan, are 1) sustainability, 2) existence, 3) healthiness, 4) humanity, 5) fairness, 6) protection, 7) effectiveness, 8) accountability, 9) sufficiency, and 10) responsible innovation In Vietnam, green economy development is encouraged in all three areas: economy, society, and environment This perspective is reinforced in the National Green Growth Strategy, which was approved on September 25, 2012 Mr Do Huu Hao emphasized the importance of green industry as the foundation for the country's green economy development While solid financial strength is required for development, Vietnam's national reserves are thought to be insufficient, negatively impacting the outcome IV.Methodology Our research approach is structured as follows First, we introduce the definition of “green economy” and other related concepts to have a broad view of this new economic and social idea, then analyse the detrimental effect of green economy on environment, economy and society, with many case studies to better demonstrate our thorough findings and researches Next, trends of international green growth with two main contractionary components: greenest countries to adopt its policies and most polluted countries to avoid their dilemma Finally, the green economy and how it was and is being applied in Vietnam is taken into consideration, with the following order: context, current policies and future endorsements to ensure its long-term efficiency V.Definition – differentiate with other related economic concepts The definition of the green economy appears to be very diverse Many experts and international organizations have come up with their own conceptions of this term The European Union believes that "Green economy is a smart, sustainable and fair growth economy" (European Commission, 2010) According to the Organization for Economic Cooperation and Development, "Green growth means fostering economic growth and development while ensuring that natural assets continue to provide the resources and environmental services on which our well-being relies."(Towards Green Growth, 2011) The International Chamber of Commerce considered the green economy from a business perspective It said that "It is described as an economy in which economic growth and environmental sustainability work together in a mutually reinforcing fashion while supporting progress on social development Business and industry has a crucial role in delivering the economically viable products, processes, technologies, services, and solutions required for the transition to a green economy."(ICC, 2012) Meanwhile, the Green Economy Coalition proposed a shorter description "An economy that provides better quality of life for all within the ecological limits of the planet." Among these, the United Nations Environment Program's (UNEP, 2011) definition is considered the most accurate and complete of Green Economic "A green economy as one that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities In its simplest expression, a green economy can be thought of as one which is low carbon, resource efficient and socially inclusive." Until now, the concept and perception of a green economy have remained ambiguous Even though there are numerous approaches to comprehend and interpret it, we can see a common aim: to reduce the negative impacts of economic activities on the environment and society Accordingly, the Green Economy not only sets economic development goals but also pays much attention to human happiness, social justice, and environmental and ecological issues Whatever approach is taken, a green economy always involves three primary purposes: Low carbon emissions, efficient resource usage, and maintaining social fairness In other words, it supports economic growth and boosts employment, reduces the use of carbon energy and natural resources, and assures poverty reduction targets, all of which improve the quality of a standard life With a broader view, we want to discuss more on the relationship between the green economy and other related economic concepts Prior to the green economy, the world's development was primarily based on the brown economy The term "Brown Economy" refers to a widely held development viewpoint Within this method, economic development came first, followed by environmental treatment “Brown" implies pollution in the environment In terms of resource utilization, it's also inefficient According to the United Nations Environment Program (UNEP), brown economy is considered "an economy focused on fossil energy sources, ignoring renewable energy alternatives." The cost of abusing the method of brown economy for development is substantial for the environment and human health Proven fact, this concept has caused enormous damage to the environment, such as increasing greenhouse gas emissions and global climate change These consequences have threatened human life and resulted in a loss of economic activity It also affects countries' long-term sustainable development goals Because of the negative impact of the methods in the green economy, the shift to applying the green economy is inevitable, and it is a widespread tendency in most countries throughout the world Thus, we can say the brown economy and the green economy are diametrically opposed concepts While the brown economy can be considered as the opposite of the green economy, green growth is quite closely related to this term However, there are still certain differences between them Green growth emphasizes on promoting economic growth while maintaining a harmonious balance with the natural world - especially, avoiding pressures that would disrupt the environment's balance, with the ultimate goal of sustaining growth There is no guarantee, though, that the gains of Green Growth will be dispersed fairly across society Meanwhile, the Green Economy places a greater emphasis on environmental constraints rather than just ecological balance; in particular, the Green Economy promotes human happiness and social justice To put it in other words, the Green Economy is more comprehensive when paying attention to sustainable development with all three pillars of economy, environment, and society On the other hand, green growth is necessary for a green economy in many places where poverty exists This is most likely why, in the early years of the twenty-first century, Green Growth garnered more attention than Green Economy In addition, there is another term, “sustainable development”, which has appeared a lot and is closely related to the concept of green economy It can be noted that the concept of a "green economy" does not, and cannot replace the concept of "sustainable development” It is becoming more widely recognized as a viable strategy for achieving it To put it another way, a green economy is an economic approach for achieving long-term development goals Figure Green economy in relation to sustainable development The prosperity of human Aim: promote equality and social responsibility Ecosystem Aim: ensure the resilience of the ecosystem Economy Aim: improve resource efficiency Indeed, the green economy is also concerned with three main aspects of sustainable development (economic development, social development, and environmental development) However, the green economy prioritizes its focus on the economy (produced capital) and the environment (natural capital) from an ecosystem perspective It then uses that as a foundation to promote human prosperity (social and human capital) This strategy is based on the reality that progress toward sustainable development must be made based on appropriate economic growth Yet, the difference in focus does not mean that the green economy takes human well-being lightly On the contrary, factors such as "social justice," "quality," "better quality of life," "human happiness," and "social justice" have always been strongly stressed in green economy concerns In fact, these points are reflected in the process of the green economy's performance in Europe, which include many indicators relating to social capital and human capital