Economic Development: Sustainability Principles
Environmentally sustainable economic growth or “Green Growth” is a new paradigm intended to pursue economic growth without jeopardizing the environment, and ideally creates synergy between the environment and the economy. An environmentally sustainable approach to local economic development does not abandon those factors widely seen as linked to economic prosperity. Transportation systems, financial incentives, workforce education and the like remain key to green economies. But these factors must be (re)examined with an eye towards impacts on natural systems, social structures and the fiscal bottom line.
Link Environmental Goals to Publicly-Financed Incentive Packages
Traditional economic development often includes publicly-financed incentive packages to recruit companies. These packages - which can involve tax relief, infrastructure investment, and reduced or cancelled fees – should be linked to specific sustainable objectives regarding local hiring, local supply/service goals, and specific carbon footprint reductions and/or general environmental improvement projects related to air, water, waste, etc.
Use Public Policies to Create and Strengthen Markets for Green Goods and Services
Local governments should use their purchasing and regulatory powers to help create demand for green goods and services. Steps to accomplish this goal include leading by example with the adoption of green purchasing and other sustainable programs, and through the creation of policies that promote sustainability on a local scale (i.e. green building policies).
Build Public/Private Partnerships to Achieve Sustainability Goals
The public sector alone cannot create a sustainable local economy. Partnerships including the business, nonprofit, educational, and environmental sectors will be necessary to set realistic goals, help grow green businesses, and prepare a relevant green-collar workforce.
Maximize the Number of Local Green Businesses
A green businesses create benefits for the local environment but those benefits often extend to the local economy as well. Often money spent locally for a green product or service stays on the community creating an economic multiplier effect greater than a non green purchase.
The related carbon generated from any given activity. For example: one mile of driving an average compact vehicle generates .6 pounds of carbon from the burning of gas. This does not count the embodied energy of the manufacture, maintenance and disposal of the car and nor the construction of the road and its maintenance.
