News Article
5 Countries Actively Investing in the Green Economy
Climate change has always been a hot topic every year. It is indeed a serious issue threatening people worldwide. Therefore, some countries are very serious about addressing this problem, and one of the approaches they are taking is implementing the green economy. What is the green economy? In English, this term is referred to as 'The green economy.' Simply put, the green economy is an economic concept aimed at enhancing well-being and social equality while reducing the risk of environmental damage. Wise use of natural resources, minimizing waste and pollution, and promoting renewable energy and clean technologies are ways to realize a green economy. Technological advancement is the biggest challenge in realizing the green economy. Therefore, not all countries are able to achieve it.
Which countries are actively investing in the green economy?
According to data from the Green Future Index 2022 report, Iceland, Denmark, the Netherlands, the United Kingdom, and Norway are the top-ranked countries. This data is from a ranking of 76 countries published by MIT Technology Review Insight. The metrics used include carbon emission reductions, clean energy development, and green sector innovations. Additionally, the study also monitors environmental protection aspects and government climate policies.
1. Iceland
Iceland is one of two European countries that produces more electricity from renewable energy sources than it consumes. It ranks 1st in carbon emission reduction and 2nd in clean innovation in the Green Future Index 2022. Iceland's economy is driven by at least 85% renewable energy and is moving towards 100%. Iceland has heavily invested its resources in sustainability with the goal of becoming a carbon-free country by 2040.2. Denmark
Denmark has been actively investing in sustainable energy and reaping the benefits of its green economy. For example, GreenLab is part of a broader decarbonization effort across Denmark. GreenLab has successfully produced sustainable green energy that positively contributes to the environment. Essentially, the energy system implemented by GreenLab is based on a circular economy aimed at extending product life cycles. Thanks to these efforts, Denmark has become a leader in environmental policy within the green economy sector.
3. The Netherlands
The Netherlands, known for its windmills, is famous for its leadership in eco-friendly transportation—especially public transportation. Since 2017, all passenger trains in the Netherlands have been powered by green energy. According to the Voluntary Agreement on Zero Emission Bus Transport listed on the Dutch government’s official site, it is stated that all new buses must use 100% renewable energy or fuel starting in 2025. Additionally, all buses must be completely emission-free by 2030. The Dutch central government is also collaborating with various parties to explore the potential use of hydrogen-powered trains.
4. The United Kingdom
Like the countries mentioned above, the United Kingdom is also considered a global leader in renewable energy generation. This is evident from the fact that the renewable energy market in the UK attracts both domestic and foreign investment. For example, the significant investment in offshore wind manufacturing in 2022 is a testament to this. Additionally, the Bank of England has placed climate and environmental risks at the heart of its mandate and has proven its performance as a global leader in sustainable finance.
5. Norway
Norway's achievements in applying a significant portion of its electricity resources to transportation, building recycling initiatives, and its substantial investment in reducing pollution, make it deserving of a spot on this list. Norway has also begun transitioning towards a circular economy. This is evidenced by its achievements in preparing a roadmap for competitive green economy practices in various fields such as waste management, retail, and packaging industries.