This video was structured more like a conversation than a lecture and from the start it is obvious that all the speakers on the panel are for a change in the current global economy that will back away from growth as its main objective and aim for development and a green economy instead. The governance of a green economy includes state and market, national strategies and international governance. It’s argued that the economy benefits from the environment and although businesses do not want to lose profit now, not involving themselves in a greener economy will have more detrimental effects in the future when they have run out of natural resources to produce their product. What the speakers are proposing resonate the foundations of sustainable development: economic development, ecological sustainability and social justice (quality of life) and also highlights the importance of the ‘triple bottom line’ (Koshey, Mataki & Lal 2008).
Before the triple bottom line is discussed, I would first like to point out that the discussion is centred around the premise that people won’t compromise, and societies are incapable of changing their consumption habits. I think that people can adapt, and rather than worrying about producing the same amount and doing it in a more sustainable way, a greener economy can be reached much easier by simply producing less, distributing more equally and consuming less per person. The current capitalist governed global economy is fuelled by mass consumption and production (which have a symbiotic relationship), transnational corporations have reached further across the globe and encourage consumption through advertising mediums and obviously benefit from the capitalist styled governance and economy. The current system of produce, consume, rinse repeat only highlights the importance of the triple bottom line. According to the genuine progress indicator, quality of life has not increased since 1975 and the sub-indicators used to calculate this are a fantastic preview of what corporations could be reporting on under a triple bottom line approach (Genuine Progress).
Koshy, K, Mataki, M & Lal, M 2008, Sustainable Development – A Pacific Islands Perspective, Pacific Centre for Environment and Sustainable Development (PACE-SD), University of the South Pacific
Genuine Progress 2014, Genuine Progress Indicator, viewed 15th May 2014 <http://genuineprogress.net>