This term refers to any system of production, distribution and consumption (economy), or economic development model based on sustainable development and a knowledge of ecological economics.Green economics is loosely defined as any theory of economics by which an economy is considered to be component of the ecosystem in which it resides. One of the earliest proponents of green economy was the microbiologist Lynn Margulis, who held that economy, ethics and biology are indistinguishable.
Green economics is often used with or in place of the more widely used term of ‘‘sustainability’’ or ‘‘sustainability science.’’ Both terms reflect an evolving, and diffuse discipline, or an objective sought through multiple disciplines, including ecology, economics, engineering, natural sciences and sociology.
The green economy is one that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities.
For the purposes of its Green Economy Initiative, The UN Environmental Programme (UNEP) has developed a working definition of 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 that is low carbon, resource efficient and socially inclusive.