Green growth is a relatively new concept that has been characterized by the Organization for Economic Cooperation and Development (OECD) as "fostering economic growth and development, while ensuring that natural assets continue to provide the resources and environmental services on which our well-being relies." It is closely related to the concept of a green economy, which UNEP defines as one in which "growth in income and employment should be driven by public and private investments that reduce carbon emissions and pollution, enhance energy and resource efficiency, and prevent the loss of biodiversity and ecosystem services."
In any discussion of economic growth, an important caveat is in order: growth is not an end in itself. The fundamental objective of economic policy is not growth but rather broad-based progress in living standards. After all, growth in GDP per capita is a measure of mean, not median, progress. Moreover, it is only a partial measure insofar as it captures the production of most but not all goods and services, omitting or undervaluing some of those that improve a society's health, security and the environment.
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