Sustainable development inherently will be accompanied by economic growth. Let us try and define sustainable development.
According to the UK’s Sustainable development commission, “Sustainable development is a development that meets the needs of the present, without compromising the ability of future generations to meet their own needs.”
The world is already seeing this change occurring. Geopolitical events are driving prices of fossil fuels higher, and supply chains are getting reset with old ones atrophying and new ones tentatively trying to emerge.
Oil-consuming regions are being forced to accelerate the transition to non-fossil green fuels. Oil-producing areas are seeing this transition and are preparing their economies for a future world in which fossil fuels will no longer be the major energy source.
It is a period of frenetic change and economic activity. Innovation and new technologies are driving this transition. It is a change that will be comparable to the shift of humanity from the horse cart to the automobile.
Try and look at this transition towards sustainable development with a long-term lens. The change could be accompanied by short-term pain. The pain should not be construed as de-growth but a shift with old ways giving way to new ones.
You can already see the stirrings of this change. Renewable power-linked industries, for instance, are rapidly growing. The transportation sector is becoming greener.
There is no need for despair or fearing this change. It is best to embrace it.
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Climate change: Financial Risks and Opportunities