Monday 23 September 2013

Innovative Financial Advisors Pvt .ltd - Sustainable Development: The need of the hour



According to a native American proverb, 'We do not inherit the earth from our ancestors. We borrow it from our children'. This quote conceptualizes the essence of sustainable development. Development which is eco-friendly, long-lasting and not emergent of mindless exploitation of natural resources but which is the resultant out of their effective and efficient use.

Why is the need of the hour? Why is it that it has gained this importance? Sustainable development is not only about the importance of the environment but about economic and social gain too. For example, burning of fossil fuels and deforestation are undoubtedly harming the environment but the effects of rising carbon dioxide which could have been stored in the forests by tress as a 'sink' is simply absent and (as was calculated by the World Bank) costs about 3.7 lakh crore or 5.7% of India's GDP. Further, when thousands of lives are lost because of the same pollution, it is not just a shocking demographic statistic but an enormous loss of human capital/resource. The Climate Vulnerable Forum estimates that "the cost of climate change and air pollution combined will rise to 3.2% of global GDP, with the world's least developed countries forecast to bear the brunt, suffering losses of up to 11% of their GDP". Clearly the development pattern which most countries have been following is a damaging one. It is a vicious cycle which starts will ill practices which lead to ill effects which cost us greatly. This is why sustainable development is the need of the hour.

Sustainable development is about human development. Development which is in the best interests of the present generation but does not compromise the interests of the future generations. So how can sustainable development address the fundamental challenges which we face? The foremost step which would have to be taken is to build eco-friendly technology for energy use. India's energy requirements for example are still heavily dependent on fossil fuels. There must be a shift to less harmful but stable energy sources such as nuclear technology and investment required and market built for renewable energy such as solar, wind and hydro-electric power. This is the future energy scenario which countries must strive for. It may be argued that the energy harnessed from them is not enough but this shortcoming is only limited to the technological ability we possess. Therefore investment in these technologies is imperative. These are the practices of the 'future'. Sustainable development also means empowering people to make smart decisions. In a country where there is mass scale

 ignorance, this becomes a challenge. Therefore making people aware and environmentally conscious and impart livelihood practices (such as those displaced by big projects) is not only important in itself but has long term economic and social ramifications. Sustainable development cannot just be a governance idea but has to be an individual decision too. Individually we can say no to plastic, spread awareness; collectively we can plant more trees, develop rain water harvesting techniques. At the government level it can build smaller dams, invest in public transport, use CNG for vehicles and develop more efficient waste disposal/management techniques. These are all viable practices for now.



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