The World Bank has urged countries to pursue green growth which can be inclusive, efficient, affordable and above all necessary to sustain economic expansion in years ahead, according to a statement issued by the bank which was available by media on Wednesday.
Rachel Kyte, World Bank vice president for sustainable development said in a conference call held on Tuesday that over the past 20 years, the world has made enormous progress in reducing poverty and improving people's livelihood. However, sometimes progress comes "at the expense of the environment."
In the future, she added, countries need "more inclusive" and " greener" growth in order to sustain economic expansion which would benefit more people.
Kyte noted green growth is not a luxury which can only be afforded by the developed world, but "something which any country can embrace now, and any country can start to factor into their growth patterns going forward."
In a report released in Seoul Wednesday, the World Bank emphasized greening growth, which is critical to achieving sustainable development, must focus on the policies and investments that need to be made within the next five to 10 years, to avoid getting locked into unsustainable paths, damaging policy reversals and costly public health consequences.
The World Bank said it strongly supports incorporating natural capital into national accounts and will be seeking country commitments at the United Nations Rio+20 Summit to be held in Brazil next month./.