40.    Green growth, pioneered in the Republic of Korea and other countries, aims to foster economic growth and development while ensuring that natural assets and environmental services are protected and maintained. The approach places a premium on technology and innovation — from smart grid systems and high- efficiency lighting systems to renewable energies including solar and geothermal power — as well as on improving incentives for technology development and innovation.

41. Through an emphasis on technology and innovation, various forms of cooperation and the social environment and institutional framework for low-carbon and sustainable society, green growth provides multiple options for countries and the global community to realize the vision. It can shape strategies for a response to climate change by reducing carbon emission through the development, improvement and deployment of various renewable energy sources and efficient energy use. At the same time, it can stimulate economic growth and equip an economy with better tools to cope with rapid demographic changes by fostering green businesses and accompanying synergy effects, and generating green jobs. It can also help a society to tackle resource scarcity and improve the environment and natural assets, including ecosystems and biodiversity, through improved and enhanced natural asset and resource management.

42. Green growth strategies are also able to produce a more resilient growth model, more capable of withstanding external shocks — whether related to climate, energy, food, resources or sudden demographic change. Green growth could also facilitate greater involvement of all relevant stakeholders as its successful implementation requires such participation and cooperation. When tailored adequately for each country, locality or region according to its needs and situation, and complemented with social protection to ensure more inclusivity and stability, green growth could provide a comprehensive approach to realizing sustainable development.