New 'journey of hope' will create economies of the future

A new vision for Regenerative Good Growth will create green economies of the future whilst protecting the planet, international researchers have revealed.

Scientists from the University of Essex, WWF-UK, Iceland, Kenya, Germany, USA, and Japan have spelled out their vision for a new “journey of hope”.

The project led by Professor Jules Pretty, from the School of Life Sciences urges nations to abandon gross domestic product (GDP) and focus on a new measure – Regenerative Good Growth.

The long-established GDP counts on all output within a country – regardless of the environmental impact.

Improve nature and society

The paper, by 29 authors from 12 nations, says leaders should instead focus on patterns of economic activity that provide essentials that improve nature and society.

Such as the stocks of natural resources like forests, sustainable built infrastructure, the skills of its population, and cultural capital – like science or law.

It is hoped Regenerative Good Growth will move economies away from ‘bad growth’ which shifts the cost elsewhere on a finite planet.

'Infinite growth on a finite planet is logically impossible'

Professor Pretty said growth should not come at the expense of the natural world.

He said: “All over the world, politicians and business leaders seek more economic growth.

“But infinite growth on a finite planet is logically impossible. Something has to break.

“We show that a fast and just transition from bad growth that has harmful and hidden side effects to regenerative good growth can help create jobs, recover nature, cut greenhouse emissions and reduce inequality.

“The green stuff works.”

The paper, published in Sustainability, says the practices underpinning RGG have already created business opportunities and jobs, while delivering sharp falls in costs.

Fast transitions to Net Zero and social tipping points are also emerging in the agricultural, energy, and city sectors.

Six countries run on 100% renewable

As it stands at least six countries now run on 100% renewable energy - saving money, increasing good growth and cutting carbon emissions.

Away from Iceland, Norway, Albania, Costa Rica, Paraguay and Uruguay nations like Portugal, Greece and Spain are on track to reach 90% by 2030.

However, such major changes need to bring the public with them whilst acting quickly.

“Tackling global challenges always requires joint effort,” said Dr Erik Jacobi, from the Essex Business School.

“People should feel inspired about the many positive changes that they can make in their daily lives to motivate them to come together and join forces.

“The concept of regenerative good growth, especially with its focus on just transitions, therefore, represents a journey of hope that looks to bring people along as opposed to make them feel left behind.”

'GDP is like a blockbuster video store'

To do this a mindset shift is required from leaders, to ensure the planet is protected whilst protecting jobs and industry.

Professor Leanne Hepburn, from the School of Life Sciences, said: “GDP is like coal mines or blockbuster video stores – old and outdated.

“RGG is a new paradigm to create jobs, recover nature, cut emissions and reduce inequality – we can live within planetary boundaries – this paper helps show us the way.”