Sustainable economic development is the practice of developing economic strategies that meet present needs without compromising the ability of future generations to meet their needs. It integrates economic growth with environmental integrity and social well-being.
This concept is essential in the framework of climate agreements like the UNFCCC because it aims to harmonize global development efforts with environmental conservation.
Principles of Sustainable Development:
- Economic Viability: Projects and policies should be economically sustainable, generating income and employment.
- Social Equity: Development should be inclusive, aiming to reduce poverty and inequality.
- Environmental Sustainability: Practices should minimize negative environmental impacts and support long-term ecological health.
By incorporating these principles into climate policies, sustainable economic development helps in creating resilient infrastructures, fostering innovation, and ensuring that progress benefits both people and the planet.