Developing countries and sustainable development
“Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs”. There are several serious problems that the world is facing today such as water and food supply crises, extreme volatility in energy and food prices, rising greenhouse gas emissions, severe income disparity, chronic fiscal imbalances and terrorism, environmental mismanagement or inequality, or both. Aside from the chronic fiscal imbalances that mostly concern the developed economies, developing countries are the most vulnerable to all of these risks. The key question is if environmental goals can be reconciled with growth and poverty reduction in the developing world. Theoretically, these goals can indeed be pursued simultaneously in a mutually reinforcing way through green and inclusive growth.
Problems and issues
Nowadays, developing countries face particular challenges in designing and implementing sustainable development strategies. Many factors undermine developing countries development.
Firstly, the potential economic and social impacts of environmental degradation are particularly important for developing countries. They are the most vulnerable to climate change and tend to be more dependent than advanced economies on the exploitation of natural resources for economic growth.
Secondly, not only many developing countries face severe economic, social and ecological threats from energy, food and water insecurity to climate change and extreme weather risks; but they also face risks from premature deaths due to pollution, poor water quality and diseases associated with a changing climate. So, in order to abolish these miseries solutions should be taken and actions should be implemented.
Solutions and recommended actions
First of all Government expenditure to shift away from activities that waste, overuse or degrade environmental assets because such a disabling environment makes green investments less competitive.
Then, more effective enforcement of legislation is required, particularly in green investment because weak enforcement reduces long-term investor and market confidence and gives little incentive for most businesses to improve.
After that, developing countries are advised to Shift science, research, educational and training priorities to support the transition to a green economy because new knowledge and skills will be needed for government decision makers, professionals and workers, down to local levels; the structural employment and institutional changes required may also warrant support for the fair transitional costs of organizations and their employees.
Furthermore, it is crucial to create enabling conditions for psychological and behavior change. That is to say, framing green growth as a social goal, narrowing choices towards greener approaches, nudge techniques to help people make better decisions on those choices, and tailoring information to match with stakeholder incentives and approaches to learning.
Finally, developing worlds should facilitate businesses to fully integrate sustainability and equity concerns, through provision of information and coordinating research on potential opportunities, especially to adopt best available technologies and meet standards, enabling technology access through reducing trade barriers where necessary. Related to that it is important to provide finance or Public Private Partnerships that share risk and cover upfront costs, and improving accountability.