The Green Economy: Driving Future Growth
30 June 2023 — Most of us understand going green as reducing the usage of single-use plastics and supporting businesses that adopt sustainability practices. However, beyond the change in consumer behaviour, there is a system that has been growing: an economy born from the desire to preserve and conserve the environment, which has been slowly and surely changing the way businesses work, called the Green Economy.
The United Nations Environmental Programme describes the Green Economy as one where economic development is balanced with care for the environment. The Green Economy is also characterised by an economy that is minimal or net-zero carbon, resource-efficient and socially inclusive. The Green Economy, a term first coined in 1989 by a group of environmental economists in a report for the government of the United Kingdom, has gained traction internationally and is growing stronger.
The Growth of the Green Economy
Although the definition of the Green Economy can be summarised quickly in a single paragraph, its influence and the way it has affected how businesses work cannot be understated. Businesses and working adults alike will feel the effects. One change driven by the Green Economy is the creation and development of jobs that focus on going green.
Associate Professor Chai Kah Hin, Vice Dean of the NUS College of Design and Engineering, highlights that although job industries related to the Green Economy have been present for many years, the movement has gained momentum in recent years. One major event spurring the adoption of green practices was the Paris Climate Agreement in 2015. During the international treaty meeting, various governments set top-line targets for reducing emissions, as well as reporting and tracking the results of their efforts.
Associate Professor Chai Kah Hin speaking to participants of the Asia Fellowship Programme during its inaugural run in June 2023 at the NUS Kent Ridge campus.
In the process of reducing overall carbon footprints, many companies have adopted sustainability methods, such as purchasing and deploying energy-efficient technologies and services in their operations as well as critically examining on how to cut down scope 1, 2 and 3 emissions. This has led to the demand for professionals to manage, track and provide solutions to reduce carbon footprints.
As technologies and system processes advanced, the Green Economy brought about new industries that were previously non-existent, such as carbon accounting, carbon credit trading, certification, and verification. These new industries present new ground for individuals to break into and become industry leaders.
One other factor that has contributed to the overall growth of the Green Economy is its consistent presence. Assoc Prof Chai points to the stages of technology adoption in the rise of the Green Economy.
“Technology adoption can be divided into five segments: innovators, early adopters, early majority, late majority, and laggards. The Green Economy has passed the early adopters segment and is entering the early majority segment.”
Assoc Prof Chai highlights that this would be an opportune time for businesses to embrace the Green Economy as the high risks associated with the early adopter stage would appear to be largely over. The opportunities that arise with the early majority segment are currently emerging and are relatively untapped. Thus, it is an opportune time for companies to pursue green opportunities vigorously.
Dr. Johaness Widodo (Main frame left) and Associate Professor Chai Kah Hin (Center), with participants from the Asia Fellowship Programme
The Need for Upskilling/Reskilling of Workers in the Green Economy
The arrival of the Green Economy can also be in existing roles, requiring the current workforce to develop green skills or be left behind. From civil engineering to supply chain management, the heat is on for current workers, regardless of the industry they are in, to have skills relating to the Green Economy.
“In five years, Green Economy skillsets such as estimating emissions in one’s operations as well as implementing measures to reduce them will become commonplace. They might even become part of the core competencies expected of most individuals in the workforce, much as digital skills are today,” shares Assoc Prof Chai.
With all the positives of increased market demand for Green-Economy-centric roles, and the creation of new jobs and career opportunities, how can one leverage on these changes to maximise the opportunities brought about by the rise of the Green Economy? Workers need to accept and embrace the change that is already underway, to be in a better position to meet the demands of this economy and become more aware of the opportunities that come knocking.
Preparing for the Green Future
To access these career opportunities, one first needs to have the skills or educational foundation for these fields. Assoc Prof Chai shares that NUS has already moved into position to help learners equip themselves for the Green Economy, providing knowledge and skillsets through various educational offerings, including short courses, certifications, and even graduate degrees. NUS has also updated existing programme curricula and launched specialisations such as climate analytics.
“So far the response has been encouraging,” states Assoc Prof Chai. “Established programs such as the Master of Science in Building Performance and Sustainability and the Master of Science in Environmental Engineering are seeing renewed interest from local and overseas students.”
Ultimately, climate change is impacting every country and its populations, albeit in different ways. The wheels are already in motion, and everyone will be experiencing the impact of climate change in the years to come. This underlines the urgency for our world to focus on decarbonisation.
Regardless of the industry we are in, we need to have an awareness of the Green Economy and how it will impact our work and lives in the years to come.
NUS Postgraduate by Coursework Masterclass Series 2023
Conceptualised as a series of talks by NUS academics and experts on how individuals can prepare for the Future Economies (as identified by SkillsFuture Singapore), the NUS Postgraduate by Coursework Masterclass Series 2023 (NUS PGCMS 2023) aims to attract learners, engage them and make them aware of the opportunities offered by NUS’ featured self-funded postgraduate by coursework programmes.
Extending on the Postgraduate by Coursework Fair 2022’s theme “Become a Master of the Future Economies”, the NUS PGCMS 2023 will be focusing on programmes classified under the following future economies:
- Digital
- Care
- Green
- Industry 4.0
The following speakers will be presenting Masterclasses on topics relating to the Green Economy:
- Professor Chandra Sekhar, Programme Director, MSc. (Building Performance and Sustainability): Grand Challenges in Creating Sustainable and Resilient Healthy Buildings
- Dr Sachin Vinayak Jangam, Programme Co-Director, Master of Science (Energy Systems) Programme: Energy Systems and the Environment: Powering the Green Economy
- Associate Professor Eddie Lau Siu Kit, Programme Director, Master of Science (Environmental Management) Programme: Urban Energy: Promoting a Healthy Lifestyle for Hungry Cities
Other industry experts and NUS lecturers will be speaking on key topics relating to the remaining three Future Economies, ranging from artificial intelligence and virtual reality in strategic communication to maritime transformation as well as innovation as a driver for economic growth.
For more information about the NUS PGCMS 2023 and to register for the event, click here: https://www.gevme.com/site/NUS-PGCMS-2023