The Canadian economy is experiencing specific changes that make it efficient and productive; the shifts are reflected in the prospects for sustainable development. First, explaining the essence of sustainable development in the economy is necessary. Namely, sustainable socio-economic development nowadays is one of the most critical points for the progression and growth of the economy. The phenomenon’s essence lies in maximizing economic and social benefits from the development of the national financial system. The conditions for protecting the environment and ensuring, in the long term, the reproduction of natural resources are also taken into account. In the economic sense, sustainable development means the growth of the national economy and the increase in per capita and the improvement of all elements of social security. Based on this definition, it can be stated that the modern approach to sustainable development is closely related to the green economy and industry phenomenon. So, the processes within the phenomenon of sustainable development and its connection with the green economy are necessary to discuss.
Sustainable development as an economic idea has several specific advantages and disadvantages that should be reviewed first. Namely, there are two matters that are critical to sustainable development. The first is that economic growth alone is not enough to solve the problems of the state economy. Economic, social, and environmental aspects within society and the market are interdependent. Hence, consideration of only one of them at the expense of others at some point leads to erroneous judgments and incorrect results. Paying attention to, for example, only one specific gross profit in history has led to social and environmental damage that is expensive to society in the long run. However, environmental care and the provision of services that the population of the country needs, in many respects, depend on economic resources, which means that they need to be recycled within the market (Thacker et al., 2019). Therefore, this necessity comes from the very idea of a sustainable development economy.
The interdependent nature of sustainable development highlights a requirement for an approach that transcends boundaries, both geographical and institutional, so that one can coordinate strategies and make the proper decisions. Financial problems can rarely be contained within a prescribed authority area, such as in one government agency or a single site. In turn, intelligent solutions require cooperation to be part of the decision-making process. Thus, the sustainable development approach provides a centralized association of all available economic, production, industrial and social resources and, importantly, cooperation within a single financial system.
Next, it would be logical to study how the green economy becomes the foundation of sustainable development strategies based on the preceding. Most interpretations of the green economy recognize that ecosystems, the economy, human well-being, and related capital are closely linked. This fact makes green economic models the most compelling element of the sustainable development system. The priority of environmental factors in solving the problem of people’s existence in conditions of limited resources implies the effective use of existing extraction, processing, and exploitation of resources within the economy. In Canada, green economic models within the framework of sustainable development have shown their effectiveness in the mining industry (Gueye et al., 2020). Thus, the green economy is a fundamental element for a growing economy within a limited resource market since it increases its efficiency, according to the framework of the sustainable development approach.
Environmentally oriented economic and infrastructure programs, influencing private business in order to adapt it to a system of sustainable growth and a green economy, are extremely important for modern Canada. The old methods of economic development and maintaining the stability of the economy are outdated and proved to be highly inefficient. The green direction of economic growth, as well as progressive economic and social strategies for the development of the public financial sector, require precise planning based on a green economic model (Bagheri et al., 2018). The experience of the past decades of economic transformation has shown that providing sustainable products to a promising niche market of green entrepreneurs for consumers is not enough (Bagheri et al., 2018). Thus, to change patterns typical of Canada, clear strategic planning for sustainable development with a focus on recycling and renewable resources is needed.
The same can be said about fair trade advocates if one concerns with the global market. It is worth noting that the green nature of the concept of sustainable economic development provides for the global, external nature of economic cooperation at the level of interethnic interaction (Liu et al., 2018). As a result, environmentally oriented economic, social, and state programs should be the pushing force for producers and consumers in a more promising direction of economic development.
To conclude, the application of the concepts of sustainable development and green economy in the domestic economic system of Canada demonstrates the opportunities for the stability of the economy. Focusing on improving the quality of life, the availability of material and social benefits, economic interaction, sustainable economic growth, and infrastructure for sustainable development improves the country’s economic prospects. Thus, Canada must support the emerging tendencies and sustain them for further growth.
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Gueye, E. H. M., Badri, A., & Boudreau-Trudel, B. (2020). Sustainable development in the mining industry: Towards the development of tools for evaluating socioeconomic impact in the canadian context. Environment, Development and Sustainability, 23(5), 6576–6602. Web.
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Thacker, S., Adshead, D., Fay, M., Hallegatte, S., Harvey, M., Meller, H., O’Regan, N., Rozenberg, J., Watkins, G., & Hall, J. W. (2019). Infrastructure for sustainable development. Nature Sustainability, 2(4), 324–331. Web.