Colour codes are essential in organising, segmenting and creating visual correlations and connections to concepts. There are colour codes that help us relate to different economic times and climes relating to sustainability.
Let me take you right in;
The brown economy: This term is used to describe an economy that is fossil dominated, thereby contributing heavily to greenhouse gas emissions. This economy features giant oil companies. Biodiversity is particularly negatively affected as a result of pollution of air and water. It focuses on exploiting the finite resources of the earth, and the overall impact of this economy beyond driving corruption is seen in the high death rate.
The Yellow Economy: This term describes an economy that is fixated on solving its challenges, improving efficiency, and effectively allocating costs and resources by deploying science and technology. It is focused on driving productivity through research and innovation. This approach directly impacts the environment, as there is always a drive to innovate upward.
The Orange Economy: This term describes an economy driven by creativity. Here, the circular economy easily thrives because creative and tech-driven entrepreneurship is the driver of the economy. Recycling and upcycling of items are driven by creativity. The items are produced to be eco-friendly and sustainable.
Blue Economy: Does the colour blue point you to the skies or seas? The term blue economy describes the conservation and exploitation of marine habitats. It understands the importance of water to all life and focuses on effectively managing water resources. It also points to the need to conserve the aquatic habitat long impacted by pollution and the impact of greenhouse gases on the atmosphere. It is a pointer to the need for sustainable and equitable economic activities in coastal and aquatic areas.
Green Economy: The green economy describes low-carbon, socially inclusive, and efficient resource allocation to attain ecological balance. Attaining a green economy is a global focal point as this is a key driver of resource efficiency, sustainable production and consumption. This economy prioritises using clean energy for power generation, drives low carbon emissions and supports biodiversity.
Now that you understand the colour codes of various economies, we shall further dig into the green economy in our subsequent article.