SHILLONG, AUG 1: World economies have grown and been developed in terms of and in relation to their GDP. Many countries developed during these 20 years but questions have remained unanswered: What kind of development have we had? What has really happened in past 20 years? Developed countries became wealthier but not happier. Under developed countries haven’t become either wealthier or healthier.
The gaps between the ‘haves’ and ‘have – not’ has increased. The state of nature, natural resources, the quality of water and the air are on a downward spiral and have reached a peak of peril.
To bring back the economies to a state of balance, the Green Economics Institute, UK was instituted. The Institute organized its 8th Annual Conference at Oxford University and Oxford Union on The Economics of Resilience, Survivability and Sustainability, Rethinking and Reforming Economics and Fixing Global Finance from 17th to 20th of July 2013.
Dr. Natalie West Kharkongor, a faculty of IIM Shillong attended the Conference and presented a paper on “Sustainability Reporting” as a sine qua non for balancing global economy in the present day.
During the presentation Dr. Natalie coined the word ‘Sustain – Ability’ from the word Sustainability and has defined ‘Sustain – Ability’ as “to sustain the ability to cater to the needs of the present as well as the future generations”. She opined that this is feasible as long as we meet the need and not the greed of mankind.
Dr. Natalie during the course of presentation at Worcester College, Oxford University emphasized that a green activity adds value to the ecosystem and hence carries remuneration.
Accordingly Dr Natalie styled the incentive as “Jyrngam Benefits”. Jyrngam is a Khasi word which means green. It also means sustainability, hope, life, and future. Jyrngam Benefits refers to incentives in cash or in kind provided by the Government or any Institution to public sector, private sector, households and civil society for a green activity or for any contribution towards enriching biodiversity or maintaining ecological balance.
“The benefits can be fixed after assigning a specific value to a green activity,” Dr Natalie said adding that the four identified areas are environment, economic, social, and governance.
The fixation of “Jyrngam Benefits” will vary from place to place, from sector to sector and from activity to activity. Dr Natalie concluded her presentation by saying that the mentioned benefits will motivate every stakeholder to contribute to making this world a green, balancing, and healthy place to live in.(SP News)
