For a long time, humankind has been dependent on conventional resources to propel their development. But the finite nature of such resources has created a demand and supply gap in this world which has resulted in a variety of problems that include discrepancies in development, war mongering, ill-effects on environment etc. Two important reasons behind the need for environmentally friendly economic growth are as follows –
(1) Environment-friendly economic growth reduces environmental pollution and hence is important as environmental quality affects all species on earth.
(2) Environment-friendly economic growth will arrest the rapid depletion of conventional resources. Finite nature of conventional resource forms like fossil fuels makes it imperative that resources are conserved to expand the time span of usage.
Various methods can be applied to practice an environmentally friendly economic growth. One such method is the process of substitution. Development of substitutes is a major principle of resource conservation. Non -renewable energy resources like fossil fuels may be substituted with renewable energy resources.
