Constructing Meanings of a Green Economy: Investigation of an Argument for Africa’s Transition towards the Green Economy

Foci of a Green Economy 
Natural Capital 
Following from scientific proof of ecological degradation and the logic that capital was pre-
viously misallocated in economies, Green Economy reasoning understands this misallocation to 
be the result of a failure by markets to recognize the true value of biodiversity ecosystem services 
(ten Brink et al. 2012). The solution for correcting this short-sightedness, as proposed by Green 
Economy orators, is for the recognition, efficient allocation and fair distribution cost and bene-
fits of the caretaking or damaging of natural benefits (ten Brink et al. 2012). Essentially, what is 
needed is a structural transformation of the economy. For this, efforts to financially account for 
and price nature must be made, allowing a better integration into the market structure and main-
streaming it in the financial sector – recognizing the value of “natural capital” (Pearce et al. 1989, 
ten Brink et al. 2012, UNEP 2011).
Hence, nature in many Green Economy texts is discussed in terms of exchangeable, public 
ecosystem services and goods. Attempts to put a price to the range of provisioning, regulating, 
cultural and supporting services (e.g. freshwater, pollination, recreation and nutrient cycling re-
spectively) abound (ten Brink et al. 2012). Nature therefore is mainly viewed as the base of the 
Green Economy - a provider and supplier that must be maintained, built up and invested into as 
it not only sustains human well-being but is also a source of employment in the long run. For the 
Green Economy, forestry, agriculture, freshwater and fisheries are the most important natural 
capital sectors to undergo ‘greening’ so as to ensure its successful achievement, particularly for 
rural areas in developing countries with high poverty indices. Thus, embarking on path of refor-
estation, sustainable agriculture, temporary reduced fishing effort and efficient water manage-
ment are among the main recommendations made (UNEP 2011).