Uluslararası. Ekonomik Sorunlar. Uluslararası. Ekonomik Sorunlar

Uluslararası Ekonomik Sorunlar Ekonomik Sorunlar Uluslararası Uluslararası Ekonomik Sorunlar Yıl: 11 Ağustos 2011 Mithat RENDE Fourth UN Conference on the Least Developed Countries (9-13 May 2011, Istanbul) - A Case of Global Conscience for the Entire International Community ISSN 1306-8431 42 Nathalie GIROUARD The Green Growth Strategy: Reshaping the OECD s Work Agenda for the Years to Come Peter KEARNS OECD s Chemicals Programme: Improving Safety and Efficency K. Gülsün BOR GÜNER Uluslararası Para Fonu (International Monetary Fund-IMF) Fırat BAYAR Expanding Structural Conditionality of International Monetary Fund (IMF) Programs Sayı: 42 Yıl: 11 Ağustos 2011 Zafer ATEŞ Küresel Enerji Sisteminde Köklü Dönüşüm İhtiyacı Fourth UN Conference on the Least Developed Countries (9-13 May 2011, Istanbul) - A Case of Global Conscience for the Entire International Community ISSN 9 771306 1306-8431 84300 4

Uluslararası Ekonomik Sorunlar ISSN 1306-8431

Uluslararası Ekonomik Sorunlar dergisi Yıl: 11 Sayı: 42 Ağustos 2011 Sahibi T.C. Dışişleri Bakanlığı adına Mithat RENDE Büyükelçi, Çok Taraflı Ekonomik İşler Genel Müdürü Sorumlu Yazı İşleri Müdürü Naciye Gökçen KAYA Çok Taraflı Ekonomik İşler Genel Müdür Yardımcısı Vekili Yönetim Adresi: T.C. Dışişleri Bakanlığı Balgat - ANKARA Tel: 0312 292 16 06 Faks: 0312 292 27 85 E-posta: gkaya@mfa.gov.tr - ilker.dagdeviren@mfa.gov.tr Tasarım Uygulama Baskı Hazırlık Karınca Ajans Yayıncılık Matbaacılık Meşrutiyet Cad. 50/9 Kızılay - Ankara www.karincayayinlari.com Tel: 0312 431 54 83 Faks: 0312 431 54 84 Baskı Afşaroğlu Matbaası Kazım Karabekir Cad. Altuntop İşhanı No: 87/7 İskitler / Ankara Tel: 0312 384 54 88-384 54 98 Faks: 0312 384 54 98 E-posta: farukafsar@gmail.com Baskı Tarihi: Ağustos 2011 ISSN: 1306-8431 1306-844X (e yayın) Üç Ayda Bir Yerel Süreli Yayın Olarak Yayımlanır. Ücretsizdir. Bu dergide yayınlanan gözlem ve görüşler değerli yazarlara aittir. Dışişleri Bakanlığı nı bağlamamaktadır.

İçindekiler 5 7 17 29 43 71 89 Sunuş Mithat RENDE Fourth UN Conference on the Least Developed Countries (9-13 May 2011, Istanbul) - A Case of Global Conscience for the Entire International Community Nathalie GIROUARD The Green Growth Strategy: Reshaping the OECD s Work Agenda for the Years to Come Peter KEARNS OECD s Chemicals Programme: Improving Safety and Efficency Zafer ATEŞ Küresel Enerji Sisteminde Köklü Dönüşüm İhtiyacı K. Gülsün BOR GÜNER Uluslararası Para Fonu (International Monetary Fund- IMF) Fırat BAYAR Expanding Structural Conditionality of International Monetary Fund (IMF) Programs

Sunuş Değerli Okurlar, Uluslararası Ekonomik Sorunlar Dergisi nin yeni yazı işleri sorumlusu olarak dergi tasarımına ilişkin yaptığımız ve beğeneceğinizi umduğumuz bazı değişikliklerle 42. sayıda sizlerle birlikteyiz. Dergimizin bu sayısında ilginizi çekeceğini umduğumuz konularla karşınıza çıkıyoruz. Bu sayımızda ilk olarak, 9-13 Mayıs 2011 tarihlerinde İstanbul da ülkemizin ev sahipliğinde düzenlenen Birleşmiş Milletler En Az Gelişmiş Ülkeler IV. Konferansı hakkında dergimizin sahibi Çok Taraflı Ekonomik İşler Genel Müdürü Büyükelçi Mithat Rende nin bir makalesi yer almaktadır. Makalede, sözkonusu konferansta En Az Gelişmiş Ülkelerin sorunlarına çözüm bulmak amacıyla önümüzdeki on yıllık dönem için alınan kararlar ile bu sorunlara ışık tutmak üzere Türkiye nin ortaya koyduğu yeni vizyon ve katkılar anlatılmaktadır. Ardından, Mayıs 2011 OECD Bakanlar Konseyinde oluşturulan, büyüme ile refahın sürdürülebilir ve yeşil bir yolla devam ettirilmesine önemli katkılarda bulunacak Yeşil Büyüme Stratejisi konulu makaleye yer verilmiştir. Uluslararası Ekonomik Sorunlar 5

Üçüncü makalede, OECD Çevre, Sağlık ve Güvenlik Bölümü çalışanı Peter Kearns kimyasalların güvenlik ve etkinliğinin geliştirilmesi bağlamında OECD Kimyasallar Programı nı ele almıştır. İzleyen makalede, OECD Daimi Temsilciliğimiz Müsteşarı Zafer Ateş enerji güvenliği ve çevresel boyutlara odaklanarak, düşük karbonlu bir enerji sisteminin gerçekleştirilebilirliğine ilişkin senaryo ve öngörüleri paylaşmaktadır. IMF nin son dönemdeki reform çalışmalarının ülkemiz açısından sonuçlarının değerlendirmesini Vaşington Büyükelçiliğimiz Ekonomi Müşaviri K.Gülsün Bor Güner in makalesinde bulmanız mümkündür. Güner, makalede, Uluslararası Para Fonu nun (IMF) kuruluşu, mali yönü, organizasyon yapısı ve üye ülkelerle ilişkileri hakkında da ayrıntılı bilgi sunmaktadır. Dergimizin bu sayısında son olarak, Ljubljana Büyükelçiliğimizde görev yapmakta olan İkinci Katip Fırat Bayar ın kaleme aldığı makalede ise IMF destekli programlarda yapısal koşulluluk konusunda aydınlatıcı bilgilere yer verilmiştir. Yeni sayımızda tekrar buluşmak dileğiyle. N. Gökçen KAYA 6 Uluslararası Ekonomik Sorunlar

Fourth UN Conference on the Least Developed Countries (9-13 May 2011 Istanbul) - A Case of Global Conscience for the Entire International Community Mithat RENDE Ambassador, Director General for Multilateral Economic Affairs, MFA, Turkey Climate change, water scarcity, food and energy security, population growth and eradication of poverty present a matrix of the main challenges that the world needs to address in this era of globalization. Rising affluence, rapid urbanization, continued population growth have led to an increase in the demand for fundamental resources needed by all to maintain life. This brings with it growing tensions over scarcer resources. The principles of sustainable development present a new development paradigm. It is different than what developed countries have experienced during the 20th century. Using resources more efficiently in production and consumption, while at the same time managing to be pro-poor and pro-mdgs has become the main target. While globalization offers both opportunities and challenges for humanity, it is also widely acknowledged that peace and security, economic and social development as well as environmental protection Uluslararası Ekonomik Sorunlar 7

Mithat RENDE The principles of sustainable development present a new development paradigm. It is different than what developed countries have experienced during the 20th century. Using resources more efficiently in production and consumption, while at the same time managing to be pro-poor and pro- MDGs has become the main target. are interdependent and indivisible. Global problems require global solutions. They cannot be solved at a national level. Long term international as well as regional cooperation is necessary. Strong political will of individual countries is also essential if we are to meet these challenges, successfully. In this vein, it is the joint responsibility of the international community to eradicate poverty, which is one of the main problems that the world has been facing with. Solidarity, cooperation and partnership with the poorest segment of the world community, are not only moral imperatives but also economic, political and security requisites. The Least Developed Countries (LDCs) represent the poorest and weakest segment of the international community. Extreme poverty, the structural weaknesses of their economies and the lack of capacities related to growth, often compounded by structural handicaps, hamper efforts of these countries to improve the quality of life of their people. The current list of LDCs includes 48 countries; 33 in Africa, 14 in Asia and the Pacific and one in Latin America. Only three countries have been able to graduate from the list so far: Bostwana, Cape Verde and Maldives. In the late 1960s, the United Nations began paying special attention to the LDCs, recognizing those countries as the most vulnerable of the international community. The International Development Strategy for the second United Nations Development Decade for 8 Uluslararası Ekonomik Sorunlar

Fourth UN Conference on the Least Developed Countries... the 1970s incorporated special measures in favour of the LDCs. In order to generate international attention and action to reverse the continuing deterioration of the socio-economic condition of these most vulnerable countries, the First United Nations Conference on the LDCs was held in Paris in 1981. It adopted a comprehensive Substantial New Programme of Action (SNPA) for the 1980s for the LDCs. To continue focus on the need for special measures for these countries, the Second United Nations Conference on the Least Developed Countries (LDCII) was held in 1990, also in Paris, adopting the Paris Declaration and the Programme of Action for the LDCs for the 1990s. The Third United Nations Conference on the Least Developed Countries (LDCIII) was held in Brussels, hosted by the European Union from 14 to 20 May 2001. The United Nations General Assembly, in its resolutions 64/213, December 2009 and 65/171, December 2010 decided to convene the Fourth UN Conference on the Least Developed Countries (LDCs), this time, in Istanbul, Turkey, on 9-13 May 2011. The current list of LDCs includes 48 countries; 33 in Africa, 14 in Asia and the Pacific and one in Latin America. As an emerging development partner for the LDCs Turkey is actively engaged in raising awareness in the international community and of contributing to the efforts for finding solutions to the pressing problems of the LDCs. Turkey firmly believes that it is a collective and shared responsibility to help the LDCs, not just because it is a moral and ethical imperative, but also because global peace and security is directly linked with global sustainable development. Turkey is of the view that Uluslararası Ekonomik Sorunlar 9

Mithat RENDE as long as the increasing marginalization of the LDCs continues, no one can expect to prosper in peace and security in the world. Turkey firmly believes that it is a collective and shared responsibility to help the LDCs, not just because it is a moral and ethical imperative, but also because global peace and security is directly linked with global sustainable development. That s why Turkey has attached great importance and eagerly hosted the Fourth United Nations Conference on the Least Developed Countries, in Istanbul, on 9-13 May 2011. The Conference has constituted a significant step forward in addressing the problems confronted by the Least Developed Countries and represented the political will and determination of the Heads of State and Government of the member states, the leaders of the International Community and other stake holders. It has been possible to draw up the parameters of a renewed and strengthened global partnership to find lasting solutions to the complex challenges of the LDCs in the next decade. The conference gave an opportunity to inform the international community about all these global challenges, such as poverty, food security, energy security, the adverse effects of the climate change, etc. Turkey attributed special importance to enhance international public awareness on these issues. Turkey has highlighted that all people have the right to benefit from global wealth and prosperity; it is in the interest of all to deal with global challenges and poverty. It is a moral obligation of the global community as well. There is a need for a paradigm of development so as to achieve sustained, equitable and balanced growth for all, In this context, the Istanbul Conference has been different from all previous conferences. This once 10 Uluslararası Ekonomik Sorunlar

Fourth UN Conference on the Least Developed Countries... a decade event was for the first time held in a developing country. Also for the first time it has been comprised of several dimensions, including the Parliamentarian Forum and the Intellectual Forum. Within the framework of the private sector track, a high level meeting on investment and partnership, a business forum and a trade fair were organized. Turkey recommended such events form part of the conference, to draw upon the different experiences across the sectors. From the outset, Turkey has committed itself not only to host the Conference but also to contribute to its substance by taking active part in the preparatory process and the negotiations of the outcome documents. Turkey has worked to the best of its ability to achieve a successful conclusion. There is no doubt that, it has been possible through a long preparatory process with the participation of all the stakeholders. The conference was successful also with regard to the level of attendance. 36 Heads of State and Government, 96 Ministers and 66 Presidents of International Organizations attended the Conference. A total of 8,931 people were accredited to the Conference. Together with many off-site activities, the number of participants have exceeded 10.000. Such a highnumber of attendance has been a testament to the priority and dedication the international community has given to the LDCs. The press coverage and social media coverage highlighting the key issues addressed during the conference has been quite extensive, too. The civil society and the media have greatly contributed to sensitizing the international public opinion to the challenges faced by the LDCs. Turkey has attached great importance and eagerly hosted the Fourth United Nations Conference on the Least Developed Countries, in Istanbul, on 9-13 May 2011. Uluslararası Ekonomik Sorunlar 11

Mithat RENDE As a result of all these efforts an Istanbul Declaration as well as a comprehensive Istanbul Program of Action have been agreed upon. The Istanbul declaration confirms and further strengthens the commitments of the international community and the development partners to the LDCs. It sets out a cooperation framework and the responsibilities of the UN system, including the international institutions, developed countries as the development partners, developing countries within the context of South-South Cooperation and LDCs themselves. The Istanbul Program of Action, on the other hand, is a detailed document that contains actions to be taken up and delivered by 2020 both by the Least Developed Countries and the development partners to achieve sustained and equitable growth by the LDCs. Targeting the 48 LDCs with a total population of nearly 900 million people, the Istanbul Program of Action primarily aims to eradicate extreme poverty and hunger. The 50 pages document seeks to address wider concerns and covers areas such as investment, technology, tourism, education, health, agriculture, climate change and food security more extensively. It underlines the importance of regional cooperation and integration and also highlights the role of women in the development. Turkey believes that the sustainable development of the LDCs is vital to the world peace and stability. Drawing its strength from the global solidarity and partnership, the Istanbul Program of Action will serve as a guiding document for development. The core elements of the Istanbul Program of Action are more ODA commitments, enhanced access to trade, improvement of the productive capacities of the LDCs and promotion of investments towards this aim. The Brussels Programme of Action has been criticized for not yielding the desired results and for lack of efficient monitoring. In 12 Uluslararası Ekonomik Sorunlar

Fourth UN Conference on the Least Developed Countries... the Istanbul Programme of Action, a special emphasis has been made on monitoring. Negotiations essentially focused on trade, investment and Official Development Aid (ODA) at the Conference in Istanbul. While the target of ODA was set as 0.15-0.2 per cent of the GDP in the Brussels Programme of Action, it remained at 0.09 per cent on average. LDCs which have natural resources such as petroleum and mineral resources recorded a growth rate of nearly 7 %. On the other hand, growth rate of more than half of the LDCs remained below 2 % or they have recorded negative growth rate. Furthermore, 400 million people in the LDCs live under extreme poverty conditions. Despite that, developed countries abstained from additional financial commitments in the Conference, however, they strongly reaffirmed their ODA commitments of Brussels Programme of Action and also have declared their intention to elevate the level of their commitments after 2015. The main elements of the Istanbul Programme of Action consists of increasing the productive capacity of the LDCs focused on infrastructure, manufacturing, energy, science, technology and innovation, agriculture and rural development and to this aim providing technical and financial assistance as well promoting the role of private sector. Doubling the share of the LDCs in the world trade until 2020 is another important goal of the Istanbul Program of Action. It has been agreed to promptly implement the decisions within the framework of WTO regarding the duty free/quota free market access for LDCs and to regulate the rules of origin regarding the imports from LDCs to facilitate The Istanbul declaration confirms and further strengthens the commitments of the international community and the development partners to the LDCs. Uluslararası Ekonomik Sorunlar 13

Mithat RENDE the market access. It has been foreseen to increase the share of LDCs in the Aid for Trade mechanism and widen the scope of the assistance given to Enhanced Integrated Framework. Drawing its strength from the global solidarity and partnership, the Istanbul Program of Action will serve as a guiding document for development. In the Istanbul Programme of Action, there are new elements such as increasing the access of women and girls to education and health services, enhancing the economic opportunities for women, increasing the role of women in the decision making process, gender mainstreaming and empowerment of women. Ensuring the participation of youth in the economic and social life as well as decision making processes, are also new elements of the Programme of Action. Providing technical and financial assistance to the LDCs for fighting against economic shocks, and also to continue to transfer recourses and concessional credits through IMF, World Bank and regional development banks is another priority issue for the LDCs. Also a new element is about immigration and immigrant remittances. There are new clauses in the Istanbul Programme of Action on how to transfer these in the most efficient way to the LDCs economies. Comprehensive transition measures, particularly for the trade, for the LDCs graduating from the status, are also envisaged in the new Programme of Action. In the Istanbul Program of Action, a special emphasis is given to monitoring the implementation and the delivery of the commitments. There is no doubt that the primary responsibility for their implementation will lie with the LDCs, themselves. However, the support of the development partners and the international community should always be present. It is expected that the member states, parliaments, civil society, 14 Uluslararası Ekonomik Sorunlar

Fourth UN Conference on the Least Developed Countries... private sector, intellectuals all assume an active role in monitoring the implementation of the Istanbul Program of Action and the delivery of the results against the commitments made at the Conference. Turkey will contribute to this process by allocating 5 million USD for the monitoring of the implementation of the Istanbul Program of Action. Furthermore, Turkey has also expressed its readiness to host a Mid- Term Review Conference of the Istanbul Program of Action, Istanbul, in 2015. During the conference, Prime Minister Erdoğan announced Turkey s Economic and Technical Cooperation Package for the LDCs, as the host country of the UN LDC IV. Accordingly, Turkey will be making available a total of 200 million USD annually to LDCs, starting in 2012. This will be used for technical cooperation projects and programs as well as scholarships. Turkey as a developing country has many success stories and experiences to share with the LDCs. It is because of this, that we believe we have much to offer to the LDCs. Turkey aims to increase the level of its direct investment to the LDCs, particularly from the private sector, to a total of 5 billion USD by 2015 and even strive for increasing this amount to 10 billion USD by 2020. Turkey will be making available a total of 200 million USD annually to LDCs, starting in 2012. This will be used for technical cooperation projects and programs as well as scholarships. Turkey as a developing country has many success stories and experiences to share with the LDCs. Turkey s contributions to the Istanbul Programme of Action have concentrated on the areas such as, increasing productive capacities, strengthening the role of private sector in the development, improving the instruments for investment incentives, tourism, reducing the risk of disaster and disaster management, Uluslararası Ekonomik Sorunlar 15

Mithat RENDE fight against desertification, forestry and afforestation, dry land management, empowerment of women in social life and economy, increasing education opportunities, vocational training, especially for girls and increasing job opportunities for young people. We believe that the Istanbul Program of Action will create a new momentum for an accelerated, sustained, inclusive and equitable economic development in the LDCs. In this regard, Turkey is committed, ready and willing to do its part in assisting in the development process of the LDCs. Lastly, Turkey is prepared to host an International Science, Technology and Innovation Center and an International Agriculture Center dedicated to the LDCs. 16 Uluslararası Ekonomik Sorunlar

Green Growth Strategy: Reshaping the OECD s Work Agenda for the Years to Come Nathalie GIROUARD OECD Green Growth Strategy Co-ordinator 25 May 2011 Launch of the Green Growth Strategy at the OECD Ministerial Council Meeting Angel Gurría, OECD Secretary-General and Kim Hwang-sik, Prime-Minister of Korea. Source: OECD/Julien Daniel The success of green growth will depend on whether it is a shared global agenda. Many developing countries are not yet fully equipped to introduce new greener policies and tap into the benefit of a green future. Tremendous institutional and capacity development efforts are needed to help them get ready. - Angel Gurría, OECD Secretary-General, Global Green Growth Summit, Seoul, Korea, 20 June 2011 Two years of intensive cross-cutting work culminated in the delivery of the Green Growth Strategy in May 2011 at the OECD Ministerial Council Meeting. The Green Growth Strategy consists of Towards Green Growth, Towards Green Growth: Measuring Progress OECD Uluslararası Ekonomik Sorunlar 17

Nathalie GIROUARD Indicators, Tools for Delivering on Green Growth and Towards Green Growth: A Summary for Policy Makers. The crisis has convinced many countries that a different kind of economic growth is needed. In response, many governments are putting in place measures aimed at achieving more balanced and sustainable growth over the long term. The Green Growth Strategy is the OECD contribution to support these important efforts. Why Green Growth? Green growth means fostering economic growth and development while ensuring that natural assets continue to provide the resources and environmental services on which our well-being relies. Green growth must drive investment and innovation, in order to sustain growth, giving rise to new economic opportunities. Green growth is imperative because risks to development are rising as growth continues to erode natural capital. It is becoming increasingly costly to substitute physical capital for natural capital. For example, if water becomes scarcer or more polluted, you need more infrastructure to transport and purify it. Secondly, we cannot always foresee the trajectory of erosion or irreversable decline. Some fish stocks, for example, have suddenly and sharply collapsed after declining at a slow pace for several years. A return to business as usual would be unwise and ultimately unsustainable, involving risks that could impose human costs and constraints on economic growth and development. Business as usual could lead to increased water scarcity, resources bottlenecks, air and water pollution, climate change and biodiversity loss which would be irreversible. Green growth has the potential to address economic and environmental challenges and open up new sources of growth through 18 Uluslararası Ekonomik Sorunlar

Green Growth Strategy: Reshaping the OECD s Work Agenda for the Years to Come various channels such as productivity (incentivising efficiency), innovation (enabled by policy and framework conditions), new markets (stimulated by demand for green technologies), confidence and stability (through balanced macroeconomic conditions). Pursuing green growth policies and frameworks should protect economies from adversaries of growth such as resources bottlenecks and imbalances in natural systems. Good economic policy lies at the heart of any strategy for green growth. A flexible, dynamic economy is likely to be best for growth and enable the transition to a greener growth path. Greening growth will require much more efficient use of resources to minimise environmental pressures. Efficient resource use and management is a core goal of economic policy and many fiscal and regulatory interventions that are not normally associated with a green agenda will be involved. And in every case, policy action requires looking across a very wide range of policies, not just traditionally green policies. Green growth has not been conceived as a replacement for sustainable development, but rather should be considered a subset of it. It is narrower in scope, entailing an operational policy agenda that can help achieve concrete, measurable progress at the interface of the economy and the environment. It provides a strong focus on fostering the necessary conditions for innovation, investment and competition that can give rise to new sources of economic growth, consistent with resilient ecosystems. Towards Green Growth provides an analytical lens for understanding the need to move to green growth and the suite of policies that will be needed to achieve this. It outlines an actionable policy framework which can be tailored to different national circumstances and stages of development. It considers the political economy challenges that will need to be addressed to promote reform, as well as the need for labour market and skills policies to ensure a smooth and just transition. Uluslararası Ekonomik Sorunlar 19

Nathalie GIROUARD The Green Growth Strategy is first and foremost a growth strategy. The report provides an economic rationale for moving toward green growth, and shows that it can deliver benefits in the form of new sources of growth and jobs from innovation and the emergence of green markets and activities. There is no one-size-fits-all prescription for implementing strategies for green growth. Greening the growth path of an economy depends on policy and institutional settings, level of development, resource endowments and particular environmental pressure points. Advanced, emerging, and developing countries will face different challenges and opportunities, as will countries with differing economic and political circumstances. Matching green growth policies and poverty reduction objectives will be important for adapting this framework to emerging and developing countries. There are important complementaries between green growth and poverty reduction, which can be capitalised on to help drive progress towards the Millennium Development Goals. Given the centrality of natural assets in low-income countries, green growth policies can reduce vulnerability to environmental risks and increase the livelihood security of the poor. Adapting the framework to provide country-specific recommendations will be part of future OECD work on green growth. Green growth policies require a matching framework, definitions and comparable data to measure progress. While OECD work on green growth indicators is still in progress, Towards Green Growth: Monitoring Progress OECD Indicators puts forward an important measurement agenda. The indicators work is essential for operationalising green growth strategies. Indicators need to send clear messages which speak to policy makers and the public at large. The indicators report develops four areas that 20 Uluslararası Ekonomik Sorunlar

Green Growth Strategy: Reshaping the OECD s Work Agenda for the Years to Come capture the main features of green growth: (i) environmental and resource productivity, (ii) economic and environmental assets, (iii) environmental quality of life, and (iv) economic opportunities and policy responses. A first assessment across some of these measures shows that while there are significant differences between countries, GDP growth tends to outstrip growth in environmental inputs into the production system. However, improved environmental productivity is not necessarily accompanied by absolute decreases in environmental pressure or the sustainable use of some natural assets. How will green growth affect employment? Greening growth will see new jobs created, including skilled jobs in emerging innovative green activities. But some jobs will be at risk, so there is a need to facilitate the re-allocation of workers from contracting to expanding sectors and firms such as those that replace polluting activities with cleaner alternatives or provide environmental services. The scale of adjustment should not be overstated. For example, significant reductions of greenhouse gas emissions can be achieved with only limited effects on the pace of employment growth. Indeed labour market performance can improve if revenues from carbon pricing are used to promote labour demand. Furthermore, this does not take into account the positive impact on employment as a result of strategies fostering sources of green growth. Green innovation Innovation plays a key role in greening growth by breaking dependence on established ways of doing things and helping to decouple growth from natural capital depletion. Uluslararası Ekonomik Sorunlar 21