Book Title: Innovative Approaches in Multidisciplinary Research and Development (IAMRD)
Chief Editors: Dr. Anil Kashinath Salunke and Dr. Rituraj Pant
Associate Editors: Prof. (Dr.) Sourav Madhur Dey and Dr. Amrutha Satheesan
Co-Editors: Dr. Souvik Sur and Dr. Phakir Singh
ISBN: 978-93-7183-004-1
Chapter: 5
DOI: https://doi.org/10.59646/708/5
Author: Dr. Jagdish Kumar Sahu
Abstract
As environmental problems are becoming more severe and climate change is gaining momentum, sustainable economic models are becoming more important than ever, and they must be combined with state-of-the-art technology. Green economics is centered on sustainable growth that is environmentally friendly, emphasizing sustainable economic and ecological development, and artificial intelligence (AI) is becoming an effective means of helping with such a transition. The research paper delves into the potential of AI to contribute to the progress of green economics, with particular attention to achieving sustainability outcomes, optimize resource use and monitor the environment in various industrial fields. The method of the study is a mixed method: quantitative data on energy use, emissions reduction, and metrics of energy efficiency supplemented by qualitative data from policy reports and forethought analysis of sustainable technologies and environmental economics. The results reveal a substantial difference in the degree of AI implementation for sustainability goals by developed regions and large enterprises, which has better technological infrastructure, investment ability and regulatory support, and developing regions. Nevertheless, AI-powered solutions have played a pivotal role in achieving sustainable growth, optimizing energy consumption, lowering carbon footprints, enhancing supply chain efficiency, and facilitating real-time environmental monitoring. Furthermore, there are conflicting views on the influence of AI on sustainability, with the perception of benefits in urban and technologically developed areas being in the form of efficiency and innovation, as opposed to cost-effectiveness and green options in less developed regions. The paper also addresses policy suggestions and frameworks for fostering the transition towards green transformation through AI, such as investments in network infrastructure, incentives for sustainable innovation, and the creation of ethical AI governance frameworks for environmental applications. The findings of this study provide a compelling testament to the transformative power of AI in green economics, offering insights into how technology can drive smarter, more informed decision-making practices that foster sustainable growth, safeguard the environment, and build economic resilience. This comparative study offers a wealth of insights for policymakers, environmental economists, and technology developers seeking to incorporate AI into sustainable development frameworks. Results are valuable to the broader body of literature on green finance and AI for sustainability as they provide evidence-based recommendations for the implementation of green technologies at scale and equity.
Keywords: Green Economics, Artificial Intelligence, Sustainable Growth, AI for Sustainability, Environmental Economics, Carbon Reduction, Energy Efficiency, Smart Technology, Climate Change, Green Innovation