The colors of the economy and how they contribute to the goal of sustainable development

Orange, green and blue are some of the colors in which economic activities have been classified.

Six years ago, world leaders established a series of global goals in order to eradicate poverty and protect the planet through a sustainable agenda. In total there are 17 goals proposed by the United Nations (UN).

Over time, mechanisms have been incorporated that allow institutions to comply with these parameters. This is how, at the economic level, new forms of financing and classification were added before the destination of the funds.

The colored economy seeks to focus activities through common elements that are associated with one or several sectors. In addition, it seeks to modify linear consumption models.

The colors of the economy are:

Verde: They are associated with activities that seek to help the environment by reducing environmental risks.

Azul:the importance of the seas and oceans is highlighted, they are placed as the engine of the economy.

Yellow:They focus their productive activities on technology and science, aiming at reducing production costs in this area.

Rojo:consumerism, which although it does not classify it as something bad, does warn that it can be without thinking about the consequences.

Orange:activities related to intellectual property, art and culture.

Gris:legal activities that evade taxes or fiscal review correspond.

Negro: it focuses on illegal activities such as terrorism, drug trafficking, among others.

Violet:activities that promote gender equity are promoted.

silver:older adults become the economic engine.

Precisely in Ecuador, spaces are opened for both citizens and companies to contribute with some type of economy, mainly those that are in favor of the environment.

“Financial institutions can have a huge effect, mainly by motivating and encouraging their clients to invest in sustainable projects, providing suitable conditions and an attractive offer, and assuming a share of risk,” said Katarina Zdraljevic, head of the Environmental Management Unit. from ProCredit Bank.

It provides three areas where banks can become an ally to support a green economy, this is through incentives for green investments, agreements with sustainable actors that become beneficial for customers and finally motivate by example.

Based on this classification, other products have also been incorporated, such as thematic vouchers. These are financial credits that are used to finance projects in accordance with their purpose. For example, green bonds target environmentally friendly projects.

In the same way, orange and blue bonds are known. Social bonds are also promoted to finance projects aimed at improving social welfare.