Towards Green Economy:

Abstract

Libya is primarily concerned with the green economy as it relies on a single source of national income and a single source of energy. It loses its national income source as industrial countries abandon fossil fuels and replace them with environmentally friendly alternative energy sources. Therefore, Libya must begin the battle for green economy transformation, and policymakers need to develop strategies for a rapid and safe transition to sustainable green development. This research outlines the basic framework for green economy transition strategies by reviewing other countries' experiences and theoretical studies. It proposes a temporal and financial transformation plan that includes three paths to achieve the green economy transition. The first path involves reducing emissions by using natural gas instead of oil fuel and introducing carbon capture systems in polluting systems. The second path suggests increasing the contribution of zero-emission technologies in the energy mix, such as solar energy, wind energy, and hydrogen. The third path involves enhancing negative emission environmental systems like reforestation and algae cultivation, localizing renewable and environmentally friendly energy industries, and facilitating investment in zero and negative emission projects. This path also aims to achieve sustainable development by utilizing oil in petrochemical industries, which will generate more revenue and jobs than burning it for energy production. To implement this strategic plan, $8.3 billion needs to be allocated for installing carbon capture systems on all electric power plants, plus approximately $7 million in annual payments for maintenance and operation. Additionally, around $39.5 billion is required to establish concentrated solar power plants and use them as a sustainable clean fuel instead of fossil fuels, with annual payments for operation and maintenance estimated at approximately $735 million. Furthermore, about $2.1 million is needed for investment in negative emission environmental systems such as forests, and around $2.5 million in annual payments for managing approximately 20,400 hectares of forests, which will achieve net-zero carbon for the current electric power industry.