Economic diversification is the method of moving the economy from a single source of income to several references from an increasing number of sectors and markets. The policy for promoting sustainable economic growth and progress has historically been applied. In the sense of responding to climate change, a new significance is being thought of as a policy for diversifying from insecure goods, economies, and employment to low carbon and more environment-resilient income streams.
The goal of WTFI is to foster awareness of economic diversification and the production and dissemination of relevant information tools to help all parties, mainly developed countries, take informed adaptation steps.
Practice on economic diversification will lead to Parties ‘and organizations’ efforts to:
- Exchange perspectives and resources in designing and disseminating economic recovery initiatives, methodologies and instruments;
- Exchange experience and lessons gained from economic diversification, including how institutional ability can be built and how economic diversification can be incorporated into plans for sustainable development, in particular those which foster sustainable economic growth and poverty eradication.