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Ultimately, you can use both factions at the same time.
So just pick what you feel comfortable and enjoy the game!
The Eco faction is concerned with eco balance, so having a high eco balance will generate more tax revenue from your citizens. They usually also have more "clean energy" and production chains, which help keep eco balance in check.
The tycoons, however, don't care about eco balance so much, so they use "dirty" power production and manufacturing. The benefit is their production is generally more efficient than the ecos, at the cost of eco balance.
And as Hannibal said above, later on in a game it wont' matter because you get access to all 3 factions. So it really depends on how you like to start. I personally like the New Eden faction more than Global Trust, but your mileage may vary.
Thanks !
At which point they become extremely dependent on uranium.