GEOS2121 Lecture Notes - Lecture 7: Green Economy, Falafel, Green Growth

• School: University of Sydney
• Department: Geoscience
• Course: GEOS2121
• Professor: Sophie Webber

Document Summary

Conflicts between a growth-based capitalism and the environment: we need new models to solve these conflicts, however, economists are not blind about the environment. Aka: sustainable growth, green growth, green economy (greenwashing) (cid:1006)(cid:1004)(cid:1005)(cid:1004): unep defi(cid:374)es a g(cid:396)ee(cid:374) e(cid:272)o(cid:374)o(cid:373)(cid:455) as o(cid:374)e that (cid:396)esults i(cid:374) (cid:862)i(cid:373)p(cid:396)o(cid:448)ed hu(cid:373)a(cid:374) (cid:449)ell(cid:271)ei(cid:374)g a(cid:374)d so(cid:272)ial e(cid:395)uit(cid:455), while significantly (cid:396)edu(cid:272)i(cid:374)g e(cid:374)(cid:448)i(cid:396)o(cid:374)(cid:373)e(cid:374)tal (cid:396)isks a(cid:374)d e(cid:272)ologi(cid:272)al s(cid:272)a(cid:396)(cid:272)ities(cid:863) 1989: blueprint for a green economy is the first series of attempts to: raise global awareness about the environment. Identify how economists can contribute to environmental solutions, rather than degradation. To be sustainable, the book highlighted 3 key policy areas to apply concepts of environmental economics: environmental valuation (valuing ecosystem services and incorporating externalities, creating market for ecosystem services (pes: payment for ecosystem services) Incorporating externalities into corporate processes: account for the environment (natural capital, accounting for the economy does not take into account of the costs and effects on environment, ex. Environmental economics is primarily about addressing market failures.