REM 321 Chapter Notes - Chapter 1: Ozone Depletion, United Nations Environment Programme, Market Failure

• School: Simon Fraser University
• Department: Resource & Environmtl Mgmt
• Course: REM 321
• Professor: Jonn Axsen

Document Summary

1970: environmental protection agency was created: in u. s. to respond to air & water pollution. 1972: first international conference on environment; human environment: stockholm. 1992: un conference on environment and development (unced: rio de janerio, brazil, major global issues: ozone depletion, forest/wetland destruction, species extinction, ghg accumulation, climate change. 1992: unep reports that global environmental problems have continued or worsened: ozone depletion is an exception. 1997: kyoto protocol is for nations to commit on reducing ghg emissions. 2015: paris agreement contains a goal keeping global temperatures to below 2c above pre-industrial levels. Main principles of environmental economics: 1) theory of environmental externalities, 2) optimal management of common property and public goods, 3) optimal management of natural resources over time, 4) economic valuation of environmental goods and services. Economists know that externalities must be considered in a market"s costs & benefits. Market failure: externalities, allocation of common property resources & public goods.