What do you do if economic growth is jeopardizing environmental sustainability?

Economy and environment are not mutually exclusive. It is often "how" economic growth is counted and communicated that is inconsistent with sustainability. Economists have developed tools to account for the use of natural capital, but national accounts and income statements do not reflect the real cost of growth. Policies, such as negative real rates, are adopted to boost short term growth, disproportionately discount the future. Let's internalize externalities i.e., the real cost of growth by adopting economic cost-benefit analysis of policies and projects. Stock markets and global temperatures mirror Charles Dickens quote "It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness..."

When economic growth threatens the environment, shifting to sustainable consumption and production is vital. These policies aim to decouple growth from environmental harm, enhance resource efficiency, and promote sustainable lifestyles. Sustainable public procurement is crucial, as it drives innovation and sets sustainable standards. Exploring alternatives to growth fixation, like ecological economics and de-growth, prioritizes well-being over capital accumulation, ensuring a sustainable future.

The Economy is a sub-set of its environment. Whatever resultant the economy produces (Positive or Negative) in the environment in which it evolves from, will determine its sustainability in time. Hence, Mar the environment, and the economy growth is marred. Make the environment, and the economy growth is made. Its a cause-effect relationship.

Les pouvoirs publiques jouent un rôle indispensable dans la prise en compte des enjeux environnementaux dans les activités économiques et sociales, d'autant qu'ils sont souvent diffus, indirects ou se manifestent à long terme. Cette action peut prendre plusieurs formes complémentaires : - économique (fiscalité, subventions, mécanismes de marché) - réglementaire (normes, obligations, restrictions) - services et investissements publics - culturel (narratif politique, communications, name&shame). Une analyse préalable des conditions de mise en oeuvre de ces actions et de leurs conséquences économiques et sociales (compétitivité, pouvoir d'achat des ménages, existence de solutions alternatives...) est essentielle pour garantir leur réussite.

A key challenge is managing the externalities associated with an economic activity. An efficient way of balancing the sustainability externalities associated with an industry with its added value or profitability is to price the externalities. Charges on emissions, resource use for example are a good first step. The use of carbon taxes through an emissions trading scheme is a good example assuming the carbon price in the scheme is sufficiently high.

While I acknowledge the importance of economic incentives in promoting environmental sustainability, I believe that relying solely on these measures might not address the root causes of environmental degradation. Tax breaks and subsidies can encourage businesses to adopt eco-friendly practices, but they may also lead to superficial changes without genuine commitment to sustainability. Eg. The proposed construction of the Lamu coal-fired power plant in Kenya received significant backlash from environmentalists due to concerns about its potential environmental While the government provided incentives for the project, including tax breaks, its argued that the emphasis on economic incentives overlooked the long-term environmental consequences

Economic growth and environmental sustainability mean different things in different contexts. Industrialisation across Africa is very different to Europe - same for decarbonization. A multi-linear approach is needed to answer these sorts of questions

economic growth and sustainability are uneasy bedfellows whichever way you look at it -- we aren't there in terms of circular economy, and clean options at this juncture come with their own baggage and costs. That's regardless of the incentives and penalties imposed because again it comes down to who pays and then you end up with a bad version of pass the parcel

When incentives are not properly assessed, they fail to serve their purpose. Without any proper regulatory framework, any proof of concept, no matter how incentivised, will find it hard to be established. For many consumers and investors, regulatory measures will be the out and out incentive to look out for. Regulatory measures might take away the short term, first mover advantage, but will more than offset this by providing sustainable benefits over the longer run.

In Islam, regulatory measures are seen as a form of hisbah, ensuring social welfare and preventing public harm. Pollution limits and conservation mandates echo the Shariah imperative to prevent fasad. Fair enforcement aligns with justice (adl), and such regulations can drive innovation, resonating with Islam's encouragement of resourcefulness and betterment. Still they must be designed in an effective manner without undue bureacracy.

É necessário estabelecermos limites para que as instituições tenham que seguir, eventualmente pode ser que a falta de uma diretriz soe como um “façam o que quiser”. Diretrizes na qual haja limites, com o cuidado de não favorecer mais um setor do que o outro.

Regulatory measures are policies, laws, and regulations enacted by governments to address specific issues or concerns, including those related to environmental sustainability. These measures establish standards, requirements, and enforcement mechanisms to protect the environment, conserve natural resources, and mitigate pollution.

Regulator measures such as introducing more pollution permits are a reasonable way to incentivise firms to move away from environmentally-damaging means production and towards more sustainable alternatives. A point of concern with pollution permits is that they must be set at a substantial price to ensure market leaders can't exploit them. Pollution permits can also be more efficiently allocated if thay are privately traded between firms rather than government issued. As a result the pollution a firm creates, the higher its demand for permits - driving up price. Ultimately, the negative externalities firms create through their production processes can thus be cancelled out and internalised into their costs of production.

Sometimes we tend to have generational bias and stick to old methods when it comes to "educating people". Education needs to be subtle and not preachy. Work with influencers and use language and communication methods that the public can easily relate to.

From my personal experience as an entrepreneur in Uganda, I've witnessed the transformative power of educating consumers about the environmental impact of their choices. By offering eco-friendly tourism options, such as responsible wildlife viewing and sustainable accommodations, I've seen firsthand how informed consumers prioritize sustainability. This shift in consumer behavior not only benefits the environment but also creates a market-driven push towards eco-friendly practices. Through initiatives like eco-labeling and educational campaigns, I've observed how businesses can empower consumers to make informed decisions that align with their values, ultimately contributing to both ecological preservation and economic growth.

Consumer education is essential for ensuring that consumers are presented with a variety of options and the necessary information. This can be accomplished by highlighting hidden costs, such as through environmental labels (which are currently applied on appliances in the EU, and see the Eco-Score attempt for food products). We might also clarify crucial topics to consumers, such as product provenance and different kinds of certifications. For example, eating seasonal, local, and certified organic fruits and vegetables is better for the environment. As a result, well-informed customers will demand sustainable products.

Consumer education plays a crucial role in promoting environmental sustainability by raising awareness, empowering individuals to make informed choices, and encouraging environmentally-friendly behaviors.

Sem dúvidas a educação do consumidor e da sociedade quanto à sustentabilidade e seus aspectos é fundamental. É no ato da educação que se estabelece uma conscientização sobre o meio ambiente e toda a sua amplitude. Através da (re)educação do consumidor, poderão ser desenvolvidas estratégias de oferta e consumo, onde o mesmo conheça a sua pegada ecológica e possa contribuir para um ambiente mais sustentável.

From an Islamic viewpoint, global cooperation for sustainability is a reflection of the concept of "Ummah," emphasizing collective responsibility and mutual assistance. Islamic finance supports wealth creation that does not compromise future generations' needs, aligning with debt sustainability a key forgotten aspect among the Sustainable Development Goals and major impediment we have to deal with.

Engage Grass Roots Education It is important to start by educating young generation from early childhood level. Education at homes. Continous environmental education, awareness and advocacy on various media platforms e.g. vernacular radio & you tube voice and video clips. Continous traditional councils public participation. If the entire society can start to understand the importance of the environment, everyone will be the defenders of the environment. Education is Power.

Global cooperation is essential for addressing shared environmental challenges and promoting sustainability on a global scale.

International through the local agencies for change, are the cornerstone of any desired course outcome. Perhaps it is the social intimacy, that are often overlooked and neglected, when critical policy decisions are made. The local adaptation and adjustments for the international agencies blue print, must be gauged and demonstrated, by ratification and policing method.

Global cooperation should be an objective in order to protect the environment, which is a Global Public Good. In doing so, we should exercise caution to prevent the free-rider dilemma while also considering compensation for emerging countries attempting to catch up while adhering to increasingly rigorous environmental standards.

Investment in innovation is crucial for driving progress in environmental sustainability by developing and deploying new technologies, practices, and solutions to address pressing environmental challenges.

Investir dans l'innovation verte est essentiel pour une économie durable. Il faut prioriser le financement de la R&D dans les technologies renouvelables, l'efficacité énergétique, et les procédés industriels bas carbone. Les gouvernements doivent inciter les investissements privés dans ces domaines via des crédits d'impôt, des subventions, et en garantissant un cadre réglementaire stable. La collaboration entre les secteurs public et privé est cruciale pour accélérer le développement et le déploiement de technologies durables

Investing in new ideas and technology to protect the environment and make communities more resilient to climate change. This could mean developing renewable energy sources, creating better farming methods, or improving ways to predict and respond to environmental challenges.

We need to utilize blended finance to fund high risk innovative initiatives. Currently, investors are mostly risk averse and tend to avoid new business models.

Alinear las políticas económicas, sociales, de movilidad y, en general, todas aquéllas que directa o indirectamente repercuten en el medioambiente, de tal forma que no se produzcan contradicciones ni incoherencias, es la mejor forma de abordar el problema de sostenibilidad. España es un ejemplo de falta de coordinación y alineación de políticas. Baja productividad, problemas de conciliación laboral y energéticamente dependientes del petróleo que importamos (y que por tanto no contribuye a la riqueza nacional). Todo esto en un contexto de cambio climático, mientras el teletrabajo se extingue, no se incentiva y desde la administración no se fomenta.

Conversely asking “what do you do if *lack of environmental sustainability* jeopardizes economic growth?” helps put other answers into perspective. Given the general short-term horizon of decision-making, overcoming the “tragedy of the horizons” is a must through responsible policy-making to ensure prosperity in the long (medium!) run. The 2023 update of the planetary boundaries framework of Rockström et al. finds 6 of the 9 boundaries transgressed, “suggesting Earth is now well outside of the safe operating space for humanity.” We simply won’t meet sought growth rates without an intact biophysical foundation. Increasing extreme weather and other climate impacts, just one of the boundaries, are already exacting a massive economic toll.

We as a species have failed in prioritising long term sustainability over instant gratification. What used to be luxury a few years back is now a norm. We must have a global monitoring framework which no one can't escape. This framework must separate out 'needs' from 'wants' and penalise consumption of 'wants'. It can be similar to a GST system which is implemented via a carbon credits mechanism. Blockchain might help in its tracking. Another approach can be to have incentives for people who don't consume non environment friendly things. They can get life time social security while others do not get that. But this implementation is quite tricky as one cannot track everyone. All said and done. Nobody is really serious.

This year's World Economic Forum proposed Gross Ecosystem Product - an alternative to measuring Gross Domestic Product - by adding in accounting for effects on environment. What gets measured is taken seriously

-Éducation verte : Intégrer le développement durable dans les programmes éducatifs pour sensibiliser et former. - Consommation responsable : Promouvoir des choix de consommation verts et éthiques auprès des individus. - Économie circulaire : Favoriser le recyclage et la réutilisation pour réduire les déchets et l'exploitation des ressources. - Agriculture durable : Soutenir les pratiques agricoles qui préservent les écosystèmes et la biodiversité. - Mobilité verte : Investir dans les transports publics écologiques et encourager l'usage de véhicules propres.