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Study Guide Exam II

Links social and environmental justice o

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Links social and environmental justice o Disproportionate environmental hazards for poor Polluter pays Company pays for environmental damage “The Debt of the Nations” Precautionary Principle Not taking action if the process could be potentially harmful towards environment Stern Report Mexico doesn’t want to import corn because they don’t know if GMOs are bad Intergenerational Equity Rees: Sustainability in economy MC Metha (Bern Johnson) Environmental lawyer and environmentalist that started his own mini ELAW in India Protects environment and basic rights to clean air and clean water EIA Environmental
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Environmental Economics Sustainable business Basal convention—global treaty on waste management Promotes efficiency not sustainability The Economists—Trade is not the enemy, more money means people can pay for things to help the environmental Four basic principles (Ackerman) o Grandchildren’s lives are important o We need to buy insurance for the planet o Climate dangers are too valuable to have prices o Some costs are better than other ones Focuses on what humans want today Dismisses natural limits Economic growth is assumed as good for environment Ecological Economics Assumes natural limits are real and resilience of ecosystems are in danger Steady-state economy (Daly) Sustainability as resilience (Arrow) Resource extraction+ waste must be less than or equal to rate of regeneration Externalities Cost of environmental degradation Debt of Nations (Sirnivasan) Cap-and-Trade Cost-Benefit Analysis (Arrow) cost-benefit analysis is premised on the notion that the values to be assigned to programs—favorable or unfavorable—should be those of the affected individuals, not the values held by economists, moral, philosophers, environmentalist Issues o Difficult to calculate environmental cost o Discounts the long term problems o Non-market value o Who benefits? Who pays cost? Tellico Dam (snail darter) Cost-benefit analysis was inaacurate because there is no way to predict the effect of the loss of the snail darter o It effects an ecosystem in ways that cannot be calculated What is the price of an extinct species? What are ramifications in its ecosystem Triple Bottom Line (people, planet, profit) (Paul Hawkins) Natural Capitalism o Approach: Protect biosphere & improve profit & competition; dramatically inverse productivity of natural resrouces Wal-Mart Effect (Laura Strohm; think Wal-Mart buying organics) If a large business changes its policies it can have a wide spread impact on industry Stern Report
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Action now would cost GDP 1% Without action up to 200 million people could become refugees if their homes are hit by floods caused by the rising sea level If no action is taken o Melting glaciers could cause water shortage for 1 in 6 of the worlds population o Wildlife will be harmed—at worst 40% of species could become extinct o Droughts may create 10s or 100s climate refugees First report about the dangers of environmental degradation done by an economist over a scientist
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