Tuesday, 3 January 2017

Green economics: sustainability funding

an article by Natalie West Kharkongor (Affiliation(s) not known) published in International Journal of Green Economics Volume 10 Number 2 (2016)


The paper begins with the present scenario of the world economy. The paper explains the concept of a new branch of economics, green economics, which focuses on both value-in-use and value-in-exchange and gives importance to the regeneration of individuals, communities and ecosystems.

The paper reflects the practical application of green economics, which is broader than environmental economics and may be able to provide an answer to our future problems. In a world where value is expressed in terms of money, assigning a monetary value to externalities is a significant contribution. Hence, the paper emphasises the importance of sustainability funding.

First, it explains the need for ecology pricing and its feasibility. Furthermore, the paper stresses the need to create a separate pool of funds for sustainability by imposing an ecology cess much like the Swachh Bharat Cess (Clean India Collection) introduced in India recently for certain services to clean up the environment.

The paper concludes with empirical evidence, suggesting a separate legislation to raise necessary funds for the purpose of enriching biodiversity and maintaining ecological balance.

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