The environment and the economy: from sustainability to green growth

The environment and the economy: from sustainability to green growth

The current paper argues that framing the environment as an asset of society to be conserved presents a challenge to the notion of substitutable capital. The paper states that while it is reasonable to assume that certain elements of natural capital can be substituted for by investment in produced capital, it is also reasonable to assume that there is a limit to this possibility.

The authors notice that sustainability is compounded by climate change; however, a few economies are particularly vulnerable to the impact of both climate events and of climate change response measures. Moreover, this is further exacerbated by socioeconomic vulnerability as reflected by a high dependence on the production and export of natural resources and other environmentally sensitive commodities.

The paper also points that climate resilience crucially depends on income per capita and education, and these are in short supply in the poorer regions; that is why they will be more affected by the climate than richer regions.

In the final analysis, the authors conclude that climate change cannot be wished away, and the only option is to get ready for it. In this context, it makes sense to help the poor get prepared as they are in a significant way the victims of the production and consumption patterns in rich countries.


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