Universal Basic Income (UBI) has shifted from a radical agenda to a relevant policy proposal, especially since the pandemic · UBI could have positive environmental impacts, such as reducing status-based consumption and facilitating more sustainable food practices · UBI must be introduced in a way that complements other policy shifts towards environmental protection and social justice
Ecological economics focuses on the need for human economic activity to not extend beyond our ecological ceiling whilst providing prosperity for all. It differs from neoclassical (more traditional) forms of economics in that there is not an emphasis on growth but rather ensuring planetary and societal welfare through redistributive and regenerative systems. Some current day examples of economic frameworks that use ecological economics are degrowth (Hickel & Kallis) and Doughnut Economics (Kate Raworth).
Doughnut Economics is an ecologically safe and socially just economic model developed by the economist Kate Raworth in 2012. The Doughnut diagram consists of two concentric rings: a social foundation and an ecological ceiling. There are seven main principles to implement Doughnut Economics.
Understanding the “S” component in ESG has posed challenges which are important to overcome. Using and integrating existing and upcoming technologies into supply chain analysis is a key recommendation for improving analysis of Social issues in ESG Rating agencies will play an important role in verifying Social impacts which are financially material, amplifying the existence of double materiality in reporting social and environmental issues
If the ownership of negative externalities is assigned, parties can negotiate to reach the best deal. Negotiation is often more efficient than relying on the justice system due to costs and time constraints. Coase Theorem is hardly applied in reality, as one party will often be stronger than the other.
In the past few years, there has been a strong increase in ESG reporting requirements around the world. ESG stands for Environmental, Social, and Governance. They are a set of standards for a company's operations that have become a popular way to indicate a firm’s sustainability performance. There are various issues reported by companies under each of the three pillars, comprising a variety of metrics. The environmental criterion considers how companies manage their environmental impact and use resources. Some of the factors include greenhouse gas emissions, water use, land-use, biodiversity, pollution management, and climate change adaptation. Social criteria focus on how the company fosters its people and engages with the wider society. Examples of social criteria include workforce diversity and inclusion, community engagement, customer satisfaction, and human rights. Governance considers the company’s internal system of practices and policies. Factors include business ethics and code of conduct, risk governance, supply chain management, and tax strategy.
‘Carbon trading’, ‘emissions trading’ or ‘carbon markets’ refer to an approach to reducing greenhouse gas emissions, which turns the right to emit greenhouse gases into a commodity with economic value. This approach is called a ‘cap and trade system’, in which a ‘cap’ or upper limit on greenhouse gas emissions is chosen, and then an accordant number of permits is distributed among emitters (any companies in the industries targeted by a system). Emitters can only emit the amount of CO2eq (CO2 or equivalent) specified by the number of permits they have, else they receive a financial penalty. The cap is designed to limit emissions, whilst the ‘trade’ part of the mechanism is implemented for economic reasons.
Urban Mining is the process of recovering and reusing a city’s materials. It is a great way to reduce our waste and recuperate precious metals. It is still a developing process that needs time, research and funding
Understanding the contribution of corporations to the climate crisis is essential to implementing measures to reduce greenhouse gas emissions.
This article examines an alternative economic model often put forward as a better option for the planet than our current, linear economy: a circular economy. Considering the global and interconnected character of the issues we are facing today, a systemic change is needed. A circular economy is just that: a systemic shift towards a better way.