Environment and the Sustainable Economy

James Foreman-Peck () and Peng Zhou ()
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James Foreman-Peck: Cardiff University
Peng Zhou: Cardiff University

Chapter Chapter 13 in Applied Economics in Globalised Economies, 2025, pp 369-398 from Springer

Abstract: Abstract Climate change presents challenges and opportunities for achieving environmental sustainability in a globalised economy. We explore the concept of a sustainable economy, focusing on the interplay between economic activities, environmental externalities, and global policy frameworks. The chapter introduces key theories, such as the Coase Theorem and the concept of negative externalities, to analyse environmental issues like pollution, resource depletion, and climate change. It evaluates market-based solutions, such as carbon pricing and green finance, alongside government interventions like regulation and subsidies, to address environmental challenges. The chapter highlights the globalisation of environmental impacts, including cross-border pollution and international cooperation through agreements like the Paris Accord. Empirical tools, such as discrete choice models, are presented to assess the effectiveness of environmental policies. By linking theory, policy, and practice, this chapter emphasises the urgent need for coordinated global efforts to transition towards a sustainable economy while balancing growth and environmental preservation.

Keywords: Sustainability; SDG; ESG; CSR; Sustainable Economy; Hotelling Rule; Externality; Coase Theorem; Green Finance; Discrete Choice Model; Environmental Economics (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-85621-1_13

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DOI: 10.1007/978-3-031-85621-1_13

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