Environmental Economics on Wikipedia is a pretty good start for those who want to learn about you know – Environmental Economics. But what is it? It tells you about how we choose to use resources and how it affects our environment. If it weren’t for this, companies wouldn’t have been levied with taxes for polluting our water systems. This is just one example.
Natural Capital can be defined as the world’s stocks of natural assets which include geology, soil, air, water and all living things.
Everything really. Now, there’s something called as ecosystem services too, that we obtain from these natural capital. Whatever we use by altering the natural capital for our survival or luxury are ecosystem services, for example, the fuel we use. Crude oil is a natural capital and fuel is an ecosystem service.
You may be aware what will happen if we run out of natural capital. Say, fuel, what will out world look like without oil? Watch this creepy video:
As we run out of natural capital, so will we run out of ecosystem services. This is why we are turning to green chemistry, green technology, renewable energy etc. So, what can we do? There are people who do the natural capital math. It’s called Green accounting.
Oh this economics lexicon is driving me crazy. Ecological economics, green economy, green accounting, environmental economics. Argh. Nevertheless it is an important topic and there are ways to understand it. This infographic, pretty even, has a few things defined in it.
Amidst the sustainability business, what can a common man do? Plant trees? Yyyyyuuup. A good friend asked me if anything like this exists and I assured him he will have the answer to it in one of my blog articles. An act that will enable exactly this will be formulated soon in Maharashtra, India. The Hindu states, “The Maharashtra Government is in the final stages of formulating an Act that will enable “tree credits” to be traded in the State.” Does this have some economic term too? Yup. It’s called ‘tree credits‘. Farmers will be given appropriate certification and money. Interested people can read this article that states:
The social forestry is currently inviting feedback on the project from the public. Citizens can reach the authorities at firstname.lastname@example.org.
This was going on in 2011, you might want to check if this email still exists. For tree farming outside India, Fox Business has a report.
This is not as rosy as it looks. Nature.com asks: If growing forests in India can generate lucrative carbon credits, then why isn’t everyone planting trees? Paroma Basu reports. Here’s the article that tells you why.