Combining economic growth with safeguarding the environment is no longer a fantasy
The climate versus economy debate must no longer be considered a mere challenge involving two opposing factions but rather as a real genuine opportunity for growth to be pursued at global level.
Bearing in mind that climate change, as witnessed in the last few years, is causing great economic damage to countries all over the world, the introduction of measures designed to protect the environment can also protect the economic interests of the various countries at the same time.
The trend towards greener industry and ordinary citizens paying more attention to what they consume are two effective solutions to cut costs and combat issues related to climate change.
The right balance between economic growth and respecting the environment
It has now been scientifically proven that, without doubt, the main cause of climate change is industrialisation. The rise of fossil fuel-powered industry began in the eighteenth century and, over time, has gradually compromised the Earth’s delicate atmospheric balance.
Global warming has led to the largescale melting of the polar ice caps and a consequent rise in sea levels. All this has resulted in increasingly extreme weather phenomena, such as violent hurricanes and devastating floods which have swept through coastal cities.
A quick solution to this problem would be the complete cessation of industrial development around the world. Of course, this is not practicable, because each country has the right to growth and economic prosperity, in order to provide its citizens with a dignified life.
What can be done is to continue industrial development while respecting the environment and investing profits in areas such as pollination, the water cycle, marine and forest ecosystems and other methods which are directly related to the world’s so-called ‘natural capital’. It is therefore essential to appreciate the value of these resources if we are to reverse the dangerous direction the world has been moving in over recent decades.
The relationship between climate and economy cannot be allowed to swing too far one way or the other, but must find its ideal balance. The most solid proposal put forward by economists consists of slowing down individual frenetic economic growth so that it is no longer a danger to the natural capital.
Climate versus economy: solutions and obstacles to overcome
The action plan set out to combat climate change has been around for a long time. Climatologists have prepared a detailed list of procedures and restrictions to be put in place, so that human activity no longer constitutes a danger to the environment.
Although clear guidelines on this issue already exist, progress made so far has been scarce. This is witnessed by the continuous delays in taking action and the failure to meet agreed targets. This is mainly due to the fact that many businesses prefer to pay fines rather than modify their production systems.
This reluctance is often due to weak governance which is unable to impose the necessary restrictions on local industry. Furthermore, the fact that many of the most polluting companies are the very ones that contribute to their nation’s economy the most does not help matters.
In order to deal with the crisis, global adoption of a green economy and the complete abolition of CO2 from industrial production are needed. The costs involved in this process should not cause concern, as it has been demonstrated that the new eco-friendly technologies allow the cost of modifying production procedures to be absorbed.
Recently, regenerative agriculture has become more widespread; it is a cultivation system which is able to capture the carbon dioxide produced and re-use it for other purposes. If used correctly, this method (currently being trialled in Patagonia), could generate employment and a whole new carbon-related market.
Translated by Joanne Beckwith
