examine the economic issues associated with the goal of ecologically sustainable development
Apply economic skills
identify and analyse problems facing contemporary and hypothetical economies
use economic concepts to analyse a contemporary environmental issue
You will learn about:
Environmental sustainability • ecologically sustainable development • private and social costs and benefits – externalities, market failure • public and private goods – free riders • environmental issues: – preservation of natural environments – pollution, climate change – depletion of renewable and non-renewable resources.
2020 Question 26 (20 marks) Assess the effectiveness of government economic policies and international agreements in the management of the environment in Australia. Answers could include: • National policies (local, state, federal policies) – Regulations – National heritage trust establishment/bush care and clean seas programs eg preservation of Uluru, Kakadu and Great Barrier Reef – National water initiative – Murray–Darling Basin Commission – Water for future program – Desalination plant initiatives – Clean energy initiative – Solar flagship programs – Renewables Australia to support renewable research – Local council water restrictions • Market-based policies – Carbon pricing scheme – Emissions reduction fund/direct action fund – National energy guarantee – Taxation policies for use of green technology – Permit-based system for use of natural resources – Incentives to manage eco-tourism • Technology investment roadmap discussion paper – Reliability of renewable energy – Balance towards renewable energy sources • Targets • International agreements – Vienna Convention 1987 – Montreal Protocol 1989 – Convention on Biological diversity 1993 – Convention to combat diversification, to address land desertification 2000 – Stockholm Convention 2004 – Kyoto Protocol 2008 – Paris Agreement on Climate change 2016 – 2019 United Nations Climate Change Conference – COP25 Chile – Madrid, Spain – 2018 United Nations Climate Change Conference – COP24 Katowice, Poland – UN Fish Stocks Agreement – 2020 United Nations Climate Change Conference COP24 Glasgow, Scotland • Climate Solutions Fund • Emission Reduction Fund • Snowy 2.0 – Snowy Hydro • The national electricity market • National electric vehicle strategy • Limitations – political constraints – time lags – global response.
Head to Core-econ's chapter discussing the economics of the environment. Investigate how economic activity affects the fragile biosphere of our planet, and how the resulting environmental problems can be addressed.