Importance of Economic Growth in Achieving Environmental Coursework

Importance of Economic Growth in Achieving Environmental Sustainability - Coursework Example This paper offers a comprehensive review of the modern application of the concept of sustainable development in real-world economy. Also, examples of successful integration of environment and economic policy are provided. Still, it remains difficult to exactly point how much growth is required to bring about sustainable development. There are certain ways through which the economic policy can be integrated with the environment. One of the important decisions to integrate the environmental and economic policy is to impose environmental taxes. Such taxes shall be charged on any kind of destructions to the environment performed for economic reasons Another aspect, which the nations may look into, is allowing tradable permits. Trade permits are a means of establishing caps or promoting direct investment in environmentally beneficial outcomes towards achieving environmental goals. Through the exercise of tradable permits, investment can be procured into environmental projects. By encouraging technological development the pollution of the environment can be kept in a check. By using advanced equipment for production, the industry can keep a check on the pollution through active means of production. Direct environmental regulation is the most common step, which the nations use to keep pollution in control. Laws on environmental standards and a limit on the green house gases have been the major environmental control acts done by the nations It is important to note that the eco-efficiency has to be cost effective and should be limited. , and is designed by the way a society produces and consumes its products. Ways to Integrate Environment and Economic Policy: There are certain ways through which the economic policy can be integrated with the environment. One of the important decisions to integrate the environmental and economic policy is to impose Environmental Taxes. Such taxes shall be charged on any kind of destructions to the environment performed for economic reasons. These taxes shall be levied on the polluters and the users of such products, thereby not only increasing the revenue of the Government which in turn will improve the economy of the nations, it shall also act as a deterrent for people to pollute the environment as the products will be extremely expensive to produce and consume. This will also provide a counter productive effect by incentivizing the environmental innovators who in turn will have to bear fewer costs for producing their goods.5 Another aspect, which the nations may look into, is allo wing Tradable Permits. â€Å"Trade permits are a means of establishing caps or promoting direct investment in environmentally beneficial outcomes towards achieving environmental goals.†6 Through the exercise of tradable permits, investment can be procured into environmental projects. In this system the Government sets a maximum limit upto which pollution can be emitted into the environment. The companies, which emit a higher amount of pollutant, can trade the cap with the companies emitting lower amount of pollutant, and therefore the entire system is balanced and it is hinging on the maximum cap of emission of pollutants.7 Therefore, each and every company will try to lower its emission so as to