Table of Contents

Market Instruments and the Protection of Natural Resources

Market Instruments and the Protection of Natural Resources

Critical Issues in Environmental Taxation series

Edited by Natalie P. Stoianoff, Larry Kreiser, Bill Butcher, Janet E. Milne and Hope Ashiabor

Only through a concerted global effort can we protect our natural resources, save our precious natural environment, and indeed our future. But pressures on natural resources come from many directions such as overuse, mismanagement and contamination. This much-needed book reviews and evaluates the use of market and fiscal instruments in protecting our natural resources, from rural to marine environments. Market instruments that are designed to protect the global atmosphere are evaluated, along with carbon instruments and environmental tax incentives. Meanwhile, consideration is given to shifting the tax burden to achieve environmentally responsible outcomes, balancing sustainable use and natural resource protection, and protecting water resources.

Chapter 7: From fossil fuels to renewable energy: Subsidy reform and energy transition in African and Indian Ocean island states

Kai Schlegelmilch, Jacqueline Cottrell and François Fortier

Subjects: environment, environmental economics, environmental law, environmental politics and policy, law - academic, energy law, environmental law, tax law and fiscal policy, politics and public policy, environmental politics and policy

Extract

Energy is key to prosperity and the discovery and use of fossil fuels in the past few centuries has generated tremendous wealth. Yet, this energy paradigm has now become a liability that threatens the very sustainability of all it enabled. Coal, petroleum and gas not only induce climate instability through emissions of greenhouse gases, but also entail numerous other economic, social and environmental externalities, adding up to a dangerously negative balance sheet. This chapter, a summary of a recent report, analyses the impacts of fossil fuel energy in the multiple dimensions of sustainability, modelling the relationships, externalities and opportunities that a transition to a new energy paradigm can offer, based on energy conservation, efficiency and low-carbon renewable sources. It first explores the ‘sustainability doughnut’ as an integrative model, which facilitates the overlaying of policy choices, including energy-related ones, with the economic, social and environmental sustainability impacts they have. This provides a cogent framework for the comparison of the fossil fuel and renewable energy paradigms, highlighting their costs and opportunities.

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