18.09.2024 - Seminar Lecture Series: Climate economics: from valuation of ecosystem services to climate policy

Abstract

Climate economics has often been a contentious field, partly because the climate has not traditionally been a central concern within classical economic frameworks. In standard economics (ECON 101), environmental damage is treated as a market externality—an unintended consequence that needs to be internalized by equating marginal damages with marginal costs, which assumes precise knowledge of these factors. This internalization forms the foundation of environmental economics, a subfield focused on optimizing the use of natural resources within the economy through mechanisms such as monetary valuation.

However, this approach has faced criticism for its perceived commodification of nature, leading to a broader debate about whether all externalities related to the climate-economy nexus can truly be internalized. Some scholars advocate for a shift away from growth-oriented economic policies, proposing degrowth as a necessary response to the planet's finite resources. In contrast, mainstream economists argue that economic growth and environmental sustainability are not mutually exclusive, advocating for "green growth" strategies like renewable energy and low-emission technologies.

The presentation explores the central question: What is the relationship between economics and climate? Specifically, it will examine whether and how economic policies can be integrated with climate policies to address the challenges posed by the climate-economy nexus.

Speaker: Dr.Rahat Sabyrbekov, Visiting Professor at ZEU, JLU Gießen, and Fellow at OSCE Academy.

Date: 18.09.2024 14:30-15:30 CET - hybrid (online and in person in Gießen)

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About the SDG^nexus Network Seminar Series

The SDG^nexus Network Seminar Series cover topics related to research and teaching along the Sustainable Development Goals. Seminar Series are created for everybody interested in the SDG topic, the network offers a fantastic opportunity to union knowledge and experience from researchers across various disciplines and regions.