In 2 paragraphs, explain what you think should be done economically to account for the environmental effects of using natural resources. Research and provide an overview of one non-economic solution that is currently underway to help the environment. Provide citations or your research.
To account for the environmental effects of using natural resources, it is crucial to implement economic measures that properly value the externalities associated with resource extraction and consumption. One approach could be to impose taxes or fees on activities that harm the environment, such as carbon taxes or water use fees. By internalizing the costs of environmental degradation, businesses and consumers would have an incentive to reduce their resource consumption and develop more sustainable practices. Additionally, governments can implement incentives such as subsidies for renewable energy technologies or conservation programs to promote environmentally friendly alternatives.
One non-economic solution that is currently underway to help the environment is the implementation of ecosystem-based approaches to resource management. This approach focuses on preserving the health of entire ecosystems rather than managing resources in isolation. By maintaining the integrity of ecosystems, it helps to ensure the continued availability of natural resources and services. For example, the European Union's Biodiversity Strategy aims to promote ecosystem-based management to protect marine biodiversity and ensure the sustainable use of marine resources. This strategy includes measures such as the establishment of marine protected areas and efforts to restore degraded habitats (European Commission, 2020). Such approaches are vital in addressing the environmental impacts of natural resource use and promoting overall sustainability.
Reference:
European Commission. (2020). Biodiversity Strategy for 2030. Retrieved from https://ec.europa.eu/environment/eu-biodiversity-strategy-2030.