Wealthy countries can create prosperity while using less materials and energy – if they abandon economic growth as an objective
. Wealthy economies should abandon growth of gross domestic product as a goal, scale down destructive and unnecessary forms of production to reduce energy and material use, and focus economic activity around securing human needs and well-being. This approach, which has gained traction in recent years, can enable rapid decarbonization and stop ecological breakdown while improving social outcomes.
Reports this year by the Intergovernmental Panel on Climate Change and the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services suggest that degrowth policies should be considered in the fight against climate breakdown and biodiversity loss, respectively. Policies to support such a strategy include the following.
Some countries, regions and cities have already introduced elements of these policies. Many European nations guarantee free health care and education; Vienna and Singapore are renowned for high-quality public housing; and nearly 100 cities worldwide offer free public transport. Job guarantee schemes have been used by many nations in the past, and experiments with basic incomes and shorter working hours are under way in Finland, Sweden and New Zealand.
But implementing a more comprehensive strategy of degrowth — in a safe and just way — faces five key research challenges, as we outline here.Economies today depend on growth in several ways. Welfare is often funded by tax revenues. Private pension providers rely on stock-market growth for financial returns. Firms cite projected growth to attract investors. Researchers need to identify and address such ‘growth dependencies’ on a sector-by-sector basis.
For example, the ‘fiduciary duty’ of company directors needs to be changed. Instead of prioritizing the short-term financial interests of shareholders, companies should prioritize social and environmental benefits and take social and ecological costs into account.
France Dernières Nouvelles, France Actualités
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