This volume provides a rigorous and analytical perspective on the pressing issue of making economic progress consistent with environmental conservation. It proposes formal definitions of sustainability, embeds them in dynamic models and models of uncertainty, and explores the concepts and their...

This paper reviews a range of issues relating to tradeable carbon dioxide quotas. It considers the economic principles on which they are based, compares them with alternative carbon abatement policies, and reviews many aspects of how tradeable quotas would be implemented in practice ...

As human societies grapple with the scarcity of environmental resources—clean water, biodiversity, and atmospheric quality—environmental markets will achieve an important role in the global economy. Along with markets for knowledge, they may become the most important institutions in the...

I distinguish between reduction offsets and removal offsets, the former generated by a reduction in the rate of greenhouse gas emissions and the latter generated by the removal of greenhouse gases from the atmosphere. I show that only removal offsets make any contribution to mitigating climate...

I provide a rigorous framework for accounting for corporate greenhouse gas emissions, based on the Greenhouse Gas Protocol. I show that only Scope 1 emissions are of interest from a national policy perspective: that emissions in Scopes 2 and 3 are duplicative, and that downstream Scope 3...

In the decades since Geoffrey Heal began his field-defining work in environmental economics, one central question has animated his research: "Can we save our environment and grow our economy?" This issue has become only more urgent in recent years with the threat of climate change, the...