The Path towards Environmental Finance and Sustainable Valuation
Chapter 9 sketches out the paths of sociopolitical convergence and divergence across regions. The impact of agency and cultural difference across the cases is significant. The chapter lays out the implications of market-based governance for climate change. The markets were never intended to serve merely as a system of climate governance, but rather to relate to environmental management more broadly. The markets will have profound implications for energy and environment use in coming decades, particularly as they are adapted to manage new sets of environmental asset classes. The chapter concludes with thoughts on how emissions markets can be improved to leverage use value and modified to incorporate a broader range of social values, as well as how markets for externalities in general can be made to more sustainably value the material use of resources across time.
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