Challenges and Issues of Sustainable Development Policies
35 Pages Posted: 23 Aug 2014
Date Written: August 21, 2014
This paper aims to discuss the challenges and issues associated with sustainable development policies. Economic growth cannot continue indefinitely without due consideration to natural resources. For growth to be sustainable there must be a balance between economic growth and protection of natural resources. Green growth strategy ensures that natural resources realize its full economic potential and is maintained by regular investments. The development of sustainable policies requires the appreciation that energy policies (for example, emissions standards and source of energy) and environmental policies (for example, environmental taxation) be considered in tandem by policy makers in order to achieve green growth. Hence, policies must be strategized and aimed towards green growth. In response to increasing environmental challenges, policy makers have begun on substantive policy reforms. However, for such policy reforms to be effective, it is critical that the utilization of natural resources is accounted for. This paper will demonstrate policy challenges and issues when environmental capital is offered explicit consideration in standard frameworks of macroeconomic analyses. The Kingdom of Saudi Arabia is used as a case study as it is the leading economy in the Gulf Cooperation Council with the highest level of carbon dioxide emissions and displays an increasing reliance on non-renewables for power production.
Keywords: Environmental Policy, Sustainability, Alternative Energy, Environmental Taxes, Eco-Development, Green Growth
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