In the ongoing debate between proponents of green growth and advocates of degrowth, Peter Victor, Professor Emeritus and Senior Scholar at York University, Canada, offers insights into the intersection of ecology, economics, and sustainable living. Victor, the author of 'Escape from Overshoot: Economics for a Planet in Peril' (2023), discusses the impacts of economic growth and the challenges of achieving net-zero emissions globally [da42da60].
According to the Global Footprint Network, ecological 'overshoot' occurs when human demand exceeds the regenerative capacity of natural ecosystems. Last year, Global Overshoot Day occurred on August 1, but this year it occurs on August 2, indicating progress [ed7100ab]. Sweden's 'overshoot day' occurs 18 days later compared to last year. The Global Footprint Network's measure of using 1.7 Earths can be misleading, but it highlights the need for sustainability [ed7100ab].
Victor introduces several concepts that aim to achieve a fair distribution of well-being resources. One such concept is 'contraction and convergence,' which calls for a reduction in economic activity and a convergence of living standards across countries. Another concept is the 'circular economy,' which emphasizes the reuse and recycling of resources to minimize waste. Lastly, Victor discusses the idea of a 'steady-state economy,' where economic activity remains stable to avoid overshoot and maintain ecological balance [da42da60].
The United States has reached Peak Stuff, consuming fewer resources due to digitalization. Becoming more sustainable requires doing more with less. The article also mentions the benefits of a plant-based diet and the success of vaccines [ed7100ab].
Victor envisions a political landscape that prioritizes well-being and expresses optimism about achieving a balance in economic theories. He emphasizes the need for a shift in economic thinking to avoid overshoot and ensure a sustainable future. By integrating ecological considerations into economic decision-making, Victor believes that we can create a more equitable and environmentally conscious society [da42da60].
Europe has long embraced the globalized capitalist economic model, with constant economic growth being a central goal for many European countries. However, there is a growing recognition that decoupling GDP growth from environmental damage is essential for a sustainable future. The concept of 'degrowth' economics, which advocates for shrinking rather than growing economies and prioritizing well-being over profit, is gaining traction. Some people are starting to resist the commitment to growth at all costs and are calling for a shift towards more sustainable practices. Transformational leaders are needed to convince people that the current neoliberal economic strategies are depleting natural resources and contributing to modern-day slavery for vulnerable workers [2f30dd0f].
The Washington Post article explores the arguments made by degrowthers who believe that humanity is approaching the Earth's limits and that climate change is causing hunger, war, and water shortages. They argue that the exploitation of the environment has been crucial for economic development and that the Western economic model threatens resources in the Global South. The Green Revolution, which aimed to increase agricultural productivity, has had severe ecological and social repercussions. The rapid upscaling of lithium extraction for green energy infrastructure is causing problems for local communities and nature. Additionally, the growing power consumption of artificial intelligence (AI) is a concern. Degrowthers believe that zero economic growth will bring us closer to achieving net-zero carbon emissions goals. They question the need for continued growth and advocate for reducing poverty and inequality. While slowing economic growth can slow emissions, innovation is needed to achieve zero emissions. The article acknowledges that economic growth has led to improvements in living standards and poverty reduction, but emphasizes that the size and composition of economic growth are important factors to consider. The Post plans to address these issues in another editorial [0382e2bd].
Economic growth largely benefits the privileged few, while poverty eradication has been unsuccessful. The world's five richest men have doubled their fortunes in the past four years, while nearly 5 billion people have become poorer. If current trends continue, 575 million people will still be in extreme poverty by 2030. The quest for growth is pushing the planet beyond its limits, with six of the nine planetary boundaries already crossed. Concrete steps can be taken to shift the focus from growth to humanity, such as choosing measures of progress other than GDP and valuing unpaid work. Financing essential services can be achieved through progressive tax policies and international cooperation. A growing movement is rallying against the growth-driven economic model, and an alternative vision of progress must be embraced at the Summit of the Future in September. Without a roadmap for an economy that protects human rights and the environment, the world is headed towards extinction [886b298f].
The UN’s Special Rapporteur on extreme poverty and human rights, Olivier De Schutter, challenges the belief that economic growth alone can eradicate global poverty. De Schutter criticizes the traditional approach of prioritizing economic expansion as a strategy to combat poverty, labeling it a flawed and perilous path. He urges governments and international bodies to pivot away from using Gross Domestic Product (GDP) as the primary measure of progress and instead calls for a paradigm shift that places human rights and well-being at the forefront of economic decision-making. De Schutter's report highlights how economic growth in developing nations has often failed to alleviate poverty, relying on cheap labor and natural resources to produce goods for wealthier nations or repay foreign debts. He calls for a swift transition to a human rights-based economy, prioritizing public services, social protection, and sustainable development. Measures such as debt restructuring, progressive taxation, and enhanced global cooperation to combat tax evasion are advocated. De Schutter stresses the urgency of adopting these policies to safeguard both humanity and the planet [d244c65b].