Debt And The Environment

An award-winning environmental activist and social entrepreneur exposes the link between our financial and environmental crises For decades, politicians and business leaders alike told the American public that today's challenge was growing the economy, and that environmental protection could be left to future generations. Now in the wake of billions of dollars in costs associated with coastal devastation from Hurricane Sandy, rampant wildfires across the West, and groundwater contamination from reckless drilling, it's becoming increasingly clear that yesterday's carefree attitude about the environment has morphed into a fiscal crisis of epic proportions. Amy Larkin has been at the forefront of the fight for the environment for years, and in Environmental Debt she argues that the costs of global warming, extreme weather, pollution and other forms of "environmental debt" are wreaking havoc on the economy. Synthesizing complex ideas, she pulls back the curtain on some of the biggest cultural touchstones of the environmental debate, revealing how, for instance, despite coal's relative fame as a "cheap" energy source, ordinary Americans pay $350 billion a year for coal's damage in business related expenses, polluted watersheds, and in healthcare costs. And the problem stretches far beyond our borders: deforestation from twenty years ago in Thailand caused catastrophic flooding in 2011, and cost Toyota 3.4 percent of its annual production while causing tens of thousands of workers to lose jobs in three different countries. To combat these trends, Larkin proposes a new framework for 21st century commerce, based on three principles: 1) Pollution can no longer be free; 2) All business decision making and accounting must incorporate the long view; and 3) Government must play a vital role in catalyzing clean technology and growth while preventing environmental destruction. As companies and nations struggle to strategize in the face of global financial debt, many businesses have begun to recognize the causal relationship between a degraded environment and a degraded bottom line. Profiling the multinational corporations that are transforming their operations with downright radical initiatives, Larkin presents smart policy choices that would actually unleash these business solutions to many global financial and environmental problems. Provocative and hard-hitting, Environmental Debt sweeps aside the false choices of today's environmental debate, and shows how to revitalize the economy through nature's bounty.

Essays exploring questions of what we owe—to corporations, to governments, to each other, to the past, and to the future. From personal finance and consumer spending to ballooning national expenditures on warfare and social welfare, debt is fundamental to the dynamics of global capitalism. The contributors to this volume explore the concept of indebtedness in its various senses and from a wide range of perspectives. They observe that many views of ethics, citizenship, and governance are based on a conception of debts owed by one individual to others; that artistic and literary creativity involves the artist’s dialogue with the works of the past; and that the specter of catastrophic climate change has underscored the debt those living in the present owe to future generations. “A welcome range of new perspectives on what has become a central issue for contemporary debate.” —Anthropological Notebooks

"Sales no. E.91.I.17"--T.p. verso. Includes bibliographical references (p. 245-273) and index.

For decades, politicians and business leaders alike told the American public that our most important challenge was growing the economy, and that environmental protection could be left to future generations. Now, in the wake of billions of dollars in costs associated with coastal devastation from Hurricane Sandy, rampant wildfires across the West, and groundwater contamination from reckless drilling, it's increasingly clear that yesterday's carefree attitude about the environment has morphed into a fiscal crisis of epic proportions. Environmental Debt argues that the costs of global warming, extreme weather, pollution, and other forms of "environmental debt" are wreaking havoc on the economy. To combat these trends, author Amy Larkin proposes a new framework for twenty-first century commerce, based on three principles: 1) Pollution can no longer be free; 2) All business decision making and accounting must incorporate the long view; and 3) Government must play a vital role in catalyzing clean technology and growth while preventing environmental destruction. Profiling the multinational corporations that are transforming their operations with downright radical initiatives, Larkin presents smart policy choices that would actually unleash these business solutions to many global financial and environmental problems.

From the mid-nineteenth until the mid-twentieth century, environmentally unregulated industrial capitalism produced outsized environmental risks for poor and working-class Detroiters, made all the worse for African Americans by housing and job discrimination. Then as the auto industry abandoned Detroit, the banking and real estate industries turned those risks into disasters with predatory loans to African American homebuyers, and to an increasingly indebted city government. Following years of cuts in welfare assistance to poor families and a devastating subprime mortgage meltdown, the state of Michigan used municipal debt to justify suspending democracy in majority-Black cities. In Detroit and Flint, austerity policies imposed under emergency financial management deprived hundreds of thousands of people of clean water, with lethal consequences that most recently exacerbated the spread of COVID-19. Toxic Debt is not only a book about racism, capitalism, and the making of these environmental disasters. It is also a history of Detroit's environmental justice movement, which emerged from over a century of battles over public health in the city and involved radical auto workers, ecofeminists, and working-class women fighting for clean water. Linking the histories of urban political economy, the environment, and social movements, Toxic Debt lucidly narrates the story of debt, environmental disaster, and resistance in Detroit.

Imagine opening a bank letter at breakfast to find that instead of your normal overdraft, you had an ecological debt that threatened the planet. If the whole world wanted to live like people in the United Kingdom we would need the resources of three planets like Earth. If the United States was our model the number would be five. Simms shows how millions of us in the West are running up huge ecological debts: from the amount of oil and coal that we burn to heat our houses and run our cars, to what we consume and the waste that we create, the impact of our lifestyles is felt worldwide. Whilst these debts go unpaid, millions more living in poverty in the majority world suffer the burden of paying dubious foreign financial debts. The book explores a great paradox of our age: how the global wealth gap was built on ecological debts, which the world's poorest are now having to pay for. Highlighting how and why this has happened, he also shows what can be done differently in the future - and what steps we can take to stop pushing the planet to the point of environmental bankruptcy.

Why should the work of the ancient and the medievals, so far as it relates to nature, still be of interest and an inspiration to us now? The contributions to this enlightening volume explore and uncover contemporary scholarship's debt to the classical and medieval past. Thinking About the Environment synthesizes religious thought and environmental theory to trace a trajectory from Mesopotamian mythology and classical and Hellenistic Greek, through classical Latin writers, to medieval Christian views of the natural world and our relationship with it. The work also offers medieval Arabic and Jewish views on humanity's inseparability from nature. The volume concludes with a study of the breakdown between science and value in contemporary ecological thought. Thinking About the Environment will be a invaluable source book for those seeking to address environmental ethics from a historical perspective.

This volume is the scientific report of a research project that aimed to clarify the concept of ecological debt, and to study its relevance and applicability in Belgian and international policy.