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Surviving Pandemics in the Long Run: Need for Sustainability in a COVID-19 World Economy
Abstract
In this chapter, the authors suggest that the world economy, under its current state of things, cannot function if it decides not to bring about a change in its key areas of operation. Based on this finding, the authors argue for a need to mainstream environmental, social, and governance (ESG)-related environmental metrices for goods and services developed by private and public institutions. They emphasize the need for the inclusion of an environmental clause in international trade agreements to account for sustainability. The chapter describes some areas of the gross domestic product (GDP) where sustainability can be included to account for our modern-day environmental problems. It stresses the need for implementation of carbon taxes and carbon tariffs to account for global emissions. The authors critically analyse the Paris Agreement and argue why it is not enough. They introduce the concept of climate restoration and brief on the scope of business opportunities carbon negative investments can provide investors with.
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