The Contribution Of Asset Management To
Climate Change Policies
Author(s)
B. Bürgenmeier
Abstract
This paper deals with the three usual economic approaches to environmental
protection, namely efficient markets, environmental economics and ecological
economics. It focuses on a forth approach, which concerns the operational level
of a business. This level is illustrated by an increasing number of criteria for
global reporting, namely Social Accountability, ISO-norms etc, from the World
Business Council for Sustainable Development. However, no commonly
accepted standards exist. This paper shows what contributions \“green” asset
management makes to climate change policies.
Keywords: climate change, asset management, environmental economics, policy
of environmental protection.
1 Introduction
Environmental protection in economics is simultaneously addressed by three
different and somewhat controversial approaches.
The first approach analyses the change in relative prices over time in a pure
market setting. Relative price changes (e.g. for energy of fossil origin) should
express increased scarcity and induce technical progress and change in
consumption patterns. If these changes cannot be observed, the market is not
efficient. The consequent policy recommendation would be to strengthen
competition and to reduce obstacles to the smooth functioning of markets.
The second approach brings the first one a step further as it is based on the
concept of market failure. The environment is analysed as an externality to the
market and can be understood either as a public good or as any other economic
good which lacks a clear definition of property rights. The current policy
Keywords
climate change, asset management, environmental economics, policy
of environmental protection.
Related Book
Other papers in this volume
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