Question 1
One of the key challenges and needs identified by the ISC team is financing. The other challenges include, collaboration, making the case for prosperity through sustainability, taking a comprehensive approach to green empowerment, and data (Institute for Sustainable Communities – ISC, 2011, p. 7). As the authors point out, “transitioning to a sustainable economy will require significant investments from both public and private entities…” (ISC, 2011, p. 6). It should, however, be noted that funding is a finite resource. Further, the very nature of the said transition makes actual costs uncertain – effectively meaning that there could be a mismatch between the actual costs and the funds allocated. This brings about what is referred to as a cost overrun or cost underrun risk, which in essence is a situation whereby an undertaking’s costs either go above or below the initial cost estimate (Boyd, 2012, p. 314). The achievement of optimal outcomes is complicated by the inherent challenges associated with defining tradeoffs in undertakings of this nature. Given the scarcity of means, “choices have to be made between means or between ends” (Wantzel, 2016, p. 36). It is for this reason that ISC calls for more innovative funding models. Some of the considerations that ought to be highlighted in this case include the establishment of dedicated funds tailored to engage both traditional and new partners. Traditional partners have in the past comprised of the government, foundations, and wealthy persons. On this front, local wealth could also be taped. This particular approach could be effective as such persons are very familiar with their local settings and therefore support initiatives whose progress they can easily track and be part of. In basic terms, it should be noted that to meet development goals, more funds may be required. In the end, however, innovative financing ought to play a complimentary role – and no attempts should be made to limit (or replace) government involvement.
Question 2
Pezzey and Toman (2002) point out that “a sustainability objective or standard… is more than a simple PV criterion” (p. 29). The implications of their seemingly simplistic statement are profound. Decision makers face unique challenges when it comes to the assessment of how desirable projects and policies are. This is more so the case with the full realization that today’s undertakings...
References
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Barbier E.B. & Markandya, A. (2013). A New Blueprint for a Green Economy. New York, NY: Routledge
Brulin, G. & Svensson, L. (2016). Managing Sustainable Development Programs: A Learning Approach to Change. New York, Routledge
Boyd, B. (2012). The COR/COTR Answer Book (3rd ed.). Tysons Corner, VA: Barrett-Koehler Publishers.
Hanley, N., Shogren, J. & White B. (2007). Environmental Economics: In Theory and Practice (2nd ed.). Belmont, CA: Palgrave Macmillan.
Institute for Sustainable Communities – ISC. (2011). Sustainable Economic Development: A Resource Guide for Local Leaders. New York, NY: Climate Leadership Academy
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Pearce, D., Barbier, E. & Markandya, A. (2013). Sustainable Development: Economics and Environment in the Third World. New York, NT: Routledge
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