College aantekeningen

sustainability economics

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Sustainability economics

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Vrije Universiteit Brussel (VUB)

This course contains all the notes from the lectures / also from the guest lectures. The course is given in the 3rd year of handelsingenieur but also in the 2nd year of the master business engineering and technology I passed this course with an 18/20 by using these notes

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Docent(en) Cathy macharis
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Sustainability economics (long & short version)

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1. Samenvatting - Short summary sustainability economics
2. College aantekeningen - Sustainability economics
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Sustainability Economics
Course 2023 -2024

Professor Cathy Macharis
Made by: Margot De Munck

1
Professor: Cathy Macharis
Margot De Munck

, Sustainability Economics – 2023/2024
COURSES - SUSTAINABILITY ECONOMICS 11

General examination overview 11
1. What is expected + what to learn 11
1.1. What not to know: 11
1.2. What to know 11
Example exam question: 11

Introduction – H1 12

1. What is sustainability? 12
1.1 Sustainability 1.0 12
1.2 Sustainability 2.0 13

2. What is a sustainability system? 14
2.1 Sustainability requires change 14
2.2 Sustainability and equity allocation of resources 14
Definition of sustainability economics 14
2.3 Sustainability versus Profits 15
2.4 Value management: How to balance the needs and set priorities? 15
2.5 Planet boundaries linked to Donut Economy 15
2.6 System thinking - Transitions 17
2.6.1 the Iceberg Model (Edward Hall) 17
2.6.2 Anthropocentric vs Biocentric 17
2.6.3 Transitions 18
a) Transition 1.0 18
b) Transition 2.0 19
c) Transition History 20
2.7 Sustainable system – shift 20
2.7.1. Species survive? 21
2.7.2. Beyond the dualism of Self/World lies being in service to life 21
2.8 Final definition – sustainability economics 22

3. Course set up 22
3.1. Orientation 23

History of Sustainability – H2 25

1. Milestones 25

2. Concepts of sustainability: Tripple Bottom Line 28
2.1. Three nested development model 29

Economic schools and the Environment – H3 31

1. Economic schools of thought and the Environment 31
1.1 Reflection 31
1.2 Homo Economicus - John Stuart Mill (1836) 31
1.3 Behavioral economics - Bounded Rationality 31

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Professor: Cathy Macharis
Margot De Munck

, 1.4 Thinking, Fast and Slow - Daniel Kahneman 32
1.5 The Power of the Unconscious Mind – Tale of Behavioral Change 33
1.6 Does more always makes you happier? – Tim Kasser 33
1.7 Macro-Economic Models 34
A. Aggregate Demand – Aggregate Supply 34
B. Solow Model 34

2. Historical perspective 35
2.1 Early History 35
2.2 Quesnay’s Tableau économique 35
2.3 Classical Economists (late 18th to mid-19th century) 36
Adam Smith 36
Thomas Malthus 36
David Ricardo 37
John Stuart Mill 37
2.4 Neo-Classical Economists (mid-19th century to 1930s) 37
1. W.S. Jevons - One of the main founders of the neo-classical school 38
2. Alfred Marshall - Key person in the field who developed firstly the model of demand and supply,
surplus,… and the presence of externalities. 39
3. Arthur Pigou - Student of Alfred Marshall – who developed theory of externalities further and he
used more examples related to the environment. 39
4. Harold Hotelling - continued on Malthus and Jevons on the course of resource scarcity. 39
2.5 Marxism 39
2.6 Conclusion 40
2.7 Paper study 40
2.8 1960s – 1970s: increased awareness – social changes 40

4. Environmental vs Ecological economics 43
4.1. Environmental economics – Sustainability 1.0 43
4.2. Ecological economics - Sustainability 2.0 44
4.3. Environmental vs Ecological economics 46

5. New paradigms 47
5.1. Old model 47
5.2. Human Needs Matrix 47
5.3. Choice Paradox – Barry Schwartz 48
5.4. New model 48
5.5. Conclusion 49

Implementing Sustainability at the firm level – H4 49

1. Stakeholders pressures 49
1.1. HOW = f(WHY) 50

2. Why is sustainability important – Ikea 50
2.1. How does Ikea try to change? 51

3. How firms approach sustainability 51
3.1. How firms bring purpose in their organization 51
3.1.1. Purpose-Led Strategic Aspirations - Purpose 53
3.1.2. Purpose-Led Strategic Aspiration – Needs 53
3.1.3. How firms bring purpose in their organizations? 54
3.1.4. Shared Purpose-washing 55
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Professor: Cathy Macharis
Margot De Munck

, 3.1.5. Three types of Purposes within a business 55
3.2. How firms fit profit with sustainability 56
3.2.1. Free(d)man Paradox 56
3.2.2. Intrinsic Firm Value 57
3.2.3. Stakeholder capitalism – new urges to adapt businesses 58
3.3. How firms shape green markets 60
3.3.1. Understand the customer 60
A. Key questions (3) 60
B. Understanding versus Misleading the customer 62
3.3.2. Sustainable product & business model innovation 63
A. How can businesses respond to the Green Voice of the Customer? 63
B. Sustainable product innovation 63
C. Convert customers 64
3.4. How firms gain a green advantage 65
3.4.1. What’s your game: Défense or Offense? 65
3.5. Linking sustainability to firm value 67
3.5.1. Intrinsic Business Value = ? 67
3.5.2. Business Value from Sustainability 67

4. How to identify a sustainable company – Business model Canvas 71

Energy and Society, towards a green energy transition – H5 73

1. Energy 73
1.1. Energy as a critical resource 73
1.2. Energy as a sustainable development goal 73
1.3. Energy as a socio-technical system 74
1.4. Neoclassical Economics versus Sustainable Economics 74
1.5. Energy and the world economy – Unique sector 75

2. Sustainable energy transition 76
2.1. Five interacting transformations in global energy politics 76
2.2. Primary and Secondary energy sources 77
2.3. Energy Markets 77
2.3.4. Fossil fuels (skipped a bit) 78
Oil 78
Natural Gas 78
Coal 79
Nuclear 79
2.4. Electricity 80
2.5. Main renewable energy sources 80

3. Renewable energy transition 81
3.1. Opportunities and challenges 81
3.1.1. Global energy governance: 82
3.2. Sub Saharan Africa 82

3.3. Conclusion 83

If it doesn’t happen we have a huge issue → take seriously and do system thinking. However unfortunately
the world is becoming more complex where more and more aspects enter the system (environment, society,
geopolitical affect,…) by dropping one of them you can have distorted outcomes. Have a good policy towards
sustainable transition by incorporating everything.Existential Economics Economics– KEES KLOMP H6.1. 83
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Professor: Cathy Macharis
Margot De Munck

,1. Introduction - Economy 84
1.1. Existential economies 84

North South Justice – prof Kashwan – H6.2. 92

1. Environmental and Climate justice in an Unequal World 92
1.1. Environmental Justice 92
1.1.1. Multi-Scalar nature of climate crisis, climate action and justice 92
1.1.2. Global priority areas for ecosystem restoration 94
1.1.3. Recognizing the equity implications of restoration priority maps 94

3.Political Economy of Environmental Policy Making 95
3.1. How is the relationship between theory (political economic theory) 95
2.2. Variation in the % of national territory under protected areas 96
3.2. Thick Institutionalism 97
3.3. Main findings: 98

4. Discussion – Part 1 Class 98

5. Inequality – democracy and the environment: a cross national analysis 99
5.1. Rights-based approaches in conservation 99

6. Discussion part 2 102

Beyond GDP – H7 part 1 102

1. GDP and its deficiencies 103
1.1. GDP - Recap 103
1.2. GDP in Belgium 104
1.3. Criticism 104
1.4. New Milestone? 105

2. Alternatives 106
2.1. Societal progress 106
2.2. Alternatives 106
2.2.1. Well-being 106
2.2.1.1. Maslow’s (1943) pyramid of human needs: 107
2.2.1.2. Human Development Index 107
2.2.2. Sustainability 108
2.2.2.1. Ecological footprint – Planetary boundaries 108
2.2.2.2. Genuine Savings 109
2.2.3. Welfare 109
2.2.3.1. Empty vs full world 109
2.2.3.2. Index of sustainable economic welfare (ISEW) 110
2.2.3.3. Limits to growth 111

3. Where are we today? 112
3.1. Beyond GDP 112
3.2. Intellectual 112
3.3. Quid Growth - Degrowth 113
3.4. Institutional and indicators 113
3.5. Post-Growth 113

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Professor: Cathy Macharis
Margot De Munck

,Green Economy Monitoring Framework- H7 part 2 115

1. Context 115
1.1. Main goal 115

2. What is a green economy 115
2.1. What is a green economy 115
2.2. What should a green economy look like 116
2.3. Should we green our economy 116

3. The green economy monitoring framework 116

4. Presentation of the results 117
4.1. Scope monitor GE 2024 117
4.2. Indicators of Productivity 117
4.3. Why the lower position compared to neighboring countries? 119
4.4. Sectoral analysis 119
Industrial and Energy sectors Household and Transport 119
4.5. Policy Response and Innovation 120

5. Conclusions 121

Circular Economy 122

1. Origins and meaning of a “circular economy” 122
1.1. Origins 122
1.2. Material flows in a CE 122
1.3. Possible future 122
1.4. Challenges 123
1.5. Cycles and cascades 123

2. Circular economy in EU law and policy 124
2.1. Dear child has many ways 124
2.2. Urgent actions are needed 125
2.3. Opportunities 125
2.3.1. For the economy 125
2.3.2. For businesses 125
2.4. European green deal 126
2.4.1. Circular economy in the European green deal 126
2.5. Changing the way we produce and consume 127

3. The circular economy action plans 127
3.1. Steps in the EU CE’s policy (niet kennen) 127
3.1. New circular economy action plan COM(2020) 98 128
3.2. Sustainable products 128
3.2.1. Initiative – main problems 128
3.2.2. Policy sustainable products 128
3.2.2.1. Sustainable products policy – Eco-design 129
3.2.2.2. Eco-design requirements for sustainable products (ESPR) 129

4. The circular economy governance toolbox 130
4.1. Policy Mixes 130

6
Professor: Cathy Macharis
Margot De Munck

,5. Conclusions 131

6. CILAB – a circular textile lab 131
6.1. Start – 2005 – Textile and Fashion 131
6.1.1. Linear and Capitalistic Economy in Europe 132
6.1.2. Limits to Growth – Club of Rome – 1972 132
6.1.3. Europe – action plans textile 132
6.1.4. Product Category 133
6.1.5. Guest Speaker Career 135
6.1.6. Cilab 135
6.1.6.1. research ➔ rework ➔ repair 136
6.1.6.2. Silke van Ham 136
6.1.7. Decathlon – Cilab 136
6.1.8. Real Objective of Cilab 138
6.1.9. Approach 138
6.1.10. Cilab 2.0 139
6.1.11. Online information – Cilab 140

Finance & ESG – H8 141

1. Introduction 141

2. What is sustainable investing 141
2.1. Definition of Sustainable Investing 141
2.2. Advantages 142
2.3. Types of Investors 142

3. European Framework 142
3.1. The European Green Deal 142
3.2. European Action Plan on Sustainable Finance 143
3.3. Taxonomy 143
3.4. Sustainable Finance Disclosure Regulation (SFDR) 143
3.5. Markets in Financial Instruments Directive (MiFID II) 144
3.6. Corporate Sustainability Reporting Directive (CSRD) 144

4. In practice 145
4.1. Strategies (7) 145
4.2. ESG integration 146
4.2.1. Critisicsm 146
4.3. Guest lecture’s opinion 147
4.4. Global sustainable fund assets – Funding Assets 148
4.5. Companies example on sustainability - opinion 148
4.5.1. Colruyt versus Delhaize – ESG Risk Rating 148
4.5.2. KBC versus BNP – MSCI 148
4.5.3. Tesla versus Volkswagen – ESG 149
4.6. ESG integration 149
4.7. Tesla versus Volkswagen 149
4.8. Principle Adverse Impact (PAI) 150

5. Practical exercise 151
5.1. Step one: investment universe 151
5.2. Step two: responsible investment policy 151
5.3. Step three: data collection 151
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Professor: Cathy Macharis
Margot De Munck

, 5.4. Step four: make your portfolio 152
5.4.1. Portfolio A 153
BAT Contributes to good health? 153
Contribution what does it mean 153
5.4.2. Portfolio C 154
5.4.3. Real Life examples 154

6. Conclusion 155

7. E-learning 156

WPO 9 - future full of life 157

1. Introduction 157

Delivering The European Green Deal – H10 158

1. The climate change problem 158
1.1. Introduction 158
1.2. What happens if we do not act? 158
1.2.1. Without action on climate change (i.e., 3degrees warming by 2100) the EU will see, already
within your lifetime: 158
1.2.2. Without action, climate change will create more conflict & insecurity 158
1.3. European Climate Risk Assessment (EUCRA) 159
1.4. Global warming Future Projection 159

2. Tackling GHG emissions 159
2.1. What is Emission 160
2.1.1. Examples of measures taken: 161
2.1.2. Large unused potential: 161

3. What is the world doing about it: the Paris agreement 162
3.1. Paris Agreement: the world unites to fight climate change 162
3.2. Paris Agreement – global goals 163
3.3. Paris Agreement – key elements 163
3.4. EU at COP28 164

4. What is the EU doing about it: the Green Deal 164
4.1. The 2023 Climate Action Progress Report 164
4.2. Overcome existential threat to Europe and the world 165
4.3. Building blocks of the European Green Deal 165
4.4. Policies of the EU Green deal 165
4.5. The ‘Fit for 55’ package: road to 2030 165
4.5.1. Context: ETS2,SCF and the relevant policy mix to deliver at least -55% GHG emissions by 2030
166
4.5.2. The EU’s pathway to prosperity and climate neutrality 167

5. ‘Fit for 55’ package: delivering the Green Deal 168
5.1. The EU’s climate policy framework 168
5.2. EU Emissions Trading System (EU ETS) 168
5.2.1. Fit for 55: EU ETS expansion 170
5.2.2. EU's new Carbon Border Adjustment Mechanism (CBAM) 172
5.2.3. EU ETS 2 covering buildings and road transport 172

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Professor: Cathy Macharis
Margot De Munck

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