Environmental Sustainability And Competitiveness Policy-Books Pdf

ENVIRONMENTAL SUSTAINABILITY AND COMPETITIVENESS POLICY
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Environmental Sustainability and Competitiveness Policy Imperative and Corporate Opportunity P a g e 2. Our thesis is not that good environmental performance and a commitment to sustainability are. alone sufficient to achieve competitiveness of an economy sector or company Rather our point is. that environmental sustainability often correlates with superior economic performance and. competitiveness for both companies and countries 2 We identify from a theoretical perspective a. number of reasons that a commitment to sustainability and strong environmental results will likely. enhance national as well as company scale competitiveness. The empirical association between environmental performance and national competitiveness has. been demonstrated repeatedly 3 Of the ten highest ranked countries in the 2012 Environmental. Performance Index all 10 are in the top half of the World Economic Forum s Global Competitiveness. Index 2012 2013 and seven are in the top quartile Certainly environmental performance provides. only a partial explanation of national competitiveness But it can be a significant part When carried. out in conjunction with other pro efficiency policies environmental stewardship can be a powerful. contributor to sustained economic growth and long term competitive strength. The prospect that top rank environmental performance correlates with national competitiveness. should not be surprising because theory suggests several reasons why a commitment to. sustainability especially if translated into an appropriate structure of environmental law and policy. would generate benefits for national productivity and sustained economic success Consider four. such reasons, First in response to properly structured pollution control and natural resource management. requirements companies tend to adopt more eco efficient innovative practices that enhance. industrial productivity by reducing inputs eliminating scrap and waste and improving energy. efficiency 4 Evidence to support this line of argument can be found at the corporate as well as the. national scale Wal Mart for example has driven down costs and reduced its environmental impacts. by setting tough standards for its own operations and all its suppliers regarding waste packaging. energy consumption and greenhouse gas emissions The goals applied across the company s value. chain have pushed 60 000 suppliers to raise their game with a measurable impact on environmental. 2See Green Rankings 2010 Newsweek Oct 18 2010 available at http www thedailybeast com newsweek. 2010 10 18 green rankings us companies html Yale Center for Environmental Law and Policy Center for. International Earth Science Information Network Columbia University 2012 Environmental Performance Index. available at http epi yale edu, 3See e g Daniel C Esty et al Pilot 2006 Environmental Performance Index New Haven Yale Center for. Environmental Law Policy available at www yale edu epi 2006EPI Report Full pdf Daniel C Esty et al 2008. Environmental Performance Index New Haven Yale Center for Environmental Law Policy available at. http epi yale edu 2008 Daniel C Esty Michael E Porter National Environmental Performance Measurements. and Determinants in World Economic Forum Environmental Performance Measurement The Global Report 2001 2002. Daniel C Esty and Peter Cornelius eds pp 24 44 Michael Greenstone John A List Chad Syverson The Effects. of Environmental Regulation on the Competitiveness of U S Manufacturing US Census Bureau Center for Economic. Studies Paper No CES WP 11 03 2011 The most recent Environmental Performance Index shows a significant. correlation between environmental results and competitiveness particularly with regard to indicators of. environmental health, 4See Paul Lanoie J r my Laurent Lucchetti Nick Johnstone Stefan Ambec Environmental Policy Innovation and. Performance New Insights on the Porter Hypothesis Journal of Economics Management Strategy 20 pp 803 842. U S COMPETITIVENESS PROJECT, Environmental Sustainability and Competitiveness Policy Imperative and Corporate Opportunity P a g e 3. performance and production efficiency not just in the United States but also in China and other. countries from which Wal Mart sources goods As Michael Porter has argued it is just this sort of. enhanced resource productivity from which modern day competitive advantage derives 5. Second well designed environmental standards may induce companies to develop new. ecologically friendly products production techniques and services that reduce environmental. impacts and resource consumption advances in energy efficiency being of particular note in many. business categories and that also offer superior value to those buying these goods and services. The companies creating new technologies or other market offerings often find that they can apply. their breakthroughs not just to their own activities but also to other companies and sectors GE s. push for example to produce more efficient jet engines has also propelled the company s success in. bringing new materials and greater efficiency to the turbines that are the key to lower cost wind. power Again the potential for innovation offsets and dynamic competitive gain needs to be. factored in to the benefit cost calculus when looking at the logic of rigorous environmental. regulations and other sustainability commitments 6. Third some innovations add so much value that they jumpstart new business categories and. provide a foundation for blue ocean competitive advantage and sometimes whole new industries 7. Think in this regard how the Toyota Prius has redefined the automobile and triggered a booming. new world of electric mobility 8 More generally the push in many jurisdictions for greater energy. efficiency has led to lean manufacturing lower production costs and more competitive industries. Japan s manufacturing success in the last several decades despite high energy costs represents the. quintessential example of this sort of sustainability induced competitive strength. Fourth better environmental law and policy implementation reduces human health costs from. pollution exposure that would otherwise dampen productivity and output One can imagine a. scenario in which certain firms pollute heavily and are more profitable in the absence of strict. environmental regulation but whatever corporate gains are achieved would be false. competitiveness because the benefits to the firm would come at the cost of a larger debit to the. overall society Indeed as various economists including Paul Krugman have noted some U S. industries such as coal fired electricity may be inflicting public health burdens and environmental. damage that is higher than the sum of the wages and profits that such industries generate 9. In promoting better U S economic policy policymakers should bear in mind the distinctions. between competitiveness at the firm and at the country level and the relationships between them If. U S firms compete successfully in world trade only by degrading the environment inflicting. pollution related public health costs on others depleting natural resources or otherwise. 5Porter and van der Linde Towards a New Conception of Environment Competitiveness Relationship Journal of. Economic Perspectives 9 pp 97 118 1995 Daniel C Esty Michael E Porter Journal of Industrial Ecology 2 pp 35. 6 Michael E Porter America s Green Strategy Scientific American 264 p 168 1991. 7 W Chan Kim Ren e Mauborgne Blue Ocean Strategy Boston Harvard Business Press 2005. 8 Popular Mechanics Oct 2009, 9 Paul Krugman Party of Pollution New York Times Oct 21 2011 p A29.
U S COMPETITIVENESS PROJECT, Environmental Sustainability and Competitiveness Policy Imperative and Corporate Opportunity P a g e 4. diminishing the living standards of current and future Americans that is not true competitiveness. for a nation So it is critical that investments in environmental advances and sustainability be. analyzed with the full stream of benefits calculated alongside the costs. Governments should furthermore avoid falling for the now discredited idea that a commitment. to environmental protection inevitably entails an economic burden for the economy Development. theory from the 1970s suggested that nations face a zero sum tradeoff between efforts to improve. environmental conditions and efforts to gain more national economic growth While some. environmental policies have been implemented in inefficient ways or driven beyond the point of. diminishing returns those who pursue sustainability in a thoughtful fashion need not worry about. such counterproductive results Indeed at the core of our policy recommendations are commitments. to careful risk and economic analyses designed to ensure that policies are never pushed beyond the. point where costs exceed benefits, In pointing out that environmental protection and competitiveness can be synergistic we do not. mean to suggest that the environmental regulatory choices facing U S policymakers are easy or. irrelevant to the competitiveness of particular industries or companies Certainly governmental. decisions on the stringency of environmental standards or the modalities of environmental. regulation can affect the profits of particular companies and industries and can make them less. competitive in world trade particularly when other major economies regulate less strenuously or. more efficiently 10 In pointing out that policymakers should not be fixated on an imaginary. environment competitiveness tradeoff we mean to say both that environmental regulation done. right need not be a burden to industry or the economy as a whole and that a failure to adopt. appropriate policy instruments to internalize externalities and promote sustainability can result in. faulty market price signals that translate into lower productivity slower growth environmental. degradation and diminished social welfare, To be sure we would not argue that stringent environmental regulations necessarily enhance. national competitiveness Such a thesis would sometimes be false Rather our claim is that when. environmental regulation is carefully designed to solve genuine ecological problems using efficient. policy instruments what we call optimal environmental policy 11 it will not significantly detract. from national competitiveness and should instead tend to enhance it By optimal environmental. policy we include not only the measures that directly regulate pollution and the use of natural. resources but also proper attention to efficiency and sustainability enhancing choices in other policy. realms such as agriculture housing and transportation. The enlightened debate today is not about the importance of good environmental performance. Rather the debate is about how to address scientific uncertainties pay for environmental public. investments set reasonable timetables for the implementation of new requirements factor in and. 10On the other hand industries facing the possibility of higher environmental regulation tend to overestimate. compliance costs and competitiveness burdens Once an industry is given a firm environmental performance. standard to meet with a time certain for compliance the most innovative companies will often find much more. efficient way to meet the targets than had been previously expected See Richard D Morgenstern et al On the. Accuracy of Regulatory Cost Estimates Resources for the Future Discussion Paper 99 18 1999. 11 Daniel C Esty Toward Optimal Environmental Governance N Y U L Rev 74 pp 1495 1574 1999. U S COMPETITIVENESS PROJECT, Environmental Sustainability and Competitiveness Policy Imperative and Corporate Opportunity P a g e 5. promote the possibilities of future technology breakthroughs choose the best policy instruments. and address the genuine level playing field concerns that arise when major trading partners. regulate less stringently Of course if some countries subsidize production of particular goods as. China is now supporting makers of wind turbines and solar panels their trade partners face a. quandary 12 They can attack the subsidies as an unfair trade practice and thereby forgo the benefits. of low price imports or they can try to match the subsidies in order to keep their domestic. producers competitive and thereby also possibly engage in an unfair trade practice Thus optimal. environmental policies are easier to specify in theory than practice. This essay proceeds in the following manner Part I defines seven principles for optimal U S. environmental policy all of which additionally enhance competitiveness Part II discusses why a. sustainability focus at the level of corporate strategy can strengthen a company s competitive. position Part III highlights a set of potential federal policy initiatives that would advance. competitiveness as well as environmental results Throughout this essay we emphasize that. environmental awareness and sustainability should pervade a smart approach to competitiveness. and that attention to efficiency and the other elements of optimal environmental policy will be. needed to undergird a successful competitiveness strategy. I PRINCIPLES FOR OPTIMAL ENVIRONMENTAL POLICY, The first principle of environmental policy is that it should be driven by science and data and a.
commitment to analytic rigor This is not to suggest that politics can ever be absent from. environmental decisionmaking Elected officials have a central role in making key choices. concerning goals timetables and the distribution of t. Environmental Sustainability and Competitiveness Policy Imperative and Corporate Opportunity P a g e 3 U S COMPETITIVENESS PROJECT performance and production efficiency not just in the United States but also in China and other

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