Thomas W. Hertel (Purdue University): “A Global and Local Policies for Respecting Planetary Boundaries: Tradeoffs and Synergies."

Abstract:
In a series of highly cited papers over the period 2009 – 2023, earth system scientists have identified a set of nine planetary boundaries that must not be breached if we wish to avoid catastrophic consequences for nature and humanity. These range from well-mixed, global boundaries such as climate-altering greenhouse gas emissions, to localized limits on freshwater availability and reactive nitrogen entering the environment. Recent estimates by Richardson et al. (2023), suggest that four of the nine planetary boundaries have already been breached. The food system is a key driver of all four exceedances and therefore must play a key role in any solutions. However, the establishment of these boundaries and the analysis of potential solutions has often been devoid of economic considerations. Furthermore, little attention has been given to the economic policies that might allow society to address these critical planetary boundaries, as well as likely synergies and tradeoffs across policies targeted to individual targets. This seminar will bring economic analysis to bear on this question, providing quantitative assessments of global and local policies aimed at respecting these planetary boundaries.