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Explain economic and environmental aspects of sustainable development.
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Economic aspects

The modern concept underlying economic sustainability seeks to maximize the flow of income that could be generated while at least maintaining the stock of assets (or capital Economic efficiency plays a key role in ensuring optimal consumption and production.) which yield this income. Fisher had defined capital as “a stock of instruments existing at an instant of time”, and income as “a stream of services flowing from this stock of wealth”. Hicks argued that people’s maximum sustainable consumption is “the amount that they can consume without impoverishing themselves”.

Environmental aspect

Like any human activity, the production and consumption of energy can affect the entire biosphere. It is clear that certain systems, sectors, and regions will be harder hit than others by these large-scale phenomena. Certain terrestrial ecosystems (mountain regions, boreal forests, etc.), marine ecosystems (coral reefs, etc.), and coastal ecosystems (mangroves, etc.) are the most endangered. The following areas are also concerned: certain dry regions at middle latitudes because of changes in rainfall, low-lying coastal regions and large deltas in Asia and Africa, small islands, and populations with little ability to adapt, whose sanitary conditions could deteriorate, etc.

It is therefore important to anticipate the exhaustion of reserves in order to prevent or limit the impact of this. In terms of sustainable development, energy efficiency is the first lever to reduce the consumption of natural resources. Technological progress must contribute to improving energy performance.

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