Money: Solutions

Intro——–Carbon Offsets——–Green Investments——–Challenges——–Solutions

  • 5★ – Advocate for money related large-scale solutions.
  • 4★ – Invest and divest sustainably. Find out where your money goes. Investing and divesting based on sustainability criteria is an effective way to reduce personal impacts. It makes even more sense to do so for savings and pension plans that require long-term thinking. As per usual, don’t put all your eggs in the same basket.
  • 4★ – Switch to sustainable banks. Even though numerous banks offer ‘sustainable portfolios’, many continue to support fossil fuels on the side. Switching to a bank that avoids fossil fuels entirely is a good way to avoid any indirect investments to that industry. Make sure to tell your bank you’re leaving them for a more sustainable option.
  • Governments: Implement a carbon tax. Ideally, this would increase the costs of high-impact products due to higher production costs. Unfortunately, this only works if all countries agree on a single carbon tax amount, which is unrealistic. To account for imported products that weren’t carbon-taxed during production in their originating country, governments can tax these imports based on their life-cycle impacts. If a product’s impacts can’t be approximated, it should be taxed the maximum amount.
  • Governments: Improve policies surrounding energy subsidies. Removing subsidies to the fossil fuel industry is essential, as is increasing subsidies to the renewable energy industry.