Strategies for Sustainable Development: The Role of Eco-Taxation and Renewable Energy Investment in the United States
Abstract
Sustainable development, defined by the Brundtland Report as development meeting present needs without compromising future generations' ability to meet their own, integrates environmental preservation, social justice, and economic progress. This approach is of vital importance against global ecological crises related to climate change, loss of biodiversity, and depletion of resources. The 2030 Agenda for Sustainable Development, adopted by the United Nations, comprising 17 SDGs, set out a call for joint efforts of three major engines: governments, businesses, and civil society, toward the achievement of sustainable outcomes. One of the primary policy tools internalizing the external costs of environmental degradation, eco-taxation, or environmental taxation, provided incentives for business and people to opt for cleaner technologies. Carbon taxes are one of the frequently used tools of eco-taxation, and they have cut emissions while continuing to achieve economic growth. Renewable energy investment has accelerated in solar and wind due to technological improvement, backing by policy, and cost reduction. In this respect, the integration of eco-taxation and renewable energy investment works for sustainable development through a proper alignment of environmental, economic, and social objectives. This interaction can enable job creation, technological innovation, energy independence, and public health and social justice. Such strategic use of revenues from eco-taxes for funding projects in the area of renewable energies improves the policy coherence and stability required for long-term sustainability. Thereby, this combined approach can contribute towards the climate goals in mitigating resource dependency and encouraging comprehensive frameworks that give due consideration to environmental, economic, and social benefits of sustainable development.
Keywords
Renewable Energy, Sustainable Development, Eco-Taxation, Investment, U.S
Citations
IRE Journals:
Doreen Kitakufe , Thomas Andrew Walugembe , Shallon Asiimire , Courage Obofoni Esechie , Mark Sekinobe; Oluwaseun Rafiu Adesanya
"Strategies for Sustainable Development: The Role of Eco-Taxation and Renewable Energy Investment in the United States" Iconic Research And Engineering Journals Volume 8 Issue 2 2024 Page 360-371
IEEE:
Doreen Kitakufe , Thomas Andrew Walugembe , Shallon Asiimire , Courage Obofoni Esechie , Mark Sekinobe; Oluwaseun Rafiu Adesanya
"Strategies for Sustainable Development: The Role of Eco-Taxation and Renewable Energy Investment in the United States" Iconic Research And Engineering Journals, 8(2)
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