The impact of environmental pollution on economic growth
In the language of economics, pollution is defined as a market failure. Every type of anthropogenic environment pollution is related to economy. Again, environment solutions are also related with the economy and politics. Be it nationally or internationally, political commitment is needed to take initiatives for the solution of environment pollution
Plastic pollution is currently a major crisis, along with climate change, deforestation, air pollution, and the disappearance and pollution of water bodies. But in 1907, when plastic was invented by Leo Baekeland, a scientist of Belgium, at that time it was thought that plastic would change the world.
Plastic was seen as a cost-effective and sustainable alternative to natural materials, aimed at reducing the over-extraction of resources. It happened so.
From kitchens to airplanes, plastic started to be used as an alternative to steel and wood. Therefore, many researchers call the period after 1950 the Plastic Age.
With time, plastic waste has increasingly become a significant burden for Dharitri. Plastic pollution has reached such a state that microplastics are also found in human embryos. Each year, around 400 million tons of plastic waste are produced globally, polluting rivers, lakes, oceans, and forests.
Hundreds of years after its invention, plastic remains one of the biggest human-made pollution problems. Plastic pollution is a growing problem in developing countries like Bangladesh due to the lack of market-based policies, an inadequate recycling industry, and low public awareness.
There are two main types of pollution control methods used worldwide: the ‘command and control’ approach and the market-based or economic approach. These methods aim to maintain a healthy economy and a clean environment.
The ‘command and control’ approach involve governments or policymakers establishing environmental standards through laws and policies.
In Bangladesh, the Environment Protection Rules of 2023 have been established. This procedure outlines the technology for treating liquid waste in industries and controlling air pollution.
Industrial plants that exceed pollution limits face fines and could lose their environmental clearance. This is the rule of command and control. Bangladesh depends on this approach to combat pollution.
Another popular approach to market-based systems is the pollution tax, which is widely used in many countries around the world. The basic concept of the pollution tax system comes from the famous ‘polluters pay principle’.
When an industry engages in pollution, society incurs significant harm. As a result, the amount of the damage will be borne by the person responsible for the pollution. The amount of this damage is recovered from the organization responsible for the pollution in the form of tax.
The more pollution one is responsible for, the higher the tax amount. As a result, polluters will use modern technology to deal with pollution on their own initiative to avoid tax. This pollution tax can also be a major source of revenue for the government.
In Denmark, pollution taxes are about 4 percent of GDP. Essentially, pollution taxes and financial incentives encourage polluters to find ways to prevent pollution on their own.
