Valuing Pollution: Problems of Price in the Commodification of Nature‪.‬

Introduction Extending the sphere of the market as a mechanism for environmental policy was enthusiastically embraced by governments during the 1990s following the Brundtland Commission's (WCED 1987) promotion of 'sustainable development'. The conflation of 'sustainability' (the ecological problem) with 'development' (the economic problem) was a key factor in laying the foundation for economic norms in environmental policy and management to the neglect of preserving ecological integrity. After two decades of national and international policies for sustainable development, global environmental degradation continues and a new wave of concern has emerged (Kovel 2002: 4; UNEP 2007). The recent Reviews by Stern (2006) and Garnaut (2011) sought to tackle climbing global emissions of carbon dioxide (Worldwatch Institute 2002: 5), but have ensured that any debate about the use of market instruments neglects the question of their suitability in this circumstance. Rather, debate is confined to the problem of how best to implement such instruments (Paton 2008: 107). This was evident in the establishment of the Australian Multi-Party Climate Change Committee, convened to investigate ways of 'pricing' carbon and resulting in the negotiation of the 'Clean Energy Future' emissions trading scheme.