The curves of growing consumption of raw materials (not only coal, and oil, but virtually all other raw materials), greenhouse gas production, or a human population, while biodiversity is declining rapidly, point to the environmental crisis we are now facing. Many people identify with the need for sustainable development, for example by reducing CO2 emissions, developing renewable technologies, or increasing energy efficiency, in addition to including all externalities in the final price of products. However, a growing number of scientists, pointing to current trends in production and consumption, fear that all these efforts are odd to address the sustainability of life as long as the economic system is based on the assumption of sustainable growth. If we are serious about sustainability, then we must change the whole economic system.

In this lecture, we will discuss both the shortcomings (and advantages) of the current economic system, as well as the possibilities for its improvement, which will minimize the negative impact on the environment.