Crossroad of convergence

At a first glance, one can reach the hasty conclusion that the environmental choices facing us have to be put on the backburner to give precedence to economic priorities, thinking, according to the old paradigm, that ecology and economy are somehow antagonists even if they share the same root word. As of late 2008, it is not only the contagion of the financial crisis that commands urgency but, surprisingly, even the decline in oil prices may make the appeal of alternative energy less attractive.

However, amid the turmoil and deep issues faced by the world today, a paradigm shift is in order: not only is the economy to respect the environment but the environment can act as the driving force to stimulate a weak, even recessionary, economy.

The Secretary General of the United Nations, Ban Ki-Moon, in the light of the present economic crisis, said that the environment can, in a revolutionary development, be the appropriate mechanism to kick-start a sluggish economy. World leaders like US President-elect Barack Obama and French President Nicolas Sarkozy have also subscribed to this Green New Deal that can rebuild and reshape the planet's economy and the way our and future generations live.

In a Green New Deal, the environment as a basic fundamental value in itself will generate new employment if investment is made in adopting a greener way of life and economy.

I believe the budget for 2009 in Malta is a daring step in this direction. Certainly, the measures introduced during the budget have acknowledged the need for action on many environmental challenges, particularly green alternative energy.

The investment in alternative sources of energy generates jobs while it is being undertaken and, moreover, leads to efficiencies that will be contributing to the betterment of our economic performance in years to come.

Furthermore, alternative streams and sources of energy will reduce our risks in terms of energy supply shocks from abroad. These risks are more pronounced in small islands like ours and can lead to dangerous imbalances in the economy if we are too dependent on one source of energy.

We are now in an age of environmental threats, yet these same threats can give us the impetus for a green paradigm shift that puts us on the road to green investment and jobs. Investment for energy conservation, for example, will release resources that are now effectively subsidising oil-producing countries and dirty energy production to be used much more efficiently in our economy.

Of course, this won't happen without courageous decisions. Just one example: Prices we pay have to reflect not only the economic cost of what we buy but also the negative externalities emanating from the process and that are, up to now, borne by the environment and future generations rather than by the polluter.

We are at a crossroads. If we are audacious enough and put our action where our mouth is, we can change the ecologic-economic crossroads from a point of divergence to a point of convergence.

Dr Debono is a Nationalist member of Parliament.

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