Keywords: non–market valuation, environmetrics, green economics, environmental valuation, sustainable development, sustainability, Malaysia, solid waste management, climate change, food security, green banking, loans
Environmental valuation and environmetrics for sustainability in Malaysia
Environmental valuation is used to monetise non–priced green goods and services. This paper argues that this pricing exercise is a useful tool to reflect such relative values to inform and facilitate sustainable policies and green economies. The application could be used in valuing solid waste management, climate change, food security, green banking and loans, and others. The paper highlights the emerging field, termed 'environmetrics', being pursued in the Malaysian context today and shares these developments and proposes possible ways forward as a contribution to sustainable development whilst building on a thorough foundation of the key principles of green economics. In Malaysia, such methodologies have brought it to the forefront of green economics implementation and so have proven to be an important part of the mix. Hence, it is vital to explore here how that has happened and what literature, research and studies have enabled this to occur.