Course summary

This programme aims to deliver a well-developed understanding of the economics, science and policies associated with climate change, as well as a broad foundation in environmental and resource economics. It delves into the conceptual economic foundations and the practical tools of analysis, including state-of-the-art quantitative methods. Environmental economics is playing an increasingly central role in understanding the causes of, and designing policy solutions to, contemporary environmental and resource problems. It has been instrumental in informing policy across the world, for example in the creation of markets to efficiently regulate pollutants such as acid rain and carbon. Environmental and resource economics also informs the design of new instruments for the conservation of ecosystem services and the efficient use of natural resources, such as water and forests, and for the promotion of renewable energy and electric vehicles. In order to make climate change and environmental and resource issues central to the policy debate, it is also necessary to demonstrate the contribution that the environment makes to human well-being, and the serious economic and health effects of pollution. How these costs and benefits are distributed between current and future generations is another important consideration. Valuation, and the behavioural and ethical issues that this gives rise to, is a major component of environmental and resource economics and another aspect of the MSc. Across a wide range of issues such as biodiversity loss and fisheries management, sustainable economic development and the formation of international environmental agreements, the theory and applied tools of environmental economics are uniquely placed to inform and guide decision-makers in addressing environmental challenges. Climate change is the most formidable environmental concern facing the planet today and the lessons and tools of environmental economics are highly relevant for thinking about, and providing solutions to, this global economic problem. The programme will teach you to apply economic concepts and quantitative methods to the analysis, appraisal and valuation of a wide range of environmental problems and policies. You will begin to understand the importance of the political-economic context when applying the concepts and tools of environmental economics, as well as obtaining an in-depth understanding of the scientific, economic and political dimensions of climate change.