Abstract
This study aims to quantitatively identify the economic value of the comprehensive improvement of environmental degradations caused by climate change. The research method applied to that is the choice experiment. Fine particulate matter, algae bloom, and heat waves were selected as individual attributes constituting environmental problems. It was found that the willingness to pay could not be induced for any level of improvement in algal bloom. It was concluded that if heat waves improved to the medium level where the number of heat-related illnesses and estimated deaths decreased by 50% compared to the current level, there would be a loss in value by USD 13.33. The value of improving environmental problems is USD 7.69 per household per year, and the improvement of fine particulate matter was the highest value attributed by consumers. This study is significant in that it comprehensively evaluates severe environmental problems, reflects their priorities and importance, and assesses the value for each level. It provides important foundational data for establishing effective budget input strategies to maximize consumer benefits and aids in the preparation of effective policies by establishing more detailed goals to achieve net-zero carbon emissions and the Sustainable Development Goals.
Highlights
Mankind has entered the fourth industrial era with remarkable economic growth, bolstered by the creation and innovation of the technological civilization
The results found that the weighted average willingness to pay (WTP) in the scenarios of 50% and 80% reduction were Thailand
The choice alternative variable (ALT) is a dummy variable that sets the reference alternative as 1 and other alternatives as 0. While it affects the choice of alternatives, it is used as an alternative constant representing the collective influence of variables excluded from the model
Summary
Mankind has entered the fourth industrial era with remarkable economic growth, bolstered by the creation and innovation of the technological civilization. The consequence of such anthropogenic development and growth has been serious climate change and environmental degradations. Many countries recognize that extreme climate events, air pollution, and rising average temperature are no longer simple climate changes, but climate crises that threaten human survival. Against this backdrop, voices of self-reflection are being raised for the protection of the global environment. The SDGs consist of 17 goals and 169 targets, and lay the groundwork for all of mankind to respond to climate change and achieve goals including economic growth and social development as well as environmental conservation, embracing all mankind and “leaving no one behind”. The Paris Agreement, containing the response to climate change effective from 2021, was adopted at the 21st
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