How to become An Environmental Economist

Most objects around us were made to serve a commercial purpose; all of them tap the environment directly or indirectly for the raw material necessary to build the product. After decades of mindless consumerism, we now realise that if we keep exploiting the environment for resources, none will soon be left. Still, if we don’t extract anything, our current lifestyles will crumble around us.

Environmental Economists seek to help us deal with this double-edged sword by working around crucial questions such as the optimal level of environmental quality and the best way to achieve it.

• Natural Resource Economist
• Research Economist
• Resource Economist

What do Environmental Economists do?

An Environmental Economist would typically need to:

• Conduct cost-benefit analysis of industrial activities, contribute to environmental impact assessments, review environmental policies from an economic perspective and develop/assess policy options
• Study the extraction and use of natural resources and investigate the disposal of any waste products 
• Investigate the effect of environmental conservation initiatives on the economy and the environmental impact of economic policies and regulations with the help of advanced statistical and computer software programs
• Predict economic, social, and political trends on environmental issues such as renewable energy use, construction of new hydroelectric power plants, or transnational pipelines and pollution control measures
• Collate environmental samples and data to formulate environmental sustainability plans/projects and technical reports/presentations to help policymakers
• Run sophisticated environmental modelling programs to research the long-term impact of restoring damaged or polluted environments
• Explore fields such as pollution, soil & animal conservation, and land use that affect both the environment and the economy
• Publish academic journal articles to share research findings and economic forecasts; sit in on committees for land and resource development
• Prepare and submit grant proposals and applications for research funding
• Liaise with clients, stakeholders, government departments, colleagues, and experts via phone calls, conferences, and meetings

Environmental Economists may divide their time between the field and an office. They may need to travel to visit research sites, attend conferences and meetings, or present their research and analysis to various stakeholders.

Environmental Economists frequently work more than 40 hours a week, beyond the regular schedule from 9-6, Monday to Friday.

Finding a new job might seem challenging. Environmental Economists can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies.

Environmental Economists are generally employed by: 

• Central, State/Provincial/Territorial, & Municipal Governments
• Economic & Management Consulting Firms
• Environmental Consulting Firms
• Colleges, Universities, & Research Institutes
• Not-for-profit, Non-Governmental, & International Organisations

Professional associations and organisations, such as the Association of Environmental and Resource Economists, are crucial for Environmental Economists interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation.

Membership in one or more adds value to your resume while bolstering your credentials and qualifications.

• Long workdays and work over weekends
• Stressful and emotionally challenging work environment
• Repetitive task of preparing reports and presentation
• Long periods spent at the desk or a computer
• The need to regularly lift around fifteen-pound weights

If your academic program does not provide for one, seek out internships that offer practical experience in economic analysis.

Employers lean towards candidates with significant experience as an economist, developer, consultant, or research assistant.

Read about the profession and interview/job shadow experts working in environmental economics to prove your commitment to course providers and prospective employers.

There are two ways one can go about becoming an Environmental Economist. You can pursue a bachelor’s degree in physics, chemistry, biology, geology, a related applied science with an economics/environmental science major. Ensure you gain an adequate understanding of statistics as well.

The other option is to complete a Bachelor of Science (BSc) program in environmental economics & policy. Some employers prefer candidates with a master’s in economics, focusing on environmental economics or environmental economics & climate change.

Personal enthusiasm and professional career advancement may prompt you to acquire a doctoral degree in the field.

Certification demonstrates an Environmental Economist’s competence in a skill set, typically through work experience, training, and passing an examination.

Certification in environmental property assessment and professional environmentalism can help you stand out in a competitive job market and allow you to become an independent consultant. Successful certification programs protect public welfare by incorporating a Code of Ethics.

The most highly sought-after roles in environmental economics are in environmental consulting, project management, resources policy advocacy, agricultural economics, and resources management.

Candidates with a master’s or doctoral degree in economics or environmental science have the best job prospects.

Continuing professional development (CPD) will help an active Environmental Economist build personal skills and proficiency through work-based learning, a professional activity, formal education, or self-directed learning. It allows you to upskill continually, regardless of your age, job, or level of knowledge.

Earning a master’s or a doctoral degree in Environmental Economics and Policy may prove crucial for career progression. 

The Evolution And Growth Of Environmental Economics

Environmental economics owes its emergence in the 1960s and growth in the 1970s to the neoclassical model, which included issues of market failure, inappropriate resource allocation, and management of public goods. 

The marked lack of concern for the inherent synergy between the economy and the environment led to ecological economics, favouring strong sustainability because human and natural forms of capital are not perfectly replaceable.

The Role Of Environmental Economics In The Current Scenario

Without proper regulation, a free-market economy where the market laws of supply and demand are paramount would never allow for environmental considerations. 

Profit-minded firms and savings-minded consumers would keep exploiting the environment for resources without sparing a thought towards sustainability. Resources would get depleted in the long run, and the economy would face severe consequences. 

Hence, the need for policies to control the indiscriminate use of natural resources without consideration for the future. Environmental economics plays a critical role in combating biodiversity loss, fisheries management, sustainable economic development, and the creation of international environmental agreements. 

Potential Pros & Cons of Freelancing vs Full-Time Employment

Freelancing Environmental Economists have more flexible work schedules and locations. They have full ownership of the business and can select their projects and clients. However, they experience inconsistent work and cash flow, which means more responsibility, effort, and risk.

On the other hand, a full-time Environmental Economist has company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Yet, they may experience boredom due to a lack of flexibility, ownership, and variety.

When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.

The dramatic increase in pollution and the consequent heightened public awareness about human-environment interaction in the 1960s brought environmental economics to the forefront. 

Society cannot function in the absence of a successful collaboration between economic activity and environmental sustainability. Environmental Economists hold the future of humanity in their palms as they strive to maintain the delicate balance between the two equally vital facets of human existence.

You need to learn how to use economic theories to make predictions, analyse data to answer key questions, and communicate this information to an audience with very little knowledge of economics.