68

THE ROLE OF ENERGY SECTOR IN ECONOMIC

DEVELOPMENT OF PAKISTAN IN THE CONTEXT OF
SUSTAINABILITY AND RESILIENCE:
A REALITY CHECK
*
Ms. Tatheer Fatima, Dr. Shazia Hassan and Ms. Wajeeha Ghias

Abstract
The main objective of this paper is to understand and analyse the significance of
sustainability and resilience in the recent development of Pakistan’s Energy Sector. In
addition to this, the paper aims to analyze what role the energy sector is playing in the
economic development of the country. In contrast to quantitative research approach which
mainly focuses on numbers and facts, this paper applies a qualitative research design on the
said matter. Based on a proposed conceptual thematic framework, underlying the concept of
climate change and adaptability (resilience), the contributions of the energy sector is
explored. This included understanding the perception of some key stakeholders and how they
expect global and national developments to the sector. More than fifteen stakeholders
belonging to private investors, Government and Public were interviewed in the context of this
study. Each of them represented senior management opinion and perspective on the issues
faced by the sector and the future plans for them.

Keywords: Energy Crisis, Economic Development, Resilience, Climate Change.

Introduction

T he economy and people of Pakistan are highly vulnerable to environmental and

economic disasters. Steps are being taken on both, public and private level but
actions driven by self-interests; unquestionably hurdles the achievement of desired
national goals and objectives. The country encounters several predicaments like (a)
corruption; (b) poor policy and governance; (c) misallocation of resources; (d)
political instability; and (e) national security. Combating climate change might be
perceived as an added burden.

On the economic development front, since 2010 till to date, Pakistan has
demonstrated some fair results. Gross Domestic Product (GDP) defined as the
monetary value of final goods and services that are bought by the final user –

*
Ms. Tatheer Fatima is a research scholar at SZABIST, Islamabad, Dr. Shazia Hassan is Assistant Professor at
Department of Leadership & Management Studies, National Defence University, Islamabad and Ms.Wajeeha Ghias is
lecturer at Department of Leadership & Management Studies, National Defence University, Islamabad.

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The Role of Energy Sector in Economic Development of Pakistan 69

produced in a country in a given period of time 1, experienced an increase ranging from

1.6% to 4.7% (an annual increase of 3.4% on average)2. Similar to this, the Gross
National Product (GNP), which represents the total output of the residents of a
country3 also showed an increase of 4% on average over the past 5 years 4, as well. The
level of investment by non-Pakistani residents in Pakistan i.e. Foreign Direct
Investment (FDI)5 in the country, however, got as high as US $ 1.9 billion (2010) and as
low as US $ 782 million (2012), in the last 5 years, showing only a satisfactory
standing6.

A rise in GDP, GNP and FDI is perceived as an indicator of success in the

economic sense. A rise in GDP, hence, indicates Economic growth. If we, however, are
to evaluate this growth on the scales of efficiency and net benefit/loss, one might
reach to a different conclusion. It might be possible that progress on the scale of
economics might be hampering progress on the social front. Long-term benefits and
objectives being comprised due to short-term gains. The case of Pakistan carries a
similar situation. The paradox of economic growth being experienced in many classes,
sectors and parts of the country arguments certain deficiencies.

Carbon Emissions, Climate Change and Pakistan

The economy of Pakistan if analyzed, like every economy is dependent on
certain factors and resources, to help it grow, foster and become resilient. Sources of
energy and fuel, constitutes a very important element in the growth cycle of an
economy. Uninterrupted, equitably accessible and affordable energy plays an
imperious role in supporting the growth structure of an economy, be it domestic or
commercial use.

Where power or energy resources, constitute an integral input in the

economy’s growth mix, therein power generation and consumption significantly
impacts the environment. The resulting, CO2 emissions, depletion of fossil fuels,
contamination and utilization of natural resources etc. each causes environmental
degradation, ultimately leading to climate change, which consequently cause natural
disasters. The Power sector of Pakistan, when analyzed alone contributes to 50% of
the Carbon dioxide (CO2) emissions of the country. The CO2 emissions being the main
root-cause of air pollution leads to not only the depletion of the earth’s Ozone layer,
but as stated above also causes environmental degradation ultimately leading to
climate change resulting in global warming.

Keeping the actions of other countries aside, Pakistan’s role however, remains
unclear. Even after signing up for the agenda points of the COP21 and its mission,
Pakistan, yet has to give itself a target. The consumers comprising of general public
and industries carrying out commercial activities, are faced with an even more

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70 Ms. Tatheer Fatima, Dr. Shazia Hassan and Ms. Wajeeha Ghias

alarming situation. Inequitable, inaccessible and unaffordable sources of power for

domestic consumers means disturbance in health and negatively impacting quality of
life. In some rural areas of Pakistan, there is still no access to electricity, let alone it
being sustainable or environmental friendly. In respect of commercial use, irregular
supply of electricity and increasing power shut down means increased costs of
production and low returns on investment. Disruption in production, increased time
for the completion of activities, expensive alternate power supplies particularly
reliance on fossil fuels represents accumulation of disincentives for the private
investor. All these factors cause not only resentment but loss of confidence in the
overall system and of course the Government role and commitment.

The alarming issue of climate change and its global impact is catching up
pace and putting pressure on each country to review its current strength and plan to
combat it and mitigate its impact. Alongside, this dilemma of climate change is the
extreme pressure on economies to demonstrate growth. Either maintain its position as
a developed country or attain one. These two major national agendas, however,
demonstrates two conflicting courses of action. Economic growth, means more
economic activity, employment, profits, increasing yields on investment and
utilization of natural resources. These when deliberated, in fact come forth as the
direct causes of climate change leading to negative externalities.

In Pakistan, all aspects of economic activity along with their impact on the
environment are now expected to be scrutinized. Discussions regarding the role of
government, private businesses, industrialists, general public, customers, financial
institutions and other stakeholders is widening interest and driving for more effective
and transparent solutions. Pakistan, in particular is estimated to have raised carbon
emissions from 76 million tons in 1990 to 200 million tons in 2006 7. It is estimated
that CO2 emissions with an average increase of 6.5% annually will grow to 482 million
tons by 2020 8. A mix of sectors contributes towards this rapid increase in CO2
emissions, with the energy sector making up to 38% of the overall percentage. The
CO2 emissions (metric tons per capita) stood at 0.9 metric ton in Pakistan.

Vulnerability of Pakistan and Response

The Global Climate Risk Index 2015 has ranked Pakistan as the 11th most
affected country by extreme global warming a direct cause of increased CO2 emissions
worldwide9. Increasing meditation of Greenhouse Gases (GHGs) is raising the earth’s
variable properties, in terms of atmosphere and addresses the phenomenon to be
known as Global Warming, also referred to as or the outcome of climate change10. The
major factors listed, which contribute to the global climate change comprise of
increased CO2 emissions due to the consumption of fossil fuels and the excessive
cutting down of trees. Although, Pakistan plays a very little role in overall addition to

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The Role of Energy Sector in Economic Development of Pakistan 71

GHG emissions, however, it remains harshly impacted by the negative effects of

climate change, hence the dire need to address it immediately.

Over the last decade, several efforts have been made to ascertain the
severity of the energy crisis in Pakistan. Each stakeholder draws its own conclusion,
but unanimously expects the energy sector to become aggressively efficient.
Alongwith this, at the international front researches on the same pattern are also
taking place, emphasizing every business, company, private or public to take
ownership and play its part through executing responsible corporate social
responsibility and working greener initiatives.

A long-term valuation of Pakistan’s electricity reforms and policy making, in

the context of environment and resource allocation is discussed by Karakul11. To
incentivize people and upsurge the sustainability of energy supply, the Government of
Pakistan announced a chain of modifications in the electricity supply sector reforms
during the early 1990s period. The study concludes on the premise that incentives
given to people best motivate and work to achieve the objectives. Based on the review
of past studies undertaken it can be assessed that globally the greenhouse effect due
to increased demand will be accelerated owing to estimated rising need of energy by
1.6% on average over the period of 2006 to 203012. Hence the carbon footprint of each
source of energy and its utilization will need to be monitored. Countries will need to
re-vamp their entire energy mixes and structures to come to solution. Securing
renewable energy resources will be pivotal. But is there really much being done on
that end. Stakeholder’s involvement is much required. Energy demand in
Organization for Economic Cooperation & Development (OECD) countries
experienced high growth.

Fossil fuels make 80% of the sources to produce energy 13. The composition
says true for Pakistan as well, where energy source remains backed up majorly by oil
and natural gas. Import of oil places invariable burden on our import bill as well.
Many projects are underway but the issue catching attention is providing energy
through coal. Although new technology by the name of Carbon Capture and
Sequestration (CCS) reduced the impact of coal making it environmentally less
harmful, but it’s still not fully developed14. If the emissions lifecycles of coal are
compared with nuclear and natural gas, it is astonishing to find that coal generates 30
times more emissions than nuclear and 15 times more than natural gas 15. Hence the
feasibility of the most talked about and sought after coal projects remain shady on the
sustainable front but may be government has better reasoning for pursuing this.

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72 Ms. Tatheer Fatima, Dr. Shazia Hassan and Ms. Wajeeha Ghias

Thematic Factors
The challenges and performance of the energy sector of Pakistan depicts the
overall economic development scenario of Pakistan quite well. Hence, to understand
whether the economic development taking place is sustainable, the underlying factors
need to be studied. The drivers of the energy sector in Pakistan, its key stakeholders
and their impact locally and world-wide play a crucial role in transforming the current
scenario. Hence, a theme of the study has been deliberated, to analyze key factors in
shaping the economic scenario in the context of sustainability and resilience.

Key Suppliers of Energy in Pakistan

The key players of Pakistan’s energy sector comprise of its electricity
producers i.e. Pakistan Water and Power Development Authority (WAPDA), Karachi
Electric Supply Company (KESC), Central Power Purchasing Authority (CPPA),
Pakistan Atomic Energy Commission (PAEC) and various Independent Power
Producers (IPP). These further comprise of various Generation Companies (GENCOs),
and Distribution Companies (DISCOs). Hence, input from senior management
representatives of these IPPs helps understands the course of action adopted by them
and the limitations faced by them. General Manager of a Wind Energy Project in
Pakistan, CEO of an IPP on hold and CFO of another IPP have been interviewed for
the purpose of this study. Professionals relating to the field of Audit and Assurance
were also interviewed of a big four audit firm, comprising of a Senior Management
handling audits of various GENCOS and DISCOs.

These senior management representatives make up of key internal

stakeholders of these entities, understanding the reasoning and history behind the
everyday decision making. Their interviews, hence, augment understand their
standing and the parties around them on the lines of sustainability effecting power
sector and its various aspects. On the parameters of sustainability, it is interesting to
note that many of these entities pursue extensive Corporate Social Responsibility
(CSR) initiatives like supporting lower income groups etc. Their practices regarding
how they are trying to manage their carbon foot print in pursuit of their objectives,
remains undisclosed. Their extensive use of fossil fuels to produce electricity is not
accounted for nor monitored by the government also. Ironically, the government
actually provides tariffs to such companies in order to meet the energy sector gap and
meet the fervent energy crises.

Stakeholders of Pakistan’s Power Sector

Stakeholders as defined in Kaplan’s financial knowledge bank 16 represent
those groups or individuals, who have an interest in the operations and running of an
organization, which in our case is the Pakistan’s power sector. These stakeholders can

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The Role of Energy Sector in Economic Development of Pakistan 73

be divided into categories, on the basis of their interests and influence. They comprise
of:

 The Government
 International Governments
 International Organizations (International Monetary Fund and World Bank
etc.)
 Private Sector (Investors)
 General Public
 Other Government Bodies (like Federal Board of Revenue)
 Financial Institutions

The private sector investor i.e. companies, public and government will be
addressed as key stakeholders in this paper, as they represent a key segment in the
sector and economy of Pakistan, in terms of influencing demand, supply, incentive
and innovations.

Stakeholder Perspective
The role and responsibilities of the public, has expanded in various ways over
the years. For individuals striving in a democracy, the expectation is even more but
the challenges in terms of accountability, enforcement and influence are crucial in
determining the impact.

The Private Sector (Investor)

The Private sector can hardly be blamed for any setbacks or the energy
deficits being experienced by the country. The private sector, which mostly plays the
role of an investor, with a view to make profit, demands only opportunities to expand;
led by market-based mechanisms, its primary concern is generating revenue and
operational growth which can be sustained.

Table: 1.1

Strengths
 Pool of professionals and academics
 Not a high Co2 emitter
Opportunities
 Empower youth to bring innovative
solutions and make small scale
projects
 Technological advancement
 Abundance of natural resources
hence lower costs of production
Weaknesses
 Reporting on sustainability issues
 Conflicts of interest
Threats
 Poor governance
 Lack of objectivity
 Loss of initial investment
 Lack of support from government
 Political uncertainty

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74 Ms. Tatheer Fatima, Dr. Shazia Hassan and Ms. Wajeeha Ghias

The issue of sustainability and how to curtail the energy crisis of Pakistan
provides an excellent opportunity to develop and bring innovation. Approaching of
government officials at official forums and various climate and sustainability
initiatives should never be ruled out. Good and experienced private investors are
globally seeing this as a new sector of employment, which will remain unsaturated
even for the longest time. As economies will keep on growing the need for energy will
also, hence, climate change can now be viewed as an industry of its own, providing
opportunities for advancement, employment, education and learning and so on
technological lines as well. As said by Sean Penrith, executive director of Oregon-
based conservation finance non-profit the Climate Trust. "States are very concerned
that, depending on the approach they take and who they link up with, will they create an
impetus for businesses to move away’’17. In light of the above the private sector investor
should after following routine protocols, engage in dialogue with the government to
provide good financial advice. They should continue research and development, to
utilize the opportunity of addressing climate change as an economic activity.

Table-1.2: The Public (Common Man)

Strengths Weaknesses
 Pool of professionals and academics  Lack of information due to poor
 Influence demand environmental reporting
 Joint ventures with third parties  Un-unified efforts
Opportunities Threats
 Empower youth to bring innovative  Poor governance
solutions and make small scale  Political uncertainty
projects  Expensive and limited alternative
 Technological advancement and use choices
of media

The Environment Protection Act of 1997, gave a lot of power and authority to
the provinces to look after their environmental issues and cater to the arising needs of
the people. Similar to other government initiatives, however, little could be achieved
with this independence given to the provinces, to uplift their situation. The needs of
the people remain unattended as the public feels quite helpless, in front the
government and commercial giants. The strength of the common man, however, lies
in their united efforts to express their dismay over unsustainable energy solutions
provided to them. The youth, through education and innovative ideas can contribute
by entering into commercial ventures with organizations willing to invest.

For all these public efforts to materialize, the public needs to demand
availability of accurate and complete statistics on energy, and its impact on society.
They need to educate themselves on how economic decisions are taken and success is
derived through the production and consumption of energy. Due to poor governance

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The Role of Energy Sector in Economic Development of Pakistan 75

and accountability issues, provision of the desired information and results may be
difficult to achieve. With the help of pressure groups, however, much can still be
done. The public needs to react to the alternatives of energy provided to them and
demand them to be at affordable rates if it is for the betterment of the country in the
long run.

The Government
In order to integrate and manage the various functions and stakeholders of
an economy, the administrative laws of government, have multifold dimensions. To
keep the system running and efficient, however, there is a need to make a transition to
an approach in line with the trends of globalization. 18

Table-1.3

Strengths Weaknesses
 Pool of professionals and academics  Poor monitoring and evaluation
 Abundance of natural resources  No accurate data bases
 Not a high CO2 emitter  Poor prioritization of finds
Opportunities Threats
 Can trade unused carbon credits  Poor governance
 Make attractive investor policy  Lack of objectivity
 Empower youth to bring innovative  Loss of initial investment
solutions
 Technological advancement
 Incentivizing for small scale energy
production projects to sustain local
areas

Government Failures
Bureaucracy, corruption and nepotism, is viewed as a vicious cycle, which
wastes resources and hampers the effectiveness of economic progress. The feedback
received, describes the present operational and structure outlay of the government of
Pakistan as unreliable. Experiences of some of the countries of working with the
Government have been much to their dismay. Countries like Canada, who are
pioneers and leaders in the field of sustainable energy today, do not see Pakistan as
country to invest in or do any business with. Hardly less than 3 projects where
involvement from Canada’s British Columbia province can be observed. Efforts from
the United Nations only can be appreciated to work closely with the government and
some local organizations to augment sustainability efforts.

Governments far-fetched plans like gearing up the economy the supply of

energy from coal in Thar, seems like a myth to this day. Previous studies show that the
quality of coal in Thar, is not of that good quality owing to which importation of coal

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76 Ms. Tatheer Fatima, Dr. Shazia Hassan and Ms. Wajeeha Ghias

will be required. Even if the economic feasibility of producing energy through coal is
achieved, the second and more basic question lies how we expect to transport the
imported coals to areas where there is less than minimal infrastructure. Thar at the
moment is experiencing daily loss of life due to the absence of basic living necessities.
How does the government, plan to launch and achieve a good return, without
providing a basic infrastructure first, let alone railway tracks to transport coal, which
is the only economically feasible way to transport coal.

Considering how inefficient the government of Pakistan is at controlling

costs and providing basic infrastructure like the Metro Bus Service in Islamabad/
Rawalpindi costing at Rs. 23 million per km and Lahore metro bus at Rs. 14 million per
km, one can only imagine what the expected costs could add up for the coal story to
become a success. The environment impact is certainly underestimated. It will not
only result in creating a grave carbon footprint, but severely damage the coastal belts
and natural habitat in the adjoining areas, especially the mangroves.

The coal project will eventually also be left unused with so many funds just
mis-allocated. It would only serve as a short-term fix, since carbon footprints
boundaries and limits are only getting stricter by the day. Hence, the government
needs to make sound assessments on the needs of Pakistan, rather than being led by
the economic targets or aims of other countries, specifically, China in the context of
generating power from coal, government should:

 Involve investors in each sphere of energy; and encourage and monitor

research and innovative ideas (supporting young innovative leaders);
 Enter into bilateral agreements with foreign organizations to identify
weaknesses in current systems/technologies;
 Organizing of more awareness raising sessions by taking feedback from
public and private sectors;
 Prioritizing needs of the country and allocation of funds;
 Develop data bases;
 Involve professionals and academics from all fields of expertise to strengthen
planning and ensure effective execution;
 Increase accountability and transparency to enhance investor/public
confidence.

Mechanisms for Sustainability Support Activities

Economic sustainability for Pakistan means sustaining the economy while
remaining commercially competitive. By analyzing the very basic root-causes and
obvious outcomes of our predicament, we can easily imagine the future Pakistan is
heading for Carbon emissions and pollution, represents waste and inefficiency

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The Role of Energy Sector in Economic Development of Pakistan 77

released into the natural environment. Not minimizing inefficiencies translates

directly into increased costs and reduced output. Not investing into CRS means loss of
commercial value. Consequently, refusing or failing to adapt, ultimately leads to
global restrictions on energy use, emission and population, accentuating the problems
further only. Combined, these issues pose tough choices for all stakeholders in order
to maintain incentives and an equitable/continuing standard of living19. For a foreign
investor the option to divert its investment is a less painful process; for an economy,
however, the dilemma will persist and only get worse with time, as resources get more
stressed and there is increased international pressure. Hence, for Pakistan to keep
thriving and flourish, it needs to plan and perform strategically. The economy needs
to adapt and keep-up with the local and international expectations.

Conclusion
In shaping a country’s economic and sustainable outlook, alignment of
private, public and government goals needs to be ensured. A government’s pro-
activeness maximizes benefits for all. In the case of Pakistan’s government, measures
are being taken but the question arises are they enough? The role of the Government
is unclear at the moment but hope lies, as Pakistan could transform as a resource
plentiful country, if alternatives are thoroughly explored and capitalized.

Alternatives for renewable energy as an energy resource for Pakistan are

plenty. Pakistan’s diverse and ideal geographical landscapes, provides long times of
sun rays and wind pressures near Pakistan’s coastal belt and flatter terrains. The
availability of these two suggest ideal opportunities to install Solar Panels and Wind
Turbines, which not only meets energy lag behind needs but are environmentally
friendly with almost no carbon footprint. The abundant sources of fresh water, further
provides ideal opportunities for Hydel power generation. Nuclear energy also holds
great significance in terms of being a great alternate energy resource. A country,
however, should not depend solely on a single source of energy, in particular those
which are vulnerable to weather changes. Solar and wind carry these limitations with
them. Nuclear and Hydel, on the other hand have associated cost factors to consider.

Alignment of goals and needs, also help in dealing with supply and demand
issues. The example of the state of California in USA, tells that the population of the
whole state grew by almost 25% in the past 4-5 years. The total amount of energy
producing plants, however, remained unchanged. This points towards the concept of
adaptation and further along with this judicious use of our resources. In California, as
shared by the CEO of Zaheen Machines, in a conference on climate innovation, held
in Islamabad, on 17 May 2016, that the 25% increase as mentioned above not being met
by new plants was catered, because the state approached local residents and asked
them to install solar panels on their roofs. The energy captured through solar

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78 Ms. Tatheer Fatima, Dr. Shazia Hassan and Ms. Wajeeha Ghias

radiation there is send back to the grid, as the house continues to get supply from the
main station. At every month end at the time of utility bills, the units of energy send
back to the grid stations are netted against the energy used and the differential is
asked to be paid. Hence, the government of Pakistan can explore the idea to
collaborate with major estate builders in Pakistan like Gulberg housing authorities,
Bahria Town, Defense Housing Authority etc.

The government can use policies adopted by many other developing

countries to upgrade its strategy. Bozo in his study involves an analysis and
documentation of the different aspects of the Latin America and the Caribbean’s
(LAC) energy sector’s and its contribution in the country’s economic journey.
Sustainable development indicators developed and outlined by many international
organizations have been used by them 20. A comparison, hence, allowed them to
identify the deficiencies in their energy policies and highlighted priority guidelines for
future policy decisions.21

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The Role of Energy Sector in Economic Development of Pakistan 79

NOTES
1
Callen, Tim. "What Is Gross Domestic Product?." Finance & Development (2008), 1
2
The World Bank.(n.d.).World Bank. Retrieved from http://data.worldbank.org/country/pakistan
3
Callen, Tim. "What Is Gross Domestic Product?." Finance & Development (2008), 1
4
The World Bank.(n.d.).World Bank. Retrieved from http://data.worldbank.org/country/pakistan
5
Carson, Carol S. "Foreign direct investment trends and statistics." International Monetary Fund (2003): 1
6
The World Bank.(n.d.).World Bank. Retrieved from http://data.worldbank.org/country/pakistan
7
Folland, C. K., T. R. Karl, J. R. Christy, R. Clarke, G. Gruza, J. Jouzel, M. Mann, J. Oerlermans, M. Salinger, and S.
Wang, "Climate change 2001: the scientific basis." Contribution of Working Group I to the Third Assessment Report
of the Intergovernmental Panel on Climate Change (eds Houghton JT et al.), Cambridge University Press,
Cambridge, UK (2001)
8
Ledley, Tamara S., Eric T. Sundquist, Stephen E. Schwartz, Dorothy K. Hall, Jack D. Fellows, and Timothy L.
Killeen, "Climate change and greenhouse gases." Eos, Transactions American Geophysical Union 80, no. 39 (1999),
453-458.
9
Kreft, Sönke, David Eckstein, and Inga Melchior. Global Climate Risk Index 2017: Who suffers most from extreme
weather events? Weather-related loss events in 2015 and 1996 to 2015.Germanwatch Nord-Süd Initiative eV, 2016, 28.
10
Wajeeha Malik, 1. S. (2011). Role of Pakistan in Global Climate Change through Greenhouse Gas Emissions
(GHGs). Research Journal of Environmental and Earth Sciences
11
Qudrat-Ullah, Hassan, and Mustafa Karakul, "Modelling for policy assessment in the electricity supply sector of
Pakistan." International Journal of Energy Sector Management 1, no. 3 (2007), 240-256
12
Malyshev, Teresa, "Looking ahead: energy, climate change and pro-poor responses." foresight 11, no. 4 (2009), 33-
50
13
Malyshev, Teresa, "Looking ahead: energy, climate change and pro-poor responses." foresight 11, no. 4 (2009), 33-
50
14
World Nuclear Association, "Comparison of lifecycle greenhouse gas emissions of various electricity generation
sources." WNA Report, London (2011)
15
World Nuclear Association, "Comparison of lifecycle greenhouse gas emissions of various electricity generation
sources." WNA Report, London (2011)
16
Kaplan, Robert S., and David P. Norton, "Transforming the balanced scorecard from performance measurement to
strategic management: Part I." Accounting horizons 15, no. 1 (2001)
17
Lauren Hepler, “Fight over future carbon pricing has arrived’’ article GreenBiz dated 25 January, 2016
18
Aman, Alfred C. "The limits of globalization and the future of administrative law: from government to
governance." Indiana journal of global legal studies (2001): 379-400.
19
Higgins, Karen L. "Economic growth and sustainability-are they mutually exclusive." Striking a Balance between
Unbounded Economic Growth and Sustainability Requires a New Mind Set. Available online: http://www.
elsevier.com/connect/economic-growth-and-sustainability-are-they-mutually-exclusive#(accessed on 17 November
2015) (2013).
20
Garrón Bozo, Mauricio, "Energy policies in Latin America and the Caribbean and the evolution of
sustainability." International Journal of Energy Sector Management 2, no. 1 (2008), 8-35.
21
Lovell, Heather, and Donald MacKenzie, "Accounting for carbon: the role of accounting professional organisations
in governing climate change." Antipode 43, no. 3 (2011)

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