Neat neighbourhood, higher property price
Nithin Kamath has proposed a novel idea: linking air and water quality to property rates. Such a correlation-and how this approach could extend the sense of ownership beyond individual properties to neighbourhoods-would actually nudge homeowners and communities to prioritise clean air policies and act against pollution. The Zerodha CEO shared data highlighting the impact of air pollution on public health, also pointing out that while Delhi garners most attention, poor air quality plagues many cities.
Kamath's proposal draws inspiration from a long-standing argument made by many economists and environmentalists: to make people value nature and protect it, they must pay for the services it provides, and a nation's progress must account for its natural capital base.
While GDP remains the preferred metric, it measures production, not wealth, welfare, or well-being. However, escalating impacts of climate change can compel societies like ours to rethink material wealth and prioritise their natural resource base. Yet, putting value on ecosystem services is challenging due to their dynamic nature.
But scientific understanding is steadily advancing.
Citizens clearly find the idea difficult to grasp. But linking environment to personal economics-literally the home front-could bring them on board. This is crucial because public indifference toward environmental issues is significant.
