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This paper aims to provide an overview of the key themes in the development of carbon accounting and auditing over the past twentytwenty years. The evolution of the field since the Kyoto Agreement of 1997 has been divided into four stages. The need to account for and disclosure of greenhouse gas-related emissions of industrial organizations has emerged parallel to growing concerns about climate change, and international and national policy developments in the field have followed. Carbon accounting is an emerging field of business economics and covers a wide range of activities, including the measurement, calculation, monitoring, reporting and auditing of greenhouse gas emissions at organizational, process, product or supply chain levels. Various initiatives (such as the Greenhouse Gas Protocol or the Carbon Disclosure Project) motivate and assist industrial organizations in accounting for and reporting their achievements in the field. Different methodologies of carbon accounting (bottom-up, top-down and hybrid) enable industrial organizations to quantify their emissions; however, some tradeoffs emerge when choosing among these approaches. Carbon accounting should not be an isolated task for businesses. On the contrary, there is a strong need to integrate carbon accounting issues into different functional fields in order to achieve both corporate and climate policy goals. JEL-codes: F23, M14, Q56

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This study addresses how the sustainability crisis may be overcome by using alternatives to the conventional economic growth paradigm. Based on a literature review, the paper identifies and discusses three alternatives, namely negative, zero and positive economic growth. These alternatives are compared from a feasibility and policy perspective in relation to the transition toward sustainable development. The three alternatives are associated with very far-reaching sets of policies that have different focal points with regard to how the paradigm shift from the conventional growth paradigm can be realized. All these alternatives, however, challenge the effectiveness of market forces. The shortcomings of the alternatives (resistance to voluntary transition with negative or zero growth, no proper consideration of the rebound effect for positive growth) hinder the transition and must be further addressed by policy-makers in public and private sectors, as well as by civil society.

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The Ecological Footprint (EF) has become a very popular alternative indicator of development in the last three decades. It can be widely used to show the unsustainability of total and individual levels of consumption in countries. But can EF be a meaningful indicator at the micro level as well? This paper presents an argument on this issue. Based on a literature review including our own analysis and the correlation of EF with GDP and other alternative indicators, EF is evaluated at the macro level. Then, an original case study is presented, underpinning the applicability of EF on the company level, linking the ordinary corporate carbon footprinting with the EF method. Based on the findings, micro level EF calculations can help organizations in finding fields of intervention (inefficiencies and emission hotspots). EF accounting can also be used to evaluate the economic benefits of such measures after their realization.

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