This year sees Rio plus 20 years and much activity especially from United Nations (UN) related institutions to push forward various agendas which the environmentally concerned might welcome. The financial and banking crisis signals for many the tip of the iceberg of reality into which modern industrial economies must inevitably run. Growth of material and energy throughput is then doomed to sink. However, the reports and rhetoric prepared for Rio have little to do with attempts to revive the anti-growth and limits to growth discourse under de-growth or décroissance (a topic explored in a special issue of Environmental Values next year). No, the thrust of the argument being put on the agenda is that re-establishing growth as fast as possible is good, if not essential and unquestionable, but it should be a bit greener. We might venture to ask why this is deemed an adequate response to biophysical limits, increasing social inequity and general systems failure?At the base of the international response is a dispute over 'what is the problem?' in the first place. If you are amongst the top few per cent of the worlds' population who own the vast majority of its wealth and run its business interests then there is no problem. A financial crisis is just another opportunity to make money by switching assets (e.g., out of dollars or Euros and into gold) and then switching back when the time is ripe. War, famine and environmental disasters are all opportunities for the business men and women with the right goods and services in the right place at the right time. One man's poverty is another man's cheap labour and source of cost-efficient profit making. This line of thinking is what we now see being expressed far and wide as necessary to address environmental problems from climate change (Stern 2006) to biodiversity (TEEB 2010) using newly created financial instruments (Spash 2010a;2011).The approach has been nicely encapsulated in the UN's promotion of the 'Green Economy' with a more than 600 page report released last December. A UNEP policy brief aimed at informing Rio 2012 provides a succinct explanation of what this means:In the transition to a Green Economy, policymakers should ensure that the full range of goods and services provided by ecosystems, including those which are currently non-monetised, are fully integrated in decision making and public policy. [...] Placing a value on ecosystem services through mechanisms that facilitate investment in ecosystems will at the same time benefit local people and the private sector who are rewarded for good environmental stewardship. (UNEP 2011: 3) Faith is required, namely faith in market mechanisms and the ability of technical experts to first value the environment and then capture those values with market institutions and private property rights. Yet the message is simultaneously intertwined with expressions of concern for the poor, the seriousness of environmental