Reducing Greenhouse Gases From Cows And Sheep

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a more sustainable industry by taking a proactive approach to reducing their sectors carbon emissions. The following economic analysis of the issue has been framed around a Conversation article which emphasizes the negative effects of livestock on our atmosphere (Herrero, 2016).

The meat and livestock industry accounts for approximately 10.2% of total emissions in Australia (DOA, 2013). A breakdown of Australia's agricultural emissions can be seen in Figure 1 below, indicating that approximately 66% of Australia's agricultural greenhouse gas emissions came directly from livestock industries. On the global scale, livestock production makes up approximately 18% of emissions as depicted in Figure 2 below (Henry, 2009).

Figure 2 - Global GHG Emissions (LEAD, 2010)

Figure 1 - Australia's Agricultural GHG Emissions (DAF, 2018)

As seen in the data above, livestock production is one of the biggest contributors to Greenhouse Gas emissions both domestically and globally, which ...

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where Q1 goods are produced and are consumed at price P1, however, although consumers may feel that they are benefitting from the lower price of the good, society is actually undergoing indirect costs that are much greater than the social benefit of the good in the form of environmental externalities. When a market is undergoing negative externalities, the most efficient strategy would be to operate at E2, which is the true social optimum, where Q2 goods are produced and are consumed at the higher price P2 (Wallis, 2016). These negative externalities are creating a deadweight loss in the market which can be seen by the grey triangle in figure 4. This further highlights the inefficiency ...

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