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A carbon tax is a fee imposed on the burning of carbon-based fuels. It's significant in promoting sustainability by providing a financial incentive to reduce greenhouse gas emissions, influencing both producers and consumers to switch to cleaner energy sources.

Ecological economics is a trans-disciplinary field that addresses the relationships between ecosystems and economic systems, focusing on sustainability, equity, and resource stewardship. It has significant policy implications as it often advocates for systemic change to support both ecological integrity and human wellbeing.

Ecosystem services are the benefits that humans freely gain from the natural environment and from properly-functioning ecosystems such as clean water, pollination of crops, and carbon sequestration. These services underscore the importance of conserving and sustaining natural ecosystems within economic frameworks.

An externality is a cost or benefit caused by a producer that is not financially incurred or received by that producer. In the context of sustainability, externalities such as pollution can lead to market failures and consequent suboptimal allocation of resources if left unaddressed by policy measures.

Payment for Ecosystem Services (PES) is a market-based mechanism where the beneficiaries of ecosystem services provide payments to landowners in exchange for managing their land in ways that provide those services. PES promotes conservation and sustainability by incentivizing the protection of natural capital vital for long-term wellbeing.

Cost-benefit analysis is a systematic process to calculate and compare benefits and costs of a project, decision or government policy. It's key in evaluating the sustainability of a project by comparing the overall expected effects on social welfare versus its environmental impacts, helping policy makers prioritize actions.

Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. It involves balancing economic, environmental, and social concerns in policy making.

An Environmental Impact Assessment (EIA) is the process of evaluating the likely environmental effects of a proposed project or development, taking into account inter-related socio-economic, cultural and human-health aspects. EIAs are significant in sustainable policy making to ensure that development projects do not undermine environmental quality and health.

A carbon footprint is the total amount of greenhouse gases emitted directly and indirectly by an individual, organization, event or product. It is significant because it helps to understand and manage the environmental impact of economic activities, guiding sustainability policies and strategies to reduce carbon emissions.

Environmental ethics is the philosophical discipline focused on the moral relationship between humans and the natural environment. It is significant in environmental economics by informing values that shape environmental policy and sustainable practices.

The tragedy of the commons is a situation in which individuals, acting independently and rationally according to their own self-interest, behave contrary to the best interests of the whole group by depleting some common resource. It is significant because it shows the need for collective agreements or regulatory policies to protect common resources.

In environmental economics, the discount rate is used to calculate the present value of future benefits or costs of environmental goods and services. The choice of discount rate is crucial in policy decisions affecting sustainability as it affects the valuation of long-term environmental projects or damages.

Natural capital refers to the world's stocks of natural assets which include geology, soil, air, water and all living things. It is critical for sustainability because it provides ecosystem goods and services essential for life and supports human economic activity, requiring careful management and valuation in economic policy.

A green economy is one that aims at reducing environmental risks and ecological scarcities, and aims to be sustainable. Its significance in policy relates to transitioning towards economy-wide sustainability, including creating jobs and economic growth through investment in environmentally friendly sectors.

Non-excludability refers to a situation where it is not possible to exclude individuals from using a good, typically leading to overuse or depletion. In sustainability policy, addressing non-excludability through regulation or community management is essential to prevent the tragedy of the commons in natural resources.

Resource scarcity arises when the demand for a natural resource exceeds supply due to depletion or overuse. It is significant because it necessitates the creation of strategies to manage resources sustainably and adapt to limits, serving as a driver for policy towards innovation and efficiency.

The marginal cost of abatement is the cost of reducing an additional unit of pollution. It is significant in environmental policy for determining the most efficient allocation of resources to achieve a set pollution reduction target, often used in cap and trade systems.

Energy efficiency refers to using less energy to provide the same service or output. It is significant in reducing the ecological footprint of economic activities, thereby promoting sustainability and influencing both private and public sector policy towards conservation of resources.

Cap and trade is a system where a government limits (caps) the total level of emissions and allows industries to buy and sell permits to emit. It is significant for sustainability by creating a market for pollution allowances, thereby providing economic incentives to reduce emissions.