Using a simple two-sector model to examine trade-offs between economic growth and its environmental impact, S&P Global Ratings Chief Economist Paul Gruenwald shows that higher output is no longer unambiguously positive. Technological change takes on a broader meaning in our model where it can reduce the adverse environmental impact of a given output level, while its usual interpretation as a precursor of higher productivity, although still important, can no longer suffice in a world seeking sustainability.