Final answer:
The 'race to the bottom' scenario is a major environmental concern as developing countries may lower standards to attract business, leading to global environmental degradation.
Step-by-step explanation:
A major environmental concern related to the developing world catching up with the developed world in terms of standard of living is the "race to the bottom" scenario, wherein multinational companies may move production to low-income countries with weaker environmental standards to cut costs and maximize profits. This can lead nations to reduce their standards in order to attract business, which worsens global environmental degradation. There is also concern about how quickly environmental standards can improve in low-income countries, as they are primarily focused on immediate needs like food, education, and healthcare.