A groundbreaking overhaul has called for transformational change in our economic approach to nature.
The long-awaited review by Prof. Sir Partha Dasgupta, of the University of Cambridge, says prosperity has cost “devastating” costs to nature.
The report suggests recognizing nature as a commodity and rethinking our measures of economic prosperity.
It is expected to set the agenda for future government policy.
The central idea is that sustainable economic growth requires a different measure than the gross domestic product (GDP).
“Truly sustainable economic growth and development means recognizing that our long-term prosperity depends on rebalancing our demand for nature’s goods and services with its ability to provide them,” said Prof. Dasgupta in a statement. statement.
“It also means taking full account of the impact of our interactions with nature on all levels of society.”
Covid-19 has shown us what can happen if we don’t do this, he added. “Nature is our home. A good economy requires us to manage it better.”
The Dasgupta Review on the Economics of Biodiversity was commissioned by the UK Treasury in 2019, the first time that a national Treasury has authorized a full assessment of the economic importance of nature.
The report, compared to the influential 2006 Stern Review on the Economics of Climate Change, describes the ways in which we should consider nature in economics and decision-making.
Recommendations include:
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Making food and energy systems more sustainable through technological innovations and policies that change prices and behavioral standards
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Invest in programs that provide community-based family planning
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Expand and improve access to protected areas
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Implementation of large-scale and widespread investments in nature-based solutions to address biodiversity loss
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Introduction of natural capital into national accounting systems.
Prime Minister Boris Johnson welcomed the review. The UK is co-hosting COP26 – this year’s UN climate meeting – and is also chairing this year’s G7. Mr. Johnson said, “We are going to keep the natural world at the top of the global agenda.”
Sir David Attenborough, who wrote the foreword to the review, said: “ This comprehensive and immensely important report shows us how, by connecting economics and ecology, we can help save the natural world and thus save nature. to save. save ourselves. “
The 600-page review states that loss of biodiversity undermines nature’s productivity, resilience and adaptability. This, in turn, endangers the economy, livelihood and well-being.
Commenting on the review, Jennifer Morris, of the nonprofit The Nature Conservancy, described it as a “clarion call” for world leaders.
“We need to address the wildlife crisis in conjunction with the climate crisis for the sake of our economies, livelihoods and wellbeing – and those of future generations,” she said.
The review was published at the start of a pivotal year in addressing climate change and extinction crises.
Policy makers look ahead to the UN COP15 Biodiversity Conference in Kunming, China, followed closely by the UN Climate Summit (COP26) in Glasgow in late 2021.
Biodiversity is declining faster than at any time in human history. Since 1970, the population of mammals, birds, fish, reptiles and amphibians has decreased on average by nearly 70%.
One million animal and plant species – nearly a quarter of the global total – are believed to be in danger of extinction.
The idea of being able to place a price on nature divides opinion, but accountability for the economic value of nature is increasingly becoming a guiding policy.
While some argue that the assumption that the natural world has no value is ingrained in current business models, others question whether an ecosystem can be accurately represented by financial models.
Katie Kedward, economist at University College London (UCL) Institute of Innovation and Public Purpose, argues that there are conceptual difficulties in trying to understand the complexity of nature in financial terms.
She told BBC News: “There are major uncertainties in estimating wildlife loss in monetary terms and given the uncertainties involved, price-based tools cannot be used as a substitute for more important steps to restore nature.”
The evaluation is the result of an independent 18-month global evaluation of the economics of biodiversity, led by Prof. Dasgupta.
HM Treasury has said it will investigate the review’s findings and formally respond in due course.
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Originally published