Economics’ failure over destruction of nature presents ‘extreme risks’
Economics’ failure over destruction of nature presents ‘extreme risks’
New measures of success needed to avoid catastrophic breakdown, landmark review finds
Guardian 2nd Feb 2021. The world is being put at “extreme risk” by the failure of economics to take account of the rapid depletion of the natural world and needs to find new measures of success to avoid a catastrophic breakdown, a landmark review has concluded.
Prosperity was coming at a “devastating cost” to the ecosystems that provide humanity with food, water and clean air, said Prof Sir Partha Dasgupta, the Cambridge University economist who conducted the review. Radical global changes to production, consumption, finance and
education were urgently needed, he said.
education were urgently needed, he said.
The 600-page review was commissioned by the UK Treasury, the first time a national finance ministry has authorised a full assessment of the economic importance of nature. A
similar Treasury-sponsored review in 2006 by Nicholas Stern is credited with transforming economic understanding of the climate crisis.
similar Treasury-sponsored review in 2006 by Nicholas Stern is credited with transforming economic understanding of the climate crisis.
The review said that two UN conferences this year – on biodiversity and climate
change – provided opportunities for the international community to rethink an approach that has seen a 40% plunge in the stocks of natural capital per head between 1992 and 2014.
change – provided opportunities for the international community to rethink an approach that has seen a 40% plunge in the stocks of natural capital per head between 1992 and 2014.
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