A historical review called for change in our economic approach to nature.
The long-awaited review by Prof Sir Partha Dasgupta of the University of Cambridge, says wealth has a “destructive” cost to the natural world.
The report suggests that we should recognize nature as an asset and reconsider our measures for economic prosperity.
It is expected to set the agenda for government policy going forward.
At its core is the idea that sustainable economic growth requires a different measure than gross domestic product (GDP).
“Really sustainable economic growth and development means acknowledging that our long-term prosperity depends on rebalancing our demand for nature’s goods and services with the ability to supply them,” Prof Dasgupta said in a statement.
“It also means that we take full account of the impact of our interaction with nature on all levels of society.”
Covid-19 showed us what can happen if we do not, he added. “Nature is our home. Good economics require us to manage it better.”
The British Treasury commissioned the Dasgupta Review on the Economics of Biodiversity in 2019, the first time a national finance ministry has approved a full assessment of the economic importance of nature.
The report, which has been compared to the influential 2006 Stern Review on the Economics of Climate Change, sets out the ways in which we need to account for nature in economics and decision-making.
Recommendations include:
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To make food and energy systems sustainable through technological innovations and policies that change prices and behavioral norms
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Invest in community-based family planning programs
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Expanding and improving access to protected areas
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The implementation of large-scale and widespread investment in nature-based solutions to address biodiversity loss
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The introduction of natural capital in national accounting systems.
Premier Boris Johnson welcomed the review. The UK co-hosts COP26 – this year’s UN climate conference – and also holds the presidency of this year’s G7. Mr Johnson said: “We are going to make sure that the natural world stays at the top of the world agenda.”
Sir David Attenborough, who wrote the foreword to the review, said: ‘This comprehensive and vital report shows us how our face-to-face economics and ecology can help save the natural world and thus save nature. save ourselves. ‘
The 600-page review argues that biodiversity losses undermine nature’s productivity, resilience and adaptability. This in turn jeopardizes economies, livelihoods and well-being.
Commenting on the review, Jennifer Morris, of The Nature Conservancy, nonprofit, described it as a “call for world leaders”.
“We need to tackle the natural crisis in conjunction with the climate emergency for the sake of our economy, livelihoods and well-being – and those of future generations,” she said.
The review was published at the beginning of a critical year to address climate change and extinction crises.
Policymakers look forward to UN Biodiversity Conference COP15 in Kunming, China, followed by the UN Climate Change Summit (COP26) in Glasgow in late 2021.
Biodiversity is declining faster than ever in the history of mankind. Since 1970, the populations of mammals, birds, fish, reptiles and amphibians have decreased by an average of almost 70%.
It is believed that one million animal and plant species – almost a quarter of the world total – are threatened with extinction.
The idea of being able to place a price on nature divides opinions, but taking into account the economic value of nature is leading policy more and more.
While some argue that the assumption that the natural world has no value is embedded in current business models, others doubt whether an ecosystem can be accurately represented by financial models.
Katie Kedward, an economist at University College London’s (UCL) Institute for Innovation and Public Purpose, argues that there are conceptual problems in trying to capture the complexity of nature in financial terms.
She told BBC News: “There are significant uncertainties in estimating nature loss in monetary terms, and given the uncertainties involved, price-based instruments cannot be used as a substitute for more important steps to restore nature. “
The review is the result of an independent 18-month global evaluation of the economy of biodiversity, led by Prof Dasgupta.
HM Treasury said it would review the findings of the review and respond formally in due course.
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Originally published