Exploring the economics of biodiversity: Last chance to save nature and ourselves?
When the UK government’s finance arm (known as the Treasury) produced a report on the economic implications of climate change in 2006 the subject slowly began to get noticed by people in the financial community who have the clout to make a difference.
This week the Treasury published The Economics of Biodiversity: The Dasgupta Review. This is about the perilous state of nature and the dire economic consequences of its over-exploitation. Or what is sometimes referred to as the Next Great Dying.
Very kindly, the Treasury has distilled the mammoth report into 10 pages and 10 headlines.
It makes a good checklist on the economics of biodiversity for when you’re next challenged on the value of the rhino, starling or common greenshield lichen.
- Our economies, livelihoods and well-being all depend on our most precious asset: Nature.
- We have collectively failed to engage with Nature sustainably, to the extent that our demands far exceed its capacity to supply us with the goods and services we all rely on.
- Our unsustainable engagement with Nature is endangering the prosperity of current and future generations.
- At the heart of the problem lies deep-rooted, widespread institutional failure.
- The solution starts with understanding and accepting a simple truth: our economies are embedded within Nature, not external to it.
- We need to change how we think, act and measure success.
- Ensure that our demands on Nature do not exceed its supply, and that we increase Nature’s supply relative to its current level.
- Change our measures of economic success to guide us on a more sustainable path.
- Transform our institutions and systems – in particular our finance and education systems – to enable these changes and sustain them for future generations.
- Transformative change is possible – we and our descendants deserve nothing less.
