World needs economies to fully include nature, says landmark review

New Delhi, Feb 4 The world needs an urgent and radical change to the way economies operate to save nature and to avoid a catastrophic breakdown, a first-of-its-kind landmoark review for biodiversity by an Indian-British economist has concluded.

The 600-page report has been commissioned by the UK Treasury, marking the first that time a national Finance Ministry has authorised a full assessment of the economic importance of nature.

It acknowledges the world is losing nature at an unprecedented rate, destroying this precious and finite resource that will "limit our wealth and damage our health".

The study from Professor Partha Dasgupta, the Cambridge University economist, says: "By taking seriously what we know about ecosystems and how they are affected by economic activity, the review presents a new way of approaching economic decision-making that accounts for nature as our most precious asset."

It's the first time ever a mainstream economist, with the backing of the UK government, discussed the need for urgent and radical reforms required to halt and reverse the erosion of natural assets.

"We need a paradigm shift: to radically rethink how we think, act and measure economic success e.g. moving beyond GDP as a benchmark for prosperity, ensuring we place nature at the heart of our economic decision making," said Dasgupta.

"We can orient our economies from extractive to restorative systems that sustain our underlying natural wealth and assets, and at the same time create jobs, protect our health and well-being now and in the future.

"This will also help us achieve wider societal goals, including tackling climate change, and alleviating poverty," he said.

The review said 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 per cent plunge in the stocks of natural capital per head between 1992 and 2014.

UK Prime Minister Boris Johnson said on the review that 2021 is critical in determining whether "we can stop and reverse the concerning trend of fast-declining biodiversity".

"I welcome Professor Dasgupta's Review, which makes clear that protecting and enhancing nature needs more than good intentions it requires concerted, coordinated action.

"As co-host of COP26

( With inputs from IANS )