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Govt report puts nature at the heart of economics

Wed 03 Feb 2021 | 12:16 pm GMT
Michelle Urquhart | Products of Change Writer

The Dasgupta Review puts biodiversity at its core. Image by Greg Krycinski from Pixabay

A fundamental change in how we think about and approach economics is needed if we are to reverse biodiversity loss says the Dasgupta Review, an independent report commissioned by HM Treasury. Professor Sir Partha Dasgupta’s review presents the first comprehensive economic framework of its kind for biodiversity. It calls for urgent and transformative change in how we think, act and measure economic success to protect and enhance our prosperity and the natural world. The Review argues that nature is our most precious asset and that significant declines in biodiversity are undermining the productivity, resilience and adaptability of nature. This in turn has put our economies, livelihoods and well-being at risk. The Review finds that humanity has collectively mis-managed its global portfolio of assets, meaning the demands on nature far exceed its capacity to supply the goods and services we all rely on. Professor Dasgupta said: “Truly sustainable economic growth and development means recognising that our long-term prosperity relies on rebalancing our demand of nature’s goods and services with its capacity to supply them. It also means accounting fully for the impact of our interactions with nature across all levels of society. COVID-19 has shown us what can happen when we don’t do this. Nature is our home. Good economics demands we manage it better.” The Dasgupta Review at last puts biodiversity at its core and provides the compass that we urgently need. Sir David Attenborough welcomed the report and said: “The survival of the natural world depends on maintaining its complexity, its biodiversity. Putting things right requires a universal understanding of how these complex systems work. That applies to economics too. This comprehensive and immensely important report shows us how by bringing economics and ecology face to face, we can help to save the natural world and in doing so save ourselves.” Download the Dasgupta Review here Image by Greg Krycinski from Pixabay
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