Grow human, natural capital to save planet from disaster: UN Report

New Delhi: It is high time that we moved away from seeing GDP as the only measure of economic growth to indicators that also track human and natural capital. That is the gist of a latest UN report on health of the planet.

Inhabitants of the planet will have to bring in changes in their behaviour and reduce their material consumption, and invest in green technologies to save their earth from turning inhabitable.

Millions of lives are being lost due to environmental degradation, costing trillions annually. Business-as-usual will lead to even bigger impacts, threatening national prosperity, saya the The Global Environment Outlook, Seventh Edition: A Future We Choose (GEO-7), released during the seventh session of the United Nations Environment Assembly in Nairobi.

We can avoid nine million premature deaths by 2050, through measures such as cutting air pollution. We could also lift almost 200 million people out of undernourishment and over 100 million people out of extreme poverty, says the report, which is is the product of 287 multi-disciplinary scientists from 82 countries.

The UNEP report finds that climate change, biodiversity loss, land degradation, desertification, and pollution and waste have taken a heavy toll on the planet, people and economies – already costing trillions of dollars each year. Following current development pathways will only intensify this toll.

However, whole-of-society and whole-of-government approaches to transform the systems of economy and finance, materials and waste, energy, food and the environment would deliver global macroeconomic benefits that could reach US$20 trillion per year by 2070 and continue growing.

It says the governments should move away from GDP to indicators that also track human and natural capital – incentivizing economies to move towards circularity, decarbonization of the energy system, sustainable agriculture, ecosystem restoration and more.

“The Global Environment Outlook lays out a simple choice for humanity: continue down the road to a future devastated by climate change, dwindling nature, degraded land and polluted air, or change direction to secure a healthy planet, healthy people and healthy economies. This is no choice at all,” said Inger Andersen, UNEP Executive Director.

“And let us not forgot the world has already made so much progress: from global deals covering climate change, nature, land and biodiversity, and pollution and waste, to real-world change in the booming renewables industry, global coverage of protected areas, and the phasing out of toxic chemicals,” she added. “I call on all nations to build on this progress, invest in planetary health and drive their economies towards a thriving, sustainable future.”

The report presents two transformation pathways, looking at behavioural changes to place less emphasis on material consumption, and changes in which the world relies primarily on technological development and efficiency gains.

The transformation pathways predict that the global macroeconomic benefits will start to appear in 2050, grow to US$20 trillion per year by 2070 and boom thereafter to US$100 trillion per year. The pathways project reduced exposure to climate risks, reduced biodiversity loss by 2030 and an increase in natural lands.

To achieve net-zero emissions by 2050 and ensure adequate funding for conserving and restoring biodiversity, annual investment of about US$8 trillion is needed until 2050. However, the cost of inaction is far higher.

Following the transformation pathways would require sweeping changes across five key areas. The report outlines recommended measures for each area, including:

Economy and finance: Move beyond GDP to comprehensive inclusive wealth metrics; price positive and negative externalities to value goods correctly; and phase out and repurpose subsidies, taxes and incentives that result in negative impacts on nature.

Materials and waste: Implement circular product design, transparency and traceability of products, components and materials; shift investments to circular and regenerative business models; and shift consumption patterns towards circularity through changing mindsets.

Energy: Decarbonize the energy supply; increase energy efficiency; back social and environmental sustainability in critical mineral value chains; and address energy access and energy poverty.
Food systems: Shift to healthy and sustainable diets; enhance circularity and production efficiency; and reduce food loss and waste.

Environment: Accelerate conservation and restoration of biodiversity and ecosystems; back climate adaptation and resilience, leaning on Nature-based Solutions; and implement climate mitigation strategies.

The report calls for a parallel co-development and co-implementation of such solutions. Considering diverse knowledge systems, especially Indigenous Knowledge and Local Knowledge, is crucial to just transitions that address both environmental sustainability and human well-being.
—-INDIA NEWS STREAM