The Economics of Biodiversity: The Das Gupta Review

The UK Government commissioned Professor Sir Partha Dasgupta of the University of Cambridge, to lead an independent, global Review on the Economics of Biodiversity. The Review was released in early 2021. The key messages of the Review were: 

• Our economies, livelihoods and well-being all depend on our most precious asset: Nature. Biodiversity enables Nature to be productive, resilient and adaptable.
• 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. Estimates show that between 1992 and 2014, produced capital per person doubled, and human capital per person increased by about 13% globally; but the stock of natural capital per person declined by nearly 40%.
• Our unsustainable engagement with Nature is endangering the prosperity of current and future generations. 
• Biodiversity is declining faster than at any time in human history. Current extinction rates, for example, are around 100 to 1000 times higher than the baseline rate, and they are increasing.
• At the heart of the problem lies deep-rooted, widespread institutional failure. Nature’s worth to society – the true value of the various goods and services it provides – is not reflected in market prices because much of it is open to all at no monetary charge. These pricing distortions have led us to invest relatively more in other assets, such as produced capital, and underinvest in our natural assets.
• The solution starts with understanding and accepting a simple truth: our economies are embedded within Nature, not external to it. While most models of economic growth and development recognize that Nature is capable only of producing a finite flow of goods and services, the focus has been to show that technological progress can, in principle, overcome that exhaustibility. This is to imagine that, ultimately, humanity is ‘external’ to Nature. 
• The Review develops the economics of biodiversity on the understanding that we – and our economies – are ‘embedded’ within Nature, not external to it. 
• We need to change how we think, act and measure success. We should:
• 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. Introducing natural capital into national accounting systems would be a critical step towards making inclusive wealth our measure of progress.
• 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.

Climate Crisis Is a Child Rights Crisis: UNICEF Report

In late August 2021, the UN Children’s Fund (UNICEF) released a report entitled “The Climate Crisis Is a Child Rights Crisis”. The report examines the impact of the rapidly deteriorating global climate on children.

Here are the key messages of the report:

The climate crisis is the defining human and child’s rights challenge of this generation, and is already having a devastating impact on the well-being of children globally. We are up against, and crossing, key planetary boundaries. And as a result, the climate crisis is creating a child’s rights crisis. 

• A billion children across the world are at “extremely high risk” from the impacts of climate change.
• 820 million children (over one third of children globally) are currently highly exposed to heatwaves. 
• 400 million children (nearly 1 in 6 children globally) are currently highly exposed to cyclones. 
• 330 million children (1 in 7 children globally) are currently highly exposed to riverine flooding. 
• 240 million children (1 in 10 children globally) are currently highly exposed to coastal flooding. 
• 920 million children (over one-third of children globally) are currently highly exposed to water scarcity 
• 600 million children (over 1 in 4 children globally) are currently highly exposed to vector-borne diseases, such as malaria and dengue, among others 
• 2 billion children (almost 90% of children globally) are currently highly exposed to severe air pollution. 
• 815 million children (over one-third of children globally) are currently highly exposed to lead pollution due to exposures in contaminated air, water, soil and food. 

Millions of children live in areas that experience multiple, overlapping climate and environmental hazards:

• 330 million children are exposed to at least 5 of these overlapping climate and environmental hazards, shocks and stresses. 
• 80 million children are exposed to at least 6 of these overlapping climate and environmental hazards, shocks and stresses.

Children’s Climate Risk Index (CCRI)

This report provides the first comprehensive view of children’s exposure and vulnerability to the impacts of climate change through the Children’s Climate Risk Index (CCRI). The CCRI is structured according to two central pillars: Pillar (1) Exposure to climate and environmental hazards, shocks and stresses; 

Pillar (2) Child vulnerability. Across the two categories, the CCRI brings 57 variables together to measure risk across every country and region.

Globally, approximately 1 billion children (nearly half of the world’s children) live in extremely high-risk countries. Out of the countries assessed, here are some of the country ranks (Rank 1 extremely high-risk to Rank 163 the least risk):

1. Central African Republic

2. Chad

14. Pakistan

15. Afghanistan

15. Bangladesh 

26. India

40. China

61. Sri Lanka

80. US

90. Russia

117. Canada

154. Norway

163. Iceland

The highest-risk places on Earth contribute least to the causes of climate change – the 33 extremely high-risk countries emit less than 10% of global greenhouse gas emissions The 10 most extremely high-risk countries emit only 0.5% of global emissions.

Hope 

While the outlook is dire, there is room for optimism and hope. We can reimagine an environment fit for children. One of the biggest reasons for hope is the power of children and young people. Listening and responding to ALL children and young people’s perspectives on climate change is critical. COVID-19 has added a new dimension to this challenge, but the recovery process is also an opportunity to make the changes that are necessary.

Achieving an environment fit for children will require a whole-of-society response: 

• Increase investment in climate adaptation and resilience in key services for children. To protect children, communities and the most vulnerable from the worst impacts of the already changing climate, critical services must be adapted, including water, sanitation and hygiene systems, health and education services. 
• Reduce greenhouse gas emissions. To avert the worst impacts of the climate crisis, comprehensive and urgent action is required. Countries must cut their emissions by at least 45% (compared to 2010 levels) by 2030 to keep warming to no more than 1.5 degrees Celsius. 
• Provide children with climate education and greens skills, critical for their adaptation to and preparation for the effects of climate change. Children and young people will face the full devastating consequences of the climate crisis and water insecurity, yet they are the least responsible. We have a duty to all young people and future generations. 
• Include young people in all national, regional and international climate negotiations and decisions, including at COP26. Children and young people must be included in all climate-related decision making. 
• Ensure the recovery from the COVID-19 pandemic is green, low-carbon and inclusive, so that the capacity of future generations to address and respond to the climate crisis is not compromised.