Addressing the Environmental Crisis Can Boost the Economy

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Addressing the Environmental Crisis Can Boost the Economy

A report by the World Economic Forum (WEF) says that addressing the environmental crisis could boost the economy, creating 400 million jobs and $10 trillion in business opportunities per year by 2030. 

The report, “The Future of Nature and Business” says nature is declining at an unprecedented rate while governments are still responding to the Covid-19 repercussions.  

Leaving the environment’s health on the sidelines could have far-reaching impacts on our economy, society, and life as we know it.

As governments try to recover from the pandemic, there are pressures from economists, politicians, climate experts, and health professionals to build back better and making sure that the stimulus packages are invested in low-carbon and resilient economy.

Addressing climate change is not enough to tackle nature’s crises. A fundamental transformation across three socio-economic systems – food, land and ocean use, infrastructure and the built environment, and Energy and extractives are critical. These three systems endanger around 80% of the threatened species, the report says.

However, transitions within the three systems could bring the most significant economic gain. The report says that “15 systemic transitions with annual business opportunities worth $10 trillion that could create 395 million jobs by 2030 have been identified that together can pave the way towards a people- and nature-positive development that will be resilient to future shocks.”

The report presents in practical terms what the three industries need to do to achieve this future and provides a pragmatic framework to approach these transitions.

The findings of the report show that conservation of nature bolsters the global economy, instead of draining it according to conventional thinking.

To read the entire report, please click on the link below:

Source citation:

The Future of Nature and Business, New Nature Economy Report II. (2020) World Economic Forum. Retrieved from http://www3.weforum.org/docs/WEF_The_Future_Of_Nature_And_Business_2020.pdf

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