3 February 2021
A landmark UK government report has called for a thorough overhaul of economic methods for valuing natural assets, arguing among other things that gross domestic product is a short-term metric that allows for the potentially catastrophic exploitation of nature.
The 600-page report, by Cambridge University economist Professor Partha Dasgupta, argues governments should adopt an “inclusive” concept of wealth that systematically assigns a monetary value to natural assets and biodiversity, through what he calls “natural capital accounting”.
Dasgupta said measures like GDP could “mislead badly” because they emphasised the value of annual production without taking any account of the longer-term depletion of natural assets and destruction of biodiversity they cause. But he said this depletion and destruction would have severe long-term economic impacts.
The Review calls for changes in how we think, act and measure economic success to protect and enhance our prosperity and the natural world
He warned that unless key changes are put in place, the future of his own grandchildren is not assured.
He said: We have a duty of care for this planet that is absolute. We know day by day, we are rapidly destroying the fabric of the natural world for ourselves, for our children and grandchildren. and testing this planet to disruption.
Prince Charles issues dire warning about grandchildren s future kind of thing (Image: Royal Society)
Prince Charles warned that the future of all of his grandchildren will be changed irrefutably unless the world collectively makes crucial changes. (Image: GETTY)
Banks have faced increasing criticism in recent years over their ongoing financial support for environmentally destructive industries, but by tweaking their practices they could become part a critical part of the solution to escalating deforestation and habitat destruction worldwide.
That is the core message this month from research by the University of Cambridge Institute for Sustainability Leadership (CISL), which outlines a set of five key actions banks and other financial firms can take to help respond to the biodiversity and climate crises, de-risking their investments in the process.
Released in mid-January, the report from CISL s Centre for Sustainable Finance focuses on soft commodities, such as palm oil, soy, beef and timber products, which are responsible for most deforestation worldwide caused by commercial agriculture.
| UPDATED: 07:32, Thu, Jan 21, 2021
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The Prince of Wales, who is patron of the Red Squirrel Survival Trust (RSST), thanked volunteers who work to protect the forest animals. In the letter, the heir to the throne confessed he leaves his jackets with nuts left in the pockets outside in his Birkhall estate for squirrels to eat.
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Prince Charles Terra Carta pledge has been dubbed the final chapter of his legacy as an environmentalist . The Prince of Wales launched the Earth Charter as part of his new initiative to urge big business to put the planet first and tackle climate change. HeirPod hosts and royal commentators Omid Scobie and Maggie Rulli discussed the impact that the future king s work might have.