Nature, Climate Change and the Global Economy
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- Authors: DAVID ATTENBOROUGH, CHRISTINE LAGARDE
- Published: December 1, 2019
Nature and the global economy
- Nature—a stable climate, reliable freshwater, forests, and other natural resources—is what makes industry possible.
- We cannot have long-term human development without a steady climate and a healthy natural world.
- In our current model these goals sometimes seem to collide, and our economic pursuits encroach too closely on nature.
Human disconnection and risks
- By some estimates, more than 50 percent of the world’s population is now urbanized, increasing the likelihood of people losing touch with nature.
- With the projected rise in ocean levels and increase in the average temperature of the planet, large swaths of land, even whole countries, will become uninhabitable, triggering mass climate-induced migration.
- If we don’t take decisive action in the next 10 to 20 years, the damage will have passed irreversible tipping points.
Waste, overconsumption, and natural capital
- Waste is identified as the enemy: wasting food, energy, or materials undermines sustainability.
- Producing plastics fated to end up as litter is highlighted as waste that particularly pollutes oceans.
- Natural capital must be protected so it can continue to provide benefits well into the future.
- Analogy: in finance we would not eat into capital to depletion; similarly, we must avoid depleting fish stocks, forests, and other natural resources.
Pricing, subsidies, and economic signals
- The price of fossil fuel energy should reflect not only production costs but also environmental costs—a price tag on carbon and other greenhouse gases is advocated.
- Energy subsidies that encourage continued search for new fossil fuels or promote overuse and waste must be eliminated.
- IMF research cited: the implicit global subsidy from undercharging for energy and its environmental costs in 2017 was a staggering $5.2 trillion, or 6.5 percent of world GDP.
Change, actors, and policy recommendations
- Change must begin now and encompass all actors:
- Private sector: stop supporting or subsidizing industries and activities that damage the planet; invest in sustainable development.
- Governments: roll out policies to fight climate change and the destruction of nature, including promotion of clean-technology research and development.
- Individuals and businesses: live by the injunction to “do no harm,” reducing overconsumption and unsustainable production.
- Youth movements (e.g., Greta Thunberg and others) are cited as a catalyst for action and a source of hope.
Hope, resilience, and urgency
- Nature is resilient and some damage can still be reversed.
- Time is running out; decisive action is required within the next 10 to 20 years to avoid irreversible tipping points.
- Moral imperative framed: future generations will reproach inaction—“you knew it was happening, and you did nothing.”
Source: Nature, Climate Change and the Global Economy – IMF F&D | DECEMBER 2019 — IMF web landing page (canonical URL provided).
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- Nature, Climate Change and the Global Economy – IMF F&D | DECEMBER 2019
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- Nature, Climate Change and the Global Economy – IMF F&D | DECEMBER 2019