From extinction to deforestation, humans are paying the ultimate price for allowing the global economy to undervalue nature and its natural resources.
For too long, the world has not only under-invested in biodiversity protection, but many economic activities are actively damaging biodiversity, and this has led to large amounts of valuable shared assets being lost. It should be considered serious theft.
Destruction of nature deceives countries and societies and endangers resources that currently generate about half of the world's GDP, or an estimated US$44 trillion. The impact of the loss of wild pollinators, marine fisheries, and timber from tropical forests (just a small portion of ecosystem services) could reduce global GDP by an estimated $2.7 trillion per year by 2030 .
The economics of our current relationship with nature are difficult. The seminal Dasgupta Report on the Economics of Biodiversity argues that our demands on nature now exceed its capacity to provide, putting biodiversity under great pressure and ensuring that future generations are found to be at extreme risk.
To maximize deterrence against nature destruction and recognize the high cost, countries must urgently criminalize the destruction and degradation of nature. Prosecuting the theft of natural capital in the same way as other financial crimes challenges how nature is valued, based on a legal and economic responsibility that recognizes healthy ecosystems as fundamental to our collective well-being. This will force a global reconsideration of whether or not this will be the case.
As a starting point, the definition of natural asset classes such as land should be expanded to include ecosystem services beyond the land asset 'owner' and capture its broader impacts on all stakeholders. Considering nature, and all its diverse ecosystem services that fall under the responsible management of organizations, as an asset class alongside real estate, cash, bonds, and equities, makes environmental degradation and biodiversity loss a significant threat to business and investment. Helpful to embed as a risk.
At the same time, if protected and sustainably managed, nature will be positioned as a valuable asset. When legal interests are extended beyond the “owner” of land, it can include all parties with an interest in preserving its value, including future generations.
Doing so would place more responsibility on those causing harm and increase legal incentives for conservation. Fully incorporating nature as an asset class makes it clear that investing in conservation is not a trade-off, but rather a source of new sustainable benefits that come from protecting important natural resources into the future. It will send a signal. Therefore, unlocking such incentives could play a fundamental role in achieving the 17 Sustainable Development Goals by 2030, including poverty reduction and protection of life on land and in water. be.
Such changes are beginning to occur. The United Nations General Assembly votes in favor of a resolution seeking an advisory opinion from the International Criminal Court (ICJ) on countries' obligations to address climate change, with implications for inaction and the consequences of bolder climate action. Ta.
Last year, the human right to a clean, healthy and sustainable environment was formally recognized by the United Nations General Assembly (UNGA), raising expectations that both governments and businesses will respect, protect and fulfill this right. . The European Union is currently considering proposals to impose fines on companies of at least 10% of their turnover and ban the use of public funds for environmental crimes such as pollution by ships. These efforts are consistent with the draft Directive on Corporate Sustainability, which is expected to be adopted this year. The directive mandates human rights and environmental due diligence and introduces civil liability for non-compliant large companies operating in 27 member states.
Significant progress has also been made in the fight against wildlife poaching. While previously often deterred with only small fines, illegal poaching is now increasingly associated with illegal human trafficking crimes and is often prosecuted, resulting in broader and more serious legal deterrence, including imprisonment. is subject to.
A number of initiatives and mechanisms are emerging to educate decision makers about the responsibilities and obligations they have towards the Earth's natural resources. For example, the Task Force on Nature-related Financial Disclosures (TNFD) has developed a framework that allows companies to measure and report their business impacts and dependence on nature, thereby reducing nature-related financial risks. It's being clarified.
Progress is being made in the fight against wildlife crime, with poaching becoming increasingly linked to illegal trade crimes and being prosecuted as such and subject to harsher penalties.
Photo: UNDP Kenya
Meanwhile, other movements continue to build momentum for a reassessment of nature and the risks of its destruction. The Stop Ecocide Foundation is working on an intergovernmental process to make long-term, widespread, wanton destruction of nature an international crime.
Movements that advocate for nature's right to exist, thrive and reproduce can have a myriad of positive impacts to slow the loss of biodiversity around the world. For example, activists are calling for the North Sea to be given legal rights to force consideration of the impact of offshore oil rigs and wind farms on climate change and biodiversity loss. Several countries around the world have already begun to take steps in this direction in legal recognition of natural rights.
The United Nations Development Program (UNDP), through its BIOFIN initiative, is also working with more than 40 countries to develop national biodiversity financing plans, with 150 actions that allow governments to choose to protect and invest in nature without economic trade-offs. We provide a possible mechanism. This includes repurposing nature-damaging subsidies to encourage more equitable, nature-positive initiatives.
Efforts to strengthen accountability are ongoing, but it takes a unified effort by governments, international organizations, civil society, and non-profit organizations to change the way we value nature and change our perception of the costs of its damage. We need strong promotion. Severe and mandatory accountability for the theft or destruction of our natural assets can be an important means of change towards a sustainable future on a healthy planet.
This article originally appeared on Fortune.com.
