LOSS OF NATURE WILL WIPE TRILLIONS OF POUNDS OFF WORLD’S ECONOMIES

Loss of nature will wipe trillions of pounds off world’s economies

A new study calculates costs of losing Earth’s natural life-support systems, as WWF calls for urgent global action to tackle planetary emergency

Rising food prices, droughts, commodity shortages, extreme flooding and coastal erosion will wipe trillions of pounds off economies around the world if we don’t act urgently on the global environmental crisis, a new WWF study shows.

The UK will suffer some of the biggest financial losses – third behind only the United States and Japan  – taking an annual hit to its economy of at least £16 billion by 2050 – the current combined annual funding for the police, fire service, prisons and law courts. The main economic costs will be caused by the loss of natural coastal protection services leading to flooding and erosion, as well as declining fish stocks harming the fishing industry.

The Global Futures study estimates the decline of natural assets will cost the world at least £368 billion a year – adding up to almost £8 trillion by 2050 – roughly equivalent to the combined economies of the UK, France, India and Brazil.

Global Futures uses innovative economic and environmental modelling to calculate and compare the costs of nature’s decline across 140 countries and for key industry sectors. This method of analysis was created through a partnership between WWF, the Global Trade Analysis Project and the Natural Capital Project.