Global Futures report: Inaction on ecological crisis will cost $9.87trillion in GDP by 2050
The first-of-its-kind study by the WWF has calculated the economic costs of inaction on our climate and ecological crises at a loss of US$9.87trillion in GDP by 2050.
The Global Futures study, a partnership between WWF, the Global Trade Analysis Project and the Natural Capital Project, took in 140 countries and analysed the impacts of ecosystem service decline in timber production, coastal protection, fisheries, agricultural pollination, water supply and carbon storage.
It looked at three scenarios: ‘Business-as-Usual’, ‘Sustainable Pathway’ and ‘Global Conservation’ using cutting-edge modelling technology - the ‘Business-as-Usual’ scenario based on a continuation of current production / consumption habits sees the US facing losses of US$83 billion every year, with the Japan and UK economies predicted to lose $80bn and $21bn respectively.
Director General of WWF International Marco Lambertini said: “This ground-breaking study shows how conserving nature is not only a moral issue but a social and economic one. Not only will losing nature have a huge impact on human life and livelihoods, it will be catastrophic for our future prosperity. People across the world are already feeling the impact of rising food prices, droughts, commodity shortages, extreme flooding and coastal erosion. Yet for the next generation things will be many times worse, with trillions wiped off world economies by 2050.”
You can read more analysis in this Medium piece by Capitals Coalition here.
Read the full WFF Global Futures report here.