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WWF: US Will Suffer World’s Biggest Economic Impact Due to Nature Loss

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A new World Wildlife Fund report reveals for the first time the countries whose economies would be worst affected over the next 30 years if the world doesn’t act urgently to address the global environmental crisis.

The study, Global Futures, which calculated the economic cost of nature’s decline across 140 countries ranging from India to Brazil, shows that if the world carries on with “business as usual,” the United States would see the largest losses of annual GDP in absolute terms, with $83 billion wiped off its economy each year by 2050 – an amount equivalent to the entire annual GDP of Guatemala.

“This groundbreaking report shows that the U.S. will suffer the world’s biggest economic impact due to nature loss,” said Rebecca Shaw, chief scientist, World Wildlife Fund. “We cannot envision a just and stable country, and a prosperous economy, if forests disappear, pollinators vanish, biodiversity collapses and rivers and the ocean are depleted. Continuing with business as usual could lead to disastrous outcomes. We need governments and corporations to halt nature loss and tackle this planetary emergency.”

The Global Futures study used new economic and environmental modeling to assess what the macroeconomic impact would be if the world pursued “business as usual,” including widespread and land-use change, continued increase in emissions of greenhouse gases, and further loss of natural habitats. It found this status quo approach would cost the world at least $479 billion a year, adding up to $9.87 trillion by 2050 – roughly equivalent to the combined economies of the UK, France, India and Brazil.

In contrast, under a scenario in which land-use is carefully managed to avoid further loss of areas important for biodiversity and ecosystem services, which the study terms the ‘Global Conservation’ scenario, economic outcomes would be dramatically better, with global GDP rising by $490 billion per year above the business as usual calculation.

Japan and the UK also stand to lose staggering amounts – $80 billion and $21 billion every year respectively. The projected economic losses in the United States, Japan and UK are due largely to expected damage to their coastal infrastructure and agricultural land through increased flooding and erosion as a result of losses of natural coastal defenses such as coral reefs and mangroves.

Developing countries will also be badly affected, with Eastern and Western Africa, central Asia and parts of South America hit particularly hard, as nature loss impacts on production levels, trade and food prices. According to the report, the top three countries predicted to lose the most as a percentage of their GDP are Madagascar , Togo and Vietnam , which by 2050 are expected to respectively see declines of 4.2 percent, 3.4 percent and 2.8 percent per year.

“It’s difficult for many people to conceptualize the true value of nature and the many benefits it provides to humanity,” says Shaw. “This report translates nature loss into country-specific economic terms – a tangible and powerful way to galvanize action from private sector leaders and government officials.”

This pioneering method of analysis was created through a partnership between WWF , the Global Trade Analysis Project at Purdue University, and the Natural Capital Project, co-founded by the University of Minnesota.

Steve Polasky, Co-Founder of the Natural Capital Project, said: “The world’s economies, businesses and our own well-being all depend on nature. But from climate change, extreme weather and flooding to water shortages, soil erosion and species extinctions, evidence shows that our planet is changing faster than at any other time in history. The way we feed, fuel and finance ourselves is destroying the life-support systems on which we depend, risking global economic devastation.”

Thomas Hertel, Executive Director of the Global Trade and Analysis Project, said: “The science and economics are clear. We can no longer ignore the strong economic case for restoring nature. Inaction will cost us far more than actions aimed at protecting nature’s contributions to the economy. To ensure positive global futures, we need to achieve more sustainable patterns of production and land use, and reform economic and financial systems to incentivize nature-based decision making.”

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Environment

Celebrate your love for the ocean, virtually

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Remote diving is the new remote working.

Schools, events and activities in so much of the world have come to a standstill in the wake of COVID-19, with little or no movement recommended. But that does not mean we cannot still enjoy the world and mysteries that abound below and above its surface.

The Ocean Agency, a partner of the United Nations Environment Programme, is inviting parents and their little ones to experience the ocean and its astounding life forms from the comfort of their homes through a little armchair travel.

Get inspired and engaged with virtual dives, expeditions and ocean quizzes about the fascinating underwater world in a click on your phone or laptop.

Discover coral reefs—some of the Earth’s most diverse ecosystems, full of color, life and mystery—and why they are vanishing at an unprecedented rate due to climate change, pollution and other destructive human activities. Find out why corals are glowing and what this means, not only for marine life, but also for our planet through the “Adventure behind Chasing Coral”, the Voyager story that features the glowing corals phenomenon.

Who is your kindred reef species? Discover and make your own photo morph to share on social media here.

Get more details about coral reefs, which a quarter of all marine life calls home, and meet some of the ocean’s most captivating creatures through the Google Earth Voyager. It is available on desktop, laptop, iPhone and iPad. Download the Google Earth App to dive in to explore the fascinating underwater world, including remnants of World War II as they stand today.

Take an excursion and encounter marine animals, manmade coral reefs and explore shipwrecks using Google Expeditions, available on iPhone and iPad only.

Explore much more here: https://theoceanagency.org/oceanedu

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China: Developing Green Finance in Agriculture

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The World Bank’s Board of Executive Directors today approved a loan of Euro 267.2 million (US$300 million equivalent) for China to foster green agriculture investments, development of standards, and technological innovation in Henan Province.

“This project will support the development of a green agriculture financing mechanism that can leverage commercial investments and boost the adoption of innovative technologies. It will help China fill the gap in green financing standards and generate useful lessons for other parts of China and increase the quality and safety of agricultural food products,” said Martin Raiser, World Bank Country Director for China. “This project has a strong focus on promoting global public goods. Through this project, both China and the world will benefit from reduced agricultural pollution and emissions.”

China’s agricultural sector accounts for about 14 percent of global agriculture-related greenhouse gas (GHG) emissions and is a major source of two highly potent GHGs: methane and nitrous oxide. The level of green financing in China is low due to a general reluctance of financial sector institutions to finance agriculture investments, which are perceived to be of high risk and relatively low return. Lack of clear green finance standards has also been an obstacle to developing the market and attracting investments.  

The Henan Green Agriculture Fund (GAF) Project will support the establishment of a dedicated investment facility to demonstrate the viability of financing green agriculture investments by providing financing for equity investments and on-lending to eligible firms. Henan is a major agricultural province with some of the highest output of livestock and grains in China. At the same time, agriculture has a significant environmental footprint. For example, Henan is the largest consumer of chemical fertilizers and the second largest consumer of pesticides in the country.

The GAF will finance green agriculture projects, which are defined as those that achieve more resource-efficiency and environmental sustainability, are climate-smart, and increase the quality and safety of agri-food produce. Financing could go towards green inputs and equipment production, reduction and elimination of chemical fertilizer, pesticide and plastic use through good agriculture practices; investments in technologies and practices that reduce GHG emissions and nutrients run-off; investments in improving energy and water resource use; and investments in reducing food loss and waste. Seventy-five percent of the project’s activities are expected to provide direct climate co-benefits.

The project will foster the development of green agriculture financing standards based on globally accepted green investment principles, good practices and performance benchmarks, as applicable to China’s agriculture sector. These would cover such areas as identification of green agriculture investments, improved processes for project evaluation and selection, management of social and environment risks, and measurement and reporting of environmental benefits based on scientific evidence, transparency and accountability.

The project will be implemented by the Henan Agriculture Development Fund Investment Corporation, which will serve as the fund manager and investor. About 60 small and medium enterprises (SMEs) in the agriculture sector are expected to receive financing through the GAF. The project should also have a catalyzing impact by directly and indirectly mobilizing public and private funds to support green agriculture investments by these SMEs.

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Coronavirus and Climate Change: Observing World Water Day

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A message from Dr. Jennifer Blanke Vice-President, Agriculture, Human and Social Development African Development Bank

The theme of this year’s World Water Day, observed on 22 March, is water and climate change. The issue has taken on greater urgency, given the global spread of coronavirus, also known as COVID-19, responsible for over 13,000 deaths worldwide to date.

Hand washing with soap and water is the first line of protection against coronavirus. Scientists say soap renders coronavirus cells inactive and weakens the virus’ bonds to the skin.

As we commemorate World Water Day today, an estimated 400 million people in Africa still lack access to safe water, while 700 million lack access to proper sanitation.

Another factor compounding these dire statistics is extreme weather events associated with the impact of climate change. Africa bears the brunt of increased frequency and severity of drought, floods and cyclones – perhaps more than other regions of the world – due to the continent’s low capacity to adapt to and mitigate the impacts of climate change.

For example, in the Horn of Africa, drought is exacerbating water scarcity and negatively impacting human health and productivity. According to the United Nations Office for the Coordination of Human Affairs, drought in the Horn of Africa in 2019 left an estimated 11.7 million people severely food insecure and over 785,000 children severely malnourished. The Office notes that escalating food insecurity further heightens risks, especially for women and girls, who must travel longer distances to fetch clean water for household cleaning, washing, drinking and food preparation.

After two major cyclones tore through Mozambique last year, government officials said the extreme weather events and subsequent flooding had caused $2.8 billion in damages and losses. This included an estimated 190,000 damaged sanitation units and more than 211,000 people left with restricted water access.

World Water Day is an opportunity to look at Bank investments that support Sustainable Development Goal 6, which calls for the availability and sustainable management of water and sanitation for all, and Sustainable Development Goal 13 on climate action.

Over the last decade, the Bank invested an estimated $6.2 billion in water supply and sanitation services. The Bank has also mobilized an estimated $150 million in climate finance from the Global Environmental Facility and the Green Climate Fund to co-finance water sector projects. The outcome: an estimated 52 million people getting access to improved water supply and sanitation services. Over the next 12 years, Bank water sector investments aim to provide an additional 154 million people with the same, across Africa.

The Bank also supports the development of climate-resilient, multipurpose water programs for storage and sectoral use – like hydropower, irrigation and river regulation – as well as investments that mitigate water-related disaster risk such as drought, flooding, cyclones and storm surges. For example, the Bank and development partners financed $210 million for the Program for Integrated Development and Adaptation to Climate Change in the Niger Basin. Covering nine countries, the project promotes investment in climate-resilient, hydro-agricultural infrastructure, sustainable land and water management as well as strengthened climate risk management.

We are committed to supporting climate action in the water sector and to scaling up climate finance to achieve water security, while pursuing an Africa with more sustainable and inclusive economic development.

Washing hands with soap is a major defense against COVID-19. It reminds us that water can be a matter of life or death. As we observe World Water Day, the coronavirus pandemic is a call upon all of us – member states, development partners and allies in Africa and beyond – to prioritize and invest in water supply, sanitation and hygiene.

Happy World Water Day!

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