How can investment in biodiversity and nature support long-term economic recovery from the COVID-19 fallout?
COVID-19 has struck a brutal blow to our societies. Not only has it exposed structural inequalities as the poorest and most vulnerable in our communities are bearing the brunt of the crisis; but it has also shown the vital connections between human, planetary and economic health. This is a profound moment for us all – government, business, citizens – to take stock.
In stark terms, the global pandemic has been an indication of the impact of some of the more profound challenges on the horizon: rising inequality, biodiversity loss, and climate change. As it stands, our economic systems have been shown to be not only woefully under-prepared for external shocks but readily eroding their own resilience. The interim report of the Dasgupta Review reveals that this in part because our institutions are wired with short-term objectives; our economies and businesses are measured by misleading metrics; and the assumptions underpinning economic decisions are no longer valid.
The good news is that we have the know-how for building resilience back into economic and social systems. Thanks to more interdisciplinary approaches, the connections between human, planetary and economic health – or in economic language, human, natural and physical capital – are better understood than ever before. Rewiring our economies and businesses with a more complete understanding of these relationships is the key to building resilient green economies that are fit for the future.
“ Rewiring our economies and businesses with a more complete understanding of nature is the key to building resilient green economies that are fit for the future.”
To that end, our Economics for Nature project brings together a diverse partnership to explore how economic models for both governments and business can better understand, respect and value nature - and the invaluable economic, cultural, personal and spiritual services it provides.
As part of the E4N project, on the 2 June (3pm CEST) we are co-hosting a discussion on critical issues around the role of natural capital in recovery from COVID-19, including lessons from the Dasgupta Review, and how investment in biodiversity can support long-term economic recovery.
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