Could Investing in Planetary Health Lead to Higher GDP and Reduced Poverty?
Synopsis
Key Takeaways
- Investing in planetary health could generate $20 trillion in GDP by 2070.
- Climate change and pollution have significant economic costs.
- Transformational pathways involve both behavioral and technological changes.
- Reducing air pollution could prevent nine million premature deaths by 2050.
- Substantial investments are required to achieve net-zero emissions.
Nairobi, Dec 9 (NationPress) A groundbreaking evaluation of the global environment has revealed that investing in a stable climate, thriving ecosystems, and a pollution-free world could yield trillions in additional global GDP, prevent millions of premature deaths, and elevate hundreds of millions from poverty and hunger.
The Global Environment Outlook, Seventh Edition: A Future We Choose (GEO-7), unveiled at the seventh session of the United Nations Environment Assembly in Nairobi, is the culmination of the efforts of 287 interdisciplinary scientists from 82 nations.
The United Nations Environment Programme (UNEP) report highlights that climate change, loss of biodiversity, land degradation, desertification, and pollution have severely impacted our planet, costing economies trillions of dollars annually.
Continuing along current development paths will exacerbate this damage. However, adopting a comprehensive approach that involves society and government in transforming economic, financial, material, energy, food, and environmental systems could generate global macroeconomic benefits estimated to reach $20 trillion per year by 2070, with growth continuing beyond that.
A crucial component of this strategy is shifting from GDP to metrics that also consider human and natural capital, encouraging economies to adopt circular practices, decarbonize energy systems, practice sustainable agriculture, and restore ecosystems.
“The Global Environment Outlook presents a clear choice for humanity: persist on a path leading to a future ravaged by climate change, diminishing nature, eroded land, and polluted air, or pivot towards securing a healthy planet, people, and economies. This choice is undeniable,” stated Inger Andersen, UNEP Executive Director.
“Let us not overlook the significant progress achieved thus far: from global agreements addressing climate change, biodiversity, land use, and pollution, to tangible changes in the burgeoning renewables sector, global protection of natural areas, and the phase-out of hazardous chemicals,” she continued.
“I urge all nations to build upon this progress, invest in planetary health, and guide their economies towards a sustainable and prosperous future.”
The report outlines two transformational pathways, focusing on behavioral shifts to lessen material consumption and technological advancements for increased efficiency.
These pathways predict that global macroeconomic benefits will begin to materialize by 2050, escalating to $20 trillion annually by 2070 and potentially soaring to $100 trillion thereafter.
The projections indicate reduced climate risk exposure, minimized biodiversity loss by 2030, and more natural land restoration.
By 2050, it is estimated that nine million premature deaths could be avoided through measures like reducing air pollution. Nearly 200 million individuals might escape undernourishment, and over 100 million could be lifted out of extreme poverty.
To achieve net-zero emissions by 2050 and ensure sufficient funding for biodiversity conservation and restoration, an annual investment of approximately $8 trillion is required until 2050. Nonetheless, the cost of inaction is significantly higher.