Last week the Dasgupta Review on the Economics of Biodiversity, commissioned by the UK Treasury in 2019, was released. It is a huge step forward in getting biodiversity measures in policy for many reasons. It is the first time a national finance ministry commissioned an assessment of the economic importance of nature. It also completely reframes the question “Shall we prioritize the economy or biodiversity?” There is clearly no choice between the two. The findings convincingly demonstrate that environmental protection now will be cheaper than restoration later. We have no choice but to transform our economic decision making to reflect that reality.
The report seeks to answer the fundamental question “What is the economic value of biodiversity?” This brings to mind the quote from Einstein, “We cannot solve our problems with the same thinking we used when we created them.”
The report, for all its strengths, doesn’t go outside the current economic system, which created the extinction crisis and the devastating epidemic of human unhappiness and disconnection from nature. Quantifying those values isn’t easy, but it must be done if we are to protect the well-being of people, animals, and the planet.
We believe now is the time to understand what really matters to all of us. We can change the way we evaluate what matters from a strictly economic cost/benefit analysis to measures of well-being. It won’t be simple, but it will be worth it. OneNature is dedicated to researching these questions and finding a way forward. Click here to find out more about our cutting-edge research programs.