Loss of biodiversity affects livelihoods

The mass extinction of plants and animals could have a severe impact on the living standards of the poorest people on the planet, costing up to $ 40 billion a year, the first major report on the economic impact of biodiversity loss found.

Global GDP could decline by 7 percent by 2050 if ecosystem decline is not addressed, according to the study, presented at the United Nations biodiversity talks in Bonn this week. Scientists say biodiversity faces its greatest threat in millions of years, with three species dying every hour. The economic cost of such destruction has now been assessed.

The review "The economics of ecosystems and biodiversity" analyzes the final impact of the loss of natural life. It is hoped that, like the "Severe Climate Change Review," which revolutionized the way countries viewed the economics of global warming, this report will boost support from governments to address the problem.

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The damage to terrestrial ecosystems each year is directly responsible for crises such as the skyrocketing prices of food. "Urgent corrective action is essential because the loss of species and the degradation of ecosystems are inextricably linked to human well-being," the report said. The earth could lose 11 percent of its natural areas by 2050 if we do not combat the loss of species diversity. Agriculture, infrastructure expansion and climate change would contribute to the decline. "The loss of biodiversity and ecosystems is a threat to the functioning of our planet, our economy and society," the study warns.

Environmentalists welcomed the "severe" recognition of the report's biodiversity. The issue has failed to garner the same funding and interest as climate change despite the links between the two issues. "Biodiversity is not just an ecological issue, it is life support, providing fuel, food, fiber, medicine, pollination, soil fertility and water," the report said. We have to integrate biodiversity into all policies. The loss of biodiversity now affects the economy through the depletion of fish populations from overfishing and illegal to agricultural activities that affect watersheds. The Report recognizes the economic value of biodiversity for the millions of people who depend directly on natural resources for their livelihoods.