CALL FOR NEXUS APPROACH AS CLIMATE CHANGE, BIODIVERSITY LOSS INTERLINKED

The report highlights that more than half of global gross domestic product – more than $50 trillion of annual economic activity around the world – is moderately to highly dependent on nature.

"But current decision-making has prioritised short-term financial returns while ignoring costs to nature. It is estimated that the unaccounted-for costs of current approaches to economic activity – reflecting impacts on biodiversity, water, health and climate change, including from food production – are at least $10–25 trillion per year."

The existence of such unaccounted-for costs, alongside direct public subsidies to economic activities that have negative impacts on biodiversity (approx $1.7 trillion per year), enhances private financial incentives to invest in economic activities that cause direct damage to nature (approx $5.3 trillion per year), in spite of growing evidence of biophysical risks to economic progress and financial stability.