News By/Courtesy: kriti kaushal | 06 Sep 2020 14:17pm IST

HIGHLIGHTS

  • nature
  • natural resources
  • This article does not intend to hurt the sentiments of any individual, community, sect, or religion etcetera. This article is based purely on the author’s personal views and opinions in the exercise o

When humanity consumptions of natural resources exceed with what the earth can generate in a year, we call it Earth overshoot day. This time the estimated annual consumption of natural resources which had started from January 1st was stretched by the next three weeks to August 22 compared with the last year. This shows basically how humans are using resources of one year in just a few months. This extension was only possible because of the economic standstill which was brought by the COVID-19 in all the countries. This earth overshoot day is not just another day on the calendar. Basically, it is a reminder that our collective demand on various goods and services outruns the planets ability to supply them continuously. Talking in terms of money, it is equivalent of a deficit and if the human behaviour remains the same they would ecologically be broke at some point. Since 1950, humanity has immensely prospered but it has an overwhelming impact on biodiversity and thereby presents a significant risk to the economy as well as our way of life.

 

The professor of the famous university says that the natural world in which we inhabit and are a part of it which does not appear in contemporary economic theory or practice of economic growth and development nature. It is not part of indices like GDP and human development index. The review made by this professor addresses on how brutally we are exploiting nature's asset combining it with produced capital and human capital and acknowledging a failure to manage our assets efficiently and also understanding the laws of nature as an asset management problem.

 

Nature is the asset that we need. In an accounting framework to see whether we can tease out the rate of return on these assets relative to rates of return on other investments like roads, building, ports. We are all comfortable about estimating the rates of return on assets like roads and buildings, so likewise we need to do that with nature. It is possible to assign value for items even if they are not recorded by the market.

 

The various climate changes, loss of biodiversity and ecosystem services and the experience of presently occurred COVID-19 pandemic had made it clear that an economic development model which does not place a value on Nature is not survivable. We, humans, have been destroying nature from time to time and the problem which now arising is due to the increased scale of human activity. Population size, global GDP per person and the efficiency with which nature of goods and services are being converted to be produced in order to determine our demands on nature. Once nature is gone they are far more difficult question to which we need to find answers such as what and how we can assume, how we manage our waste and the potential role of family planning and reproductive health.

 
This article does not intend to hurt the sentiments of any individual, community, sect, or religion, etcetera. This article is based purely on the author’s personal opinion and views in the exercise of the Fundamental Rights guaranteed under Article 19(1)(A) and other related laws being enforced in India for the time being.

Section Editor: Pushpit Singh | 08 Sep 2020 9:42am IST


Tags : nature , environment, human explosion

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