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Mass extinctions of plants and animals could have a severe effect on the living standards of the poorest people on the planet and cost up to $100 billion a year, the first major report into the economic impact of biodiversity loss has found.
Global GDP could decline
by 7 per cent by 2050 if ecosystem decline isn't tackled, says the study, presented at the United Nations' talks on biological diversity in Bonn.
Scientists say biodiversity is facing its greatest threat in millions of years, and three species are dying out every hour. Now, the economic cost of such destruction has been assessed.
The Economics of Ecosystems and Biodiversity review analyses the financial impact of the loss of natural life. It is hoped that, like the Stern Review of Climate Change, which revolutionised the way countries looked at the economics of global warming, this report will galvanise government support for tackling the problem.
Mankind's costly damage to land ecosystems is directly responsible for crises such as rocketing food prices.
"Urgent remedial action is essential because species loss and ecosystem degradation are inextricably linked to human well-being," said the report's author, Pavan Sukhdev.
The Earth could lose 11 per cent of its natural areas by 2050 if we fail to combat loss of species diversity. Agriculture, the expansion of infrastructure and climate change would all contribute to this decline.
"The loss of biodiversity and ecosystems is a threat to the functioning of our planet, our economy and society," the study, funded by the EU and the German Government, warns.
Environmentalists welcomed the report's "Stern-like" recognition of biodiversity.
The subject has failed to draw the same funding and interest as climate change despite links between the issues.
"Biodiversity is not just a green issue, it is life support, providing food, fuel, fibre, medicines, pollination, soil fertility and water, said WWF International director of international policy, Gordon Shepherd.
"We have to integrate biodiversity in all policies.
"The loss of biodiversity is now affecting the economy through the depletion of fish stocks from overfishing and illegal fishing to agricultural activities polluting river basins.
"The report recognises the economic value of biodiversity for the millions of people directly dependent on natural resources for their livelihoods."
Overfishing is one of the main areas explored in the study, which says all the world's fisheries are likely to collapse within 50 years if current trends are not reversed, with a devastating effect on the billion people who rely on fish protein. .
Deforestation is another type of species decline with a link to prosperity. It makes the ground less productive for cultivation and fewer trees results in less CO2 being absorbed, aiding global warming.
Last week, 60 countries meeting in Bonn pledged to halt net deforestation by 2020.
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