To deliver sustained growth and wellbeing, we need to value natural capital, recognize the human hand in climate change and take preventive action against climate-related calamities.
Between 1997 and 2011, the global value of ecosystem services declined by up to US$20 trillion per year as a result of changing land use. Some latest research shows that, in the Asia-Pacific region, this downward trend is likely to continue unless there are significant policy changes.
Shri Narendra Modi said there is a need to consider tigers as India's “natural capital” and to define conservation as a means to achieve development, rather than considering it to be anti-growth.
A blog by Kevin Mumford, an associate professor of Economics at Purdue University, discusses how measuring national wealth can serve as a complement to GDP.