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Dear Subscribers,

Please see below a message from David Duthie of Bioplan on building on the Dasgupta Review on the Economics of Biodiversity.

Amir Kassam

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---------- Forwarded message ---------
From: David Duthie <[log in to unmask]>
Date: Wed, 30 Nov 2022 at 15:53
Subject: Dasgupta's dismal science
To: bioplan <[log in to unmask]>


Dear BIOPLANNERS,

 

Economics has often been termed the “dismal science” primarily because of its rather cavalier approach to scientific realities, as in the, probably apocryphal, tale of an eminent economist who, resisting evidence of the limits to growth at a conference, shouted out: “Who knows what the Second Law of Thermodynamics will look like in five years time”!

 

Following the Dasgupta Review of The Economics of Biodiversity, mainstream economics has, increasingly, and still somewhat reluctantly, embraced the limits to growth, as seen in this abstract…

 

Groom Ben & Zachary Turk (2021) Reflections on the Dasgupta Review on the Economics of Biodiversity. Environmental and Resource Economics 2021 https://dx.doi.org/10.1007/s10640-021-00560-2 (OA)

The Dasgupta Review provides a rich overview of the economics of biodiversity, paints a bleak picture of the current state of biodiversity, and is a call to arms for action in anticipation of the CBD COP 15. The Review takes a global perspective aimed at the high level of international and national policy on biodiversity, while elucidating the very local nature of biodiversity threats and values. The approach is orthodox in its diagnosis via the language of externalities, natural capital, shadow pricing, asset returns, and the suite of remedial policies that follow. Yet, at its centre is an ‘unorthodox’ perspective: the economy is embedded in the environment and growth is limited. We offer reflections on this framing in light of its objectives for biodiversity. The limits to growth message will be criticised and applauded in equal measure by different economists. The central place of valuation and the aggregated concept of biodiversity will draw criticism from outside the discipline. Yet the Review provides a foundation for biodiversity economics, and its largely orthodox framing may invoke the intended step change in the mainstream approach to economic growth.

 

Unfortunately for economics, just as they are accepting scientific realities, the science itself is becoming increasingly dismal, as resolutely presented in this article…….

 

Bradshaw, Corey J A et al. (2021) Underestimating the Challenges of Avoiding a Ghastly Future. Frontiers in Conservation Science; https://dx.doi.org/10.3389/fcosc.2020.615419 (OA)

We report three major and confronting environmental issues that have received little attention and require urgent action. First, we review the evidence that future environmental conditions will be far more dangerous than currently believed. The scale of the threats to the biosphere and all its lifeforms—including humanity—is in fact so great that it is difficult to grasp for even well-informed experts. Second, we ask what political or economic system, or leadership, is prepared to handle the predicted disasters, or even capable of such action. Third, this dire situation places an extraordinary responsibility on scientists to speak out candidly and accurately when engaging with government, business, and the public. We especially draw attention to the lack of appreciation of the enormous challenges to creating a sustainable future. The added stresses to human health, wealth, and well-being will perversely diminish our political capacity to mitigate the erosion of ecosystem services on which society depends. The science underlying these issues is strong, but awareness is weak. Without fully appreciating and broadcasting the scale of the problems and the enormity of the solutions required, society will fail to achieve even modest sustainability goals.

 

In this light, this Special Issue: The Economics of Biodiversity: Building on the Dasgupta Review from the Environmental and Resource Economics journal (see titles below) might provide some insights as to how economists are coming to terms with “the limits”.  All articles appear to be free/open access.  I strongly recommend, at the very least, reading Sir Partha’s “Afterword” piece where he explores the “Inequality Gap” – the five-term equation that defines our current ecological overshoot and our options for changing these variables in the right direction.

Those with a particular interest in the Convention and its challenges would do well to read Scott Barrett’s article – and also this single page commentary from Sandra Diaz, co-chair of the IPBES Global Assessment Report on Biodiversity and Ecosystem Services…….

 

Diaz, Sandra (2022) COP15 biodiversity plan risks being alarmingly diluted. Nature; https://dx.doi.org/10.1038/d41586-022-04154-w (free access)

 

As all eyes turn towards Montreal and the final stages of the extended CoP15 process, let us hope that Parties and other entities realise how “momentous” the outcomes will need to be!

 

Best wishes

 

David Duthie

 

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 Environmental and Resource Economics Volume 83, issue 4, December 2022; https://link.springer.com/journal/10640/volumes-and-issues/83-4

The Economics of Biodiversity: Building on the Dasgupta Review

Ingmar Schumacher

Free access

**********

The Policy Implications of the Dasgupta Review: Land Use Change and Biodiversity

Edward B. Barbier

Free access

**********

A Biodiversity Hotspots Treaty: The Road not Taken

Scott Barrett

Free access

**********

Protected Area Network Expansion and Management: Economics to improve conservation outcomes

Heidi J. Albers

Free access

**********

The Dasgupta Review and the Problem of Anthropocentrism

Nicolas Treich

Free access

**********

Equity and Cost-Effectiveness in Valuation and Action Planning to Preserve Biodiversity

Amy W. Ando

Free access

**********

The Economics of Biodiversity: Afterword

Partha Dasgupta



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