Topic: Conservation, environmental pollution and degradation, environmental impact assessment.
6. Explain why the crisis engulfing nature matters for business and the economies of the world countries? Analyse in the backdrop of recently released nature risk rising report by World Economic Forum (WEF). (250 words)
Why this question:
The World Economic Forum (WEF) released a report titled Nature Risk Rising, the first in the series of New Nature Economy (NNE) reports. Thus the question.
Key demand of the question:
Discuss in detail the findings of the report; discuss why nature matters to the economies and business of the world. Highlight their importance.
Explain – Clarify the topic by giving a detailed account as to how and why it occurred, or what is the particular context. You must be defining key terms where ever appropriate, and substantiate with relevant associated facts.
Structure of the answer:
Start with the fact that The World Economic Forum is launching a series of New Nature Economy (NNE) reports in 2020, making the business and economic case for safeguarding nature.
Discuss the details of the report and its key findings – The series of reports is being developed under the umbrella of the Nature Action Agenda (NAA), a platform for committed actors to catalyze public-private momentum in the run-up to the UN Convention on Biological Diversity COP15 – in Kunming, China, in October 2020.
The report explains how nature-related risks matter to business and why they must be urgently mainstreamed into risk management strategies.
- Around $44 trillion of economic value generation – more than half of the world’s total GDP – is moderately or highly dependent on nature and its services and is therefore exposed to nature loss.
- Together, the three largest sectors that are highly dependent on nature generate close to $8 trillion of gross value added (GVA): construction ($4 trillion); agriculture ($2.5 trillion); and food and beverages ($1.4 trillion), the report says.
Conclude with significance of the report.