Global economic growth will take big hit due to loss of nature

Loss of nature will wipe £368bn a year off global economic growth by 2050 and the UK will be the third-worst hit, with a £16bn annual loss, according to a study by the World Wildlife Fund.

Without urgent action to protect nature, the environmental charity warned that the worldwide impact of coastal erosion, species loss and the decline of natural assets from forests to fisheries could cost a total of almost £8tn over the next 30 years.

It said the loss appeared to be modest at just 0.67% of global income in 2050, but the estimate was conservative and the total was likely to be much higher should areas like the Antarctic deteriorate at a faster pace, causing greater warming and higher-than-forecast sea levels across the world.

The Global Futures report found that the deterioration of natural habitats including forests, wetlands and coral reefs will undermine the building blocks of essential ecosystems, reducing fish stocks, timber production and the number of pollinators.

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