Towards Sustainable Growth

Context: COVID-19 pandemic has made us realise that we are a part of nature and emphasised the urgent need to protect the ecological functions of the biosphere we live in.

Challenges to the sustainable growth of our economies

• Pandemic induced economic losses:
  • Globally, the GDP is expected to contract 2.4% to 8% in 2020.
  • The World Economic Forum (WEF) estimates that the global cost of dealing with the pandemic could be from $8.1 trillion to $15.8 trillion.
• Increased environmental risks: India has the highest rates of negative change in human ecological footprint, the decline in wildlife and conversion rates of natural ecosystems.
  • This has increased vulnerability towards catastrophes, including pandemics (strong correlation between human density, richness of biodiversity and emergence zoonotic wild pathogens)
  • Fragile ecosystems: A study by Swiss Re Institute in 2020 found that globally, 20% of countries, including India, have fragile ecosystems.

• Indian government’s response:Unchecked human activities in the name of development: E.g.
  • Rampant destruction of natural habitats, especially due to mining and infrastructure development,
  • Continued expansion and intensification of agriculture and animal husbandry as well as unrestrained consumption.

• National Mission on Biodiversity and Human Well-Being: has been approved by the Prime Minister’s Science Technology and Innovation Advisory Council aims to -
  • Restore and enhance biodiversity,
  • Strengthen its sustainable use, generate green jobs and encourage the Indian public to appreciate the natural and associated cultural treasures collectively inherited.
  • Help in linking conservation with tangible human well-being

Way forward: Bringing biodiversity and ecosystems into economic decision making (since 55% of the global GDP depends on high-functioning bio­diversity and ecosystem services); having following elements -

• Transitioning from fossil fuel-based economy to sustainable, equitable, inclusive and just development.
• Taking account for the depletion of natural resources under the national accounting systems.
• Budgetary measures: reduce investments in activities that will degrade natural habitats and enhance investments in research in sustainability science.