The World Bank has said environmental degradation in the Philippines could lead to $12.2 billion in lost production by 2030 in industries that depend on nature, making it one of the most vulnerable in the world.
In a report, The Economic Case for Nature, the bank predicts that the collapse of certain ecosystem processes, such as wild pollination, marine fishing and wood growth in native forests, will reduce the production of industries that depend on these services provided by the nature of 18 years. % over the decade.
Industries found to be highly dependent on nature’s services include agriculture, livestock, forestry and fishing.
The other vulnerable countries were Angola and the Democratic Republic of the Congo (production decrease of 26% or $17.3 billion each) and Madagascar (23% or $1.6 billion). Vulnerable countries in Asia were Bangladesh (17% or $14 billion) and Vietnam (16% or $10.9 billion).
Fish production in the Philippines is expected to decline by 22% or $3.5 billion by 2030.
“Environmental degradation can push an ecosystem to a ‘tipping point’ beyond which it will transition to a new state or collapse completely. Such a collapse would lead to a sharp, large-scale decline in ecosystem services,” the World Bank said.
“Low-income and lower-middle-income countries stand to lose the most in relative terms if ecosystem services collapse,” he added.
The report notes that nature is a “critical asset” for these economies since it represents a significant part of their national wealth, while many low-income households depend on agriculture for their income and as a safety net.
The World Bank has estimated that the degradation of biodiversity and ecosystem services could reduce global economic output by $2.7 trillion, or the equivalent of 2.3% of gross domestic product (GDP) each year. here 2030.
He said traditional economic models fail to account for the trend of deteriorating ecosystem services, which produce “overly optimistic” estimates of economic growth.
The World Bank has urged policy makers to adopt a coordinated policy response to prevent ecosystem services from further degradation and tackle biodiversity loss. The response must include things like conservation incentives, such as carbon payment schemes, in which landowners are compensated for maintaining forests.
He said sustainable agriculture can also help preserve nature, as can increased public investment in agricultural research to enable farmers to increase production on land already under cultivation without encroaching on forest areas.
“The preservation of nature and the maintenance of its services are essential to economic growth. Nature-friendly policies and reforms, including agricultural subsidy reform and investments in agricultural innovation, improve biodiversity and economic outcomes,” World Bank Group President David Malpass said in a statement. a statement. – Beatrice M. Laforga