The Organisation for Economic Development (OECD) has released a new report that urges immediate and comprehensive action on climate change, concluding that over-exploitation of the world’s resources is putting the existence of civilisation at risk.
The report urges immediate action from the G7 economies to ramp up investment in environmental restoration efforts and increase taxes on heavy polluting companies.
The world has lost an estimated USD$4 to 20 trillion as a result of ecosystem services owing to land-cover change and USD 6-11 trillion per year from land degradation.
“Action to halt and subsequently reverse biodiversity loss needs to be scaled up dramatically and urgently. Biodiversity protection is fundamental to achieving food security, poverty reduction and more inclusive and equitable development,” the report concludes.
The OECD has argued that there’s a strong business case for scaling up action on biodiversity, arguing that business-as-usual would result in extensive liability risks as well as regulatory, reputation and market risks.
The release of the report came after the head of the OECD, Angel Gurria, delivered a withering assessment of the current environmental tax framework, which account for 1.6%.