Pavan Sukhdev, the Deutsche Bank Economist leading a European study on ecosystems states that the loss of valuable ecosystem services caused by deforestation (absorption of carbon dioxide, changes in water patterns, etc.) “is not only greater [than the financial crisis] but it’s also continuous, it’s been happening every year, year after year.”
“So whereas Wall Street by various calculations has to date lost, within the financial sector $1-$1.5 trillion, the reality is that at today’s rate we are losing natural capital at least between $2-$5 trillion every year.”
Sukhdev figures come from estimating the value of the services (eg. locking up carbon and providing freshwater) that forests perform, and working out the cost of either replacing them or living without them.
“The credit crunch is petty when compared to the nature crunch.”
George Monbiot, Journalist, Author, Academic and Environmental and Political Activist.