The challenge of assessing future risks

The manner in which we measure value prevents us from formulating and implementing effective policies for ecological sustainability

climate change

Illustration by Binay Sinha

Shyam Saran New Delhi
It is evident that the ecological capital of our planet, composed of natural assets such as land, forests, rivers and oceans and even the air we breathe, is being systematically and relentlessly eroded, threatening the well-being, perhaps even the survival of future generations.  We are living on an ecological ‘overdraft’, which implies using the planet’s natural assets on a scale that is far beyond the capacity of nature replenishing them. While this appears to be patently obvious, why is it so difficult to implement policies to ensure ecological sustainability? The answer lies in the biases and gaps which are inherent in our system of accounting, which is the basis on which economic activities are evaluated and cost-benefit ratios are calculated.
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of or the Business Standard newspaper

First Published: Sep 11 2018 | 11:23 PM IST

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