Nature loss could COVID-19 impact on UK economy, Study says
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Britain’s economy could face greater peril from nature loss than even the COVID-19 pandemic, with the risk of potentially wiping out 300 billion pounds off UK economic growth if measures are not taken to slow it, according to a Green Finance Institute (GFI) study.
The study, the first comprehensive assessment of its kind, highlights that biodiversity loss and environmental degradation could slow growth by as much as 12% in the UK in the 2030s.
Established as a forum for public-private collaboration in green finance backed by the UK government, GFI’s findings underscore the critical need for integrating nature-related risks into financial risk management and investment decisions.
Read more: EU, UK continue to lead G20 in low-carbon policies: report
The report calls for central banks, regulators, and governments to enhance their assessment of the financial stability risk associated with nature loss while urging businesses to recognize and invest in protecting natural capital.
Seven of the UK’s largest banks face near-term losses of 4%-5% to the value of their domestic holdings over the coming decade from nature-related risks, GFI said.
As one of the world’s most nature-depleted countries, the UK remains vulnerable to zoonotic diseases, antimicrobial resistance, soil health decline and the global repercussions of food security, the report said.
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