Our economies are operating a giant planetary Ponzi scheme: borrowing far more from the Earth’s ecosystems than they can sustain.
Today is Earth Overshoot Day, the date when we have taken more from nature than it can renew in an entire year. Unsustainable extraction is occurring on a planetary scale: we are using natural resources 1.7 times faster in 2018 than the Earth’s ecosystems can regenerate this year. Critically, this year is the earliest date that we have gone into ecological deficit, the only deficit that truly matters.
Earth Overshoot Day is a clear and growing signal that our economies are, in the words of the Global Footprint Network, operating a giant planetary Ponzi scheme: borrowing far more from the Earth’s ecosystems than they can sustain. But we are already having to pay the price. From deadly heat waves to mass extinctions, soil erosion to dwindling water supplies, we are entering a new era of accelerating environmental collapse.
And on current trends, this is only set to worsen. Critically, those most likely to bear the violence of climate and other environmental change will be those with least past responsibility for our current situation.
The continued reliance on carbon to power our economies means that we are highly unlikely to limit global warming to 1.5°C above pre-industrial levels, the ambition agreed at the Paris climate summit, increasing the chance of severe climate disruption and the resulting social stress. Meanwhile, the global food system has destroyed a third of all arable land and, at current rates, global top soil degradation means that there may only be 60 global harvests left. The collapse of ecosystems means we are in the age of the sixth mass extinction – the last being the dinosaurs – with nearly two-thirds of all vertebral life having died since the 1970s.
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