Abu Dhabi, UAESunday 15 December 2019

Economic transformation is needed to save world resources, WWF president says

Humans have mismanaged public wealth by measuring it incorrectly, says Pavan Sukhdevin a lecture

The president of the WWF has given a lecture on the importance of changing economies to protect the world from damage.

Pavan Sukhdev addressed Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, in a lecture entitled 'Redefining Wealth for an Economy of Permanence' which was held at Abu Dhabi’s Al Bateen Palace on Wednesday.

"We live in an age where humanity has begun to significantly impact the Earth's geology and ecosystems, causing irreversible damage and rapidly using up resources as if they happened to be unlimited", he said.

"What is required instead is a change of economic direction and a new type of corporation whose goals are perfectly aligned with society rather than at its expense."

In conclusion, Mr Sukhdev added: "An economic shift needs to take place, the right system of measurement is adopted, and incentives and disincentives are aligned so as to achieve an economy of permanence.

"Unless this happens, ‘business-as-usual’ behavior by the private sector will continue to create huge public costs to generate private profits, leading to resources being used up rapidly.

"This would put livelihoods at risk and is a future that none of us can afford; therefore, economic transformation is required to deliver the economy of tomorrow."

Mr Sukhdev has also served as a Special Advisor and Head of the UN Environment Programme's Green Economy Initiative.

Updated: May 30, 2019 01:02 AM

SHARE

SHARE