Affluence – The greatest danger to mother earth? 

A thorough analysis of the environment has surprising findings; that affluence is the biggest threat the world faces. This is one of the conclusions by a team of scientists from the United Kingdom and Australia, who mention that the top world priority must be tackling over consumption. Their report titled, Scientists’ Warning on Affluence, explains that the best approach to sustainability has to be focused on radical lifestyle changes, instead of hoping for more efficient use of resources. Reliance on technology to solve environmental problems falls short and a reduction in consumption and lifestyle changes alongside structural changes is more effective.

A growing global challenge

It is now agreed across the globe that the planet is facing an ecological tipping point. At least half of the global GDP is tied to natural resources, according to the UN. On top of that millions of jobs depend on nature, there are billions of people who have a strong connection to and substantially rely on natural medicines and remedies. In addition, the utilization if reforesting and tree planting programs has the potential to reduce the impact of global emissions and help to meet the Paris Agreement’s goal to maintain global temperatures increases below 1.5^oC.

Call for systemic changes

The threat of man-made environmental harm was highlighted at the COP 26 in Glasgow, in 2021. The World Economic Forum Global risk report also put the anthropogenic environmental harm in its top 10 risks. According to the report, the main problem is that any gains in environmental protection offered by technology and resource efficiency have been outpaced by growth of consumption. The report has asserted that it might be the right time to rethink the conventional ideas on supply and demand. In capitalist societies from which the majority of the world now resides, the theory has been that consumer needs drive the economy with businesses merely providing that which is on demand. However, the reality of capitalism in the 21st century is much more complex, with some economists contending that growth itself is the problem.

Time for a great reset

Change has been called for, especially in the way the world is operating under capitalism. Writing shortly before World Environment Day, the Forum’s founder and executive chairman, Professor Klaus Schwab, called for a great reset of capitalism in the wake of the coronavirus pandemic. His vision of the great reset includes creating a stakeholder economy, where the market pursues fairer outcomes for all, underpinned by changes to tax, regulatory and fiscal policies, and new trade arrangements. Schwab also calls for investments that advance shared goals, such as equality and sustainability. This is something that is already taking place in parts of the world where economic-stimulus programmes are being enacted.

In addition, Schwab urges us to address health and social challenges with the innovations made possible by the Fourth Industrial Revolution. That means more public/private collaboration in pursuit of the public good. The pandemic has devastated families and brought major economies to a standstill. By directing resources into new and improved systems and processes, rather than shoring up the existing ones, Schwab believes a lasting change for the better is possible. This belief is echoed in the scientists’ report, which mentions that, affluence is actually dangerous and leads to planetary-scale destruction. A statement that was passed by co-author Julia Steinberger, a Professor of Ecological Economics at the University of Leeds.

“To protect ourselves from the worsening climate crisis, we must reduce inequality and challenge the notion that riches, and those who possess them, are inherently good.”