Karen Ellis, Chief Adviser on Economics and Development at WWF-UK has commented in the build up to tomorrow’s publication of the Environmental Audit Committee’s (EAC) report Sustainability and HM Treasury.
“This report is a wakeup call to HM Treasury to future-proof our economy in the face of growing environmental risks, before it is too late. A healthy environment is the foundation of a productive and resilient economy, yet ongoing environmental damage is driving up costs from flooding, air pollution, soil erosion and water shortages. This will only be exacerbated under current growth and climate change trends, jeopardising our future economic prosperity.
HM Treasury needs to structure economic policy so that it promotes sustainable growth patterns
WWF’s 2016 Living Planet Report, painted a shocking picture of the scale and pace of environmental change and UK businesses are not immune to the risks this poses. HM Treasury needs to structure economic policy so that it promotes sustainable growth patterns – we have called on the Treasury to set out a ‘Blueprint for a Resilient Economy’. Green growth needs to be at the heart of the Government’s upcoming Industrial Strategy and natural capital must be the keystone. Adapting a natural capital “stress testing” approach to assess risks to different sectors would be a good starting point.
The EAC report recommendations are vital for our ongoing economic success in an increasingly carbon and resource constrained global economy. All parts of the government must work together to manage the natural assets we all depend on, to ensure a better future for the UK, and should play their part in delivering the Government’s 25 Year Environment Plan that is due to be published soon.”