SocialFunds.com: Environmental damage cost $6.6 trillion in 2008
According to a recent analysis by Trucost, the estimated cost worldwide of environmental damage caused by human activity reached $6.6 trillion in 2008, or 11% of the global Gross Domestic Product (GDP). To put the loss in perspective, it was 20% larger than the $5.4 trillion loss in the value of pension funds in developed countries caused by the global financial crisis in 2007 and 2008.
The findings of Trucost are included in a new report from the Principles for Responsible Investment (PRI) and theUNEP Finance Initiative (UNEP FI), entitled Universal Ownership: Why environmental externalities matter to institutional investors. By 2050, the report continues, “global environmental costs are projected to reach $28.6 trillion, equivalent to 18% of GDP,” in a business-as-usual scenario. Read more
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