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date: 06 July 2022

A New Economics to Achieve Sustainable Development Goalslocked

A New Economics to Achieve Sustainable Development Goalslocked

  • Marcello Hernández-BlancoMarcello Hernández-BlancoEcological Economics, Independent Consultant
  •  and Robert CostanzaRobert CostanzaCrawford School of Public Policy, The Australian National University

Summary

“The Anthropocene” has been proposed as the new geological epoch in which we now live. We have left behind the Holocene, an epoch of stable climate conditions that permitted the development of human civilization. To address the challenges of this new epoch, humanity needs to take an active role as stewards of the integrated Earth System, collaborating across scales and levels with a shared vision and values toward maintaining the planet within a safe and just operating space.

In September 2015, the United Nations adopted the 2030 Agenda for Sustainable Development, which has at its core 17 Sustainable Development Goals (SDGs). These goals built on and superseded the Millennium Development Goals (MDGs). Unlike the MDGs, they apply to all countries and represent universal goals and targets that articulate the need and opportunity for the global community to build a sustainable and desirable future in an increasingly interconnected world.

The global health crisis caused by COVID-19 has been a strong hit to a vulnerable development system, exacerbating many of the challenges that humanity faces in the Anthropocene. The pandemic has touched all segments of the global populations and all sectors of the economy, with the world’s poorest and most vulnerable people the most affected.

Understanding the interdependence between SDGs is a key area of research and policy, which will require novel approaches to assess and implement systemic global strategies to achieve the 2030 Agenda. Global society requires a new vision of the economy, one in which the economy is recognized to be a subsystem of the broader Earth System (a single complex system with reasonably well-defined states and transitions between them), instead of viewing nature as just another source of resources and sink for wastes. This approach will require acknowledging the value of nature, which, although it has been widely recognized in the scientific literature, has been often ignored by decision-makers. Therefore, there is a need to replace the static, linear model of gross domestic product (GDP) with more dynamic, integrated, natural, and human system models that incorporate the dynamics of stocks, flows, trade-offs, and synergies among the full range of variables that affect the SDGs and human and ecosystem well-being.

The SDGs will only be achieved if humanity chooses a development path focused on thriving in a broad and integrated way, rather than growing material consumption at all costs. Achieving the SDGs is a future where society reconnects with the rest of nature and develops within its planetary boundaries. The new economics and the visions and strategies are aimed at achieving these shared global goals.

Subjects

  • Environmental Economics

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