A sovereign credit rating study revealed that biodiversity loss could increase India’s risk of bankruptcy by 29%.
Scientists from multiple universities– University of Cambridge, University of East Anglia, Sheffield Hallam University and School of Oriental and African Studies (SOAS) University of London– did an analysis of the creditworthiness of some countries including India.
The study was based on the World Bank’s prediction of “partial ecosystem collapse” which include decline in fisheries, timber production and wild pollination. The simulation measured the decline of countries’ GDP on a scale of 20 notches. Worst performers were China and Malaysia as they suffered a downgrade of 6 notches, then came India, Indonesia, Ethiopia and Bangladesh which are expected to go down three notches.
“As natural loss reduces economic performance, it will become harder for countries to service their debt, straining government budgets and forcing them to raise taxes, cut spending, or increase inflation. This will have grim consequences for ordinary people.” Matthew Agarwala, lead author from University of Cambridge’s Bennett Institute for Public Policy.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
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